Mr. Vicente T. Tan, Ph. D.
SEC Opinion • Securities and Exchange Commission • Opinions • Mar 26, 1990
Full text
March 26, 1990 Mr. Vicente T. Tan, Ph. D. VHF Philippines, Inc. Suite 721 Philbanking Bldg. Ayala Avenue, Makati Metro Manila S i r : This refers to your letter dated March 23, 1990 inquiring whether a corporation may be registered where majority of the incorporators are not residents of the Philippines. llcd The pertinent provision of the Corporation Code provides: "SECTION 10. Number and qualifications of incorporators . Any number of natural persons not less than five (5) but not more than fifteen (15),all of legal age and a majority of whom are residents of the Philippines ,may form a private corporation for any purpose or purposes." ...(Emphasis supplied). Accordingly, your query is answered in the negative. Please be advised accordingly. cdll Very truly yours, SGD. RODOLFO L. SAMARISTA Associate Commissioner
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