Atty. Generosa R. Jacinto

November 13, 1989 Atty. Generosa R. Jacinto Generosa V. Jacinto Bldg., 341 J. Teodoro St.,Grace Park Caloocan City Madam : This refers to your letter dated September 26, 1989, requesting certification that the Society of the Divine Word is a " non-stock and non-profit corporation ." A non-stock corporation is one where no part of its income is distributable as dividends to its members, trustees, or officers, and may be formed for charitable, religious , educational, professional, cultural, fraternal, literary, scientific, social, civic service, or similar purposes. In the course of its operation, as an incident thereto, it may earn income but it cannot distribute such income to its members, trustees or officers. The mere fact that a non-stock corporation may earn profit does not make it a profit-making corporation where such profit or income is used to carry out the purposes set forth in the articles of incorporation and is not distributed to its incorporators, members, directors, trustees or officers. (Sections 87 & 88 of the Corporation Code). A perusal of the corporate records of the Society of the Divine Word on file with the Commission disclosed that subject corporation is a religious society organized to administer its temporalities and, for the management of its properties or estate. Considering that the objective for which the corporation was organized is one of the aforementioned purposes enumerated under Section 88 of the Corporation Code for which a non-stock corporation may be formed, the Society of the Divine Word is considered a non-stock, non-profit corporation. Please be advised accordingly. Very truly yours, (SGD.) RODOLFO L. SAMARISTA Associate Commissioner