Amendment to Sec. 19 of Act No. 1459 (Corporation Code)
Act No. 3849, approved on November 11, 1931, amends Section 19 of the Corporation Law in the Philippines. It stipulates that a corporation must formally organize and commence business within two years of incorporation, or it will lose its corporate powers. Additionally, corporations are required to report any business cessation or address changes to the Bureau of Commerce and Industry by January 5 each year. Violations of this provision can result in fines ranging from 100 to 1,000 pesos. The act emphasizes the importance of compliance and accountability in corporate governance.
Law Information
- Reference Number
- Act No. 3849
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 11, 1931
ACT NO. 3849
AN ACT AMENDING SECTION NINETEEN OF ACT NUMBERED FOURTEEN HUNDRED AND FIFTY-NINE, KNOWN AS THE CORPORATION LAW
SECTION 1. Section nineteen of Act Numbered Fourteen hundred and fifty-nine, known as "The Corporation Law," is hereby amended so as to read as follows:
"SEC. 19. If a corporation does not formally organize and commence the transaction of its business or the construction of its works within two years from date of its incorporation, its corporate powers cease. The due incorporation of any corporation claiming in good faith to be a corporation under this Act and its right to exercise corporate powers shall not be inquired into collaterally in any private suit to which the corporation may be a party, but such inquiry may be had at the suit of the Insular Government on information of the Attorney-General: Provided, however, That every corporation organized or registered under this Act, shall before the fifth day of January of each year report to the Director of the Bureau of Commerce and Industry any cessation or discontinuance of business or change of address, if any, in such corporation. Any corporation violating the provisions of this section shall be subject to a fine of not less than one hundred pesos nor more than one thousand pesos."
SECTION 2. This Act shall take effect on its approval.
Approved, November 11, 1931.
Cite This Law
Amendment to Sec. 19 of Act No. 1459 (Corporation Code), Act No. 3849, Nov 11, 1931 (Philippines)
Amendment to Sec. 19 of Act No. 1459 (Corporation Code), Act No. 3849 (Phil. 1931)
Related Laws
- Amendment to Act no. 1459 (Corporation Law)Act No. 3518 • Dec 3, 1928 • Statutes
- Amendment to Sec. 54 of Act No. 1459 (Corporation Law)Act No. 3850 • Nov 11, 1931 • Statutes
- Amendment to Sec. 52 of Act No. 1459 (Corporation Law)Act No. 3741 • Nov 22, 1930 • Statutes
- Amendment to Act No. 1459Act No. 3610 • Dec 3, 1929 • Statutes
- Amendment to Sec. 119 of Act No. 1459Act No. 3521 • Feb 20, 1929 • Statutes
- Amendment to Sec. 182 of Act No. 1459, as AmendedAct No. 3392 • Dec 5, 1927 • Statutes
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