An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property
Act No. 1895, enacted on May 17, 1909, amends Section 17 of the Corporation Law to allow corporations to increase their capital stock by cash or property contributions. To effect such changes, a stockholders' meeting must be convened where two-thirds of the subscribed capital stock must approve the increase or decrease. Proper notice must be sent to all stockholders, and a certificate detailing the compliance with legal requirements must be filed. Additionally, for increases in capital stock, a sworn statement from the corporation's treasurer must confirm that a minimum percentage of the increased stock has been subscribed and paid. This law aims to ensure transparency and accountability in corporate financial adjustments.
Quick Answers
- What is An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property about?
- Act No. 1895, enacted on May 17, 1909, amends Section 17 of the Corporation Law to allow corporations to increase their capital stock by cash or property contributions. To effect such changes, a stockholders' meeting must be convened where two-thirds of the subscribed capital stock must approve the increase or decrease. Proper notice must be sent to all stockholders, and a certificate detailing the compliance with legal requirements must be filed. Additionally, for increases in capital stock, a sworn statement from the corporation's treasurer must confirm that a minimum percentage of the increased stock has been subscribed and paid. This law aims to ensure transparency and accountability in corporate financial adjustments.
- What type of law is Act No. 1895?
- An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property (Act No. 1895) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property enacted?
- An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property (Act No. 1895) was enacted on May 17, 1909.
- What is the citation for An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property?
- An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property, Act No. 1895, May 17, 1909 (Philippines)
Law Information
- Reference Number
- Act No. 1895
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 17, 1909
ACT NO. 1895
AN ACT TO AMEND SECTION SEVENTEEN OF ACT NUMBERED FOURTEEN HUNDRED AND FIFTY-NINE, ENTITLED "THE CORPORATION LAW," AS AMENDED BY ACT NUMBERED SEVENTEEN HUNDRED AND FORTY-FOUR, SO THAT INCREASE IN CAPITAL STOCK OF CORPORATIONS MAY BE PAID IN CASH OR PROPERTY
SECTION 1. Section seventeen of Act Numbered Fourteen hundred and fifty-nine, entitled "The Corporation Law," is hereby amended to read as follows:
"SEC. 17. No corporation shall increase or diminish its capital stock, or incur, create, or increase any bonded indebtedness unless, at a stockholders' meeting regularly called for the purpose, two-thirds of the entire corporate capital stock subscribed shall favor the increase or diminution of the capital stock, or a majority of the subscribed capital stock shall favor the incurring, creating, or increasing of any bonded indebtedness. Written or printed notice of the proposed increase or diminution of the capital stock of the incurring, creating, or increasing of any bonded indebtedness and of the time and place of the stockholders' meeting at which the proposed increase or diminution of the capital stock or the incurring, creating, or increasing of any bonded indebtedness is to be considered must be addressed to each stockholder at his place of residence as shown by the books of the corporation and registered and deposited so addressed in the post-office with postage prepaid.
"A certificate in duplicate must be signed by a majority of the directors of the corporation and countersigned by the chairman and secretary of the stockholders' meeting, setting forth:
"(a) That the requirements of this section have been complied with.
"(b) The amount of the increase or diminution of the capital stock.
"(c) If an increase of the capital stock, the amount thereof actually subscribed, the names and residences of the persons subscribing, the amount subscribed by each, and the amount paid by each on his subscription in cash or property.
"(d) Any bonded indebtedness to be created, incurred, or increased.
"(e) The actual indebtedness of the corporation on the day of the meeting
"(f) The amount of stock represented at the meeting.
"(g) The vote authorizing the increasing or diminution of the capital stock, or the incurring, creating, or increasing of any bonded indebtedness. cAaDHT
"One of the duplicate certificates shall be kept on file in the office of the corporation and the other shall be filed in the office of the chief of the division of archives, patents, copyrights, and trade-marks of the Executive Bureau and attached by him to the original articles of incorporation. From and after the filing of the duplicate certificate with the chief of the said division the capital stock shall stand increased or diminished and the incurring, creating, or increasing of any bonded indebtedness authorized as the certificate may declare.
"The chief of the said division of archives, patents, copyrights, and trade-marks shall be entitled to collect the sum of twenty pesos for the filing of said duplicate certificate: Provided, however, That if the said duplicate certificate increases the amount of capital stock, the chief of the said division of archives, patents, copyrights, and trade-marks shall not file such certificate unless accompanied by the sworn statement of the treasurer of the corporation lawfully holding office at the time of the filing of the certificate, showing that at least twenty per centum of such increased capital stock has been subscribed and that at least twenty-five per centum of the amount subscribed has been either paid in actual cash to the corporation or that there has been transferred to the corporation property the fair valuation of which is equal to twenty-five per centum of the subscription."
SECTION 2. This Act shall take effect on its passage.
ENACTED: May 17, 1909.
Cite This Law
An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property, Act No. 1895, May 17, 1909 (Philippines)
An Act to Amend Section Seventeen of Act Numbered Fourteen Hundred and Fifty-Nine, Entitled "The Corporation Law," as Amended by Act Numbered Seventeen Hundred and Forty-Four, so that Increase in Capital Stock of Corporations may be Paid in Cash or Property, Act No. 1895 (Phil. 1909)
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