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What would happen if the corporation fails to formally organize and commence its work after its...

What would happen if the corporation fails to formally organize and commence its work after its incorporation? What is a section of the Revised Corporation Code of the Philippines?

BUSINESS LAW

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Answer #1

If a corporation fails to formally organize and commence the transaction of its business or the construction of its works within two years from the date of its incorporation, its corporate powers and the corporation shall be deemed dissolved.

Republic Act 11232, or the Act providing for the Revised Corporation Code of the Philippines, was signed into law by President Rodrigo R. Duterte on 21 February, 2019. It amends a 38 year old corporation code in an effort to improve the ease of doing business in the Philippines.

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