Guidelines on the Number and Qualifications of Incorporators under the Revised Corporation Code

July 30, 2019SEC MEMORANDUM CIRCULAR NO. 16-19TO :All Concerned   SUBJECT :Guidelines on the Number and Qualifications of Incorporators under the Revised Corporation Code WHEREAS, Section 10 of Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines, allows any person, partnership, association or corporation, singly or jointly with others but not more than fifteen (15) in number, to organize a corporation for any lawful purpose or purposes; HTcADCWHEREAS, the Securities and Exchange Commission (SEC) deems it necessary to issue guidelines for the clear and proper implementation of the foregoing provision of law;WHEREFORE, the SEC adopts the following guidelines on the composition of incorporators for the registration of domestic corporations under the Revised Corporation Code:SECTION 1. Number of Incorporators. —For the purpose of forming a new domestic corporation under the Revised Corporation Code, two (2) or more persons, but not more than fifteen (15), may organize themselves and form a corporation.Only a One Person Corporation (OPC) may have a single stockholder, as well as a sole director. Accordingly, its registration must comply...