November 21, 2019
SEC MEMORANDUM CIRCULAR NO. 23-19
| TO | : | All Concerned |
| SUBJECT | : | Guidelines on the Revival of Expired Corporations |
| (Pursuant to Section 11 of the Revised Corporation Code of the Philippines) |
WHEREAS, Republic Act No. 11232, or the Revised Corporation Code of the Philippines ("RCC"), was approved on February 20, 2019 and took effect on February 23, 2019;
WHEREAS, under Section 11 of the RCC, the term of existence of a corporation shall be perpetual unless its articles of incorporation provides otherwise;
WHEREAS, under the same Section of the RCC, a corporation whose term has expired ("Expired Corporation") may apply for a revival of its corporate existence, together with all the rights and privileges under its certificate of incorporation and subject to all its duties, debts and liabilities existing prior to its revival;
WHEREAS, under the same Section of the RCC, no application for revival of certificate of incorporation of banks, banking and quasi-banking institutions, preneed, insurance and trust companies, non-stock savings and loan associations (NSSLAs), pawnshops, corporations engaged in money service business, and other financial...
