SEC OPINION
Mrs. Shakuntala Vaswani
Hindu Temple Inc.
1426 Mahatma Gandhi Street,
Paco Manila
Dear Mrs. Vaswani,
This refers to your letter dated May 20, 2002 seeking confirmation of the proper procedure in filling the vacancies occurring in the board of trustees of Hindu Temple Inc.
As correctly stated in your letter, the board of directors or trustees of a corporation shall hold office for such number of years as allowed under its by-laws and until their succession are duly elected and qualified. Section 23 of the Corporation Code supports this view. It provides thus:
"Section 23. . . . — Unless otherwise provided in this Code, the corporate powers of all corporations formed under this Code, shall be exercised, all business conducted and all property of such corporations controlled and held by the board of directors or trustees to be elected . . . from among the members of the corporation, who shall hold office for one (1) year and until their successors are elected and qualified.
xxx xxx xxx."
With respect to the vacancies now occurring in your board of trustees, we...
