Re: Board of Trustees

May 7, 2019

SEC-OGC OPINION NO. 17-19

RE: BOARD OF TRUSTEES

Mr. Lucio Lim
PHILCULTAROS, Inc.
c/o Mr. Lorentti T. Velasco
113 Doña Segunda Building,
Kamuning Road, Quezon City

Dear Mr. Lim :

This refers to your letter dated 29 January 2016 requesting for an opinion on whether or not the eleven (11) members, now acting as members of the Board of Trustees (BOT) of PHILCULTAROS, Inc., are considered as the duly constituted officers of the corporation.

You disclosed in your letter that PHILCULTAROS, Inc. is a non-stock and non-profit association registered with the Commission on 18 February 2015. You also stated that prior to its registration, it was known as Philippine Cultural Technical Association of Returned Overseas Scholars (Old Philcultaros) which was likewise registered with the Commission.

Further, you stated that after the new registration, the by-laws of PHILCULTAROS, Inc. was amended, which amendments became effective upon its approval/ratification by the general membership on 21 November 2015. Among the amendments introduced in the new by-laws is the change in the term of office of the members of the BOT from one (1) year to...

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