September 17, 2019
SEC-OGC OPINION NO. 38-19
RE: CORPORATE TERM OF CORPORATION SOLE
Bello Valdez Caluya & Fernandez Law Office
17th Floor Robinsons Equitable Tower
4 ADB Avenue corner P. Poveda Drive
Ortigas Center, Pasig City
Attention: Atty. Ma. Melva E. Valdez
Atty. Ma. Mercedes C. Feliciano
Attorneys :
This refers to your letter dated 22 January 2019 requesting for an opinion on whether the corporate term of Colegio de San Jose is limited to fifty (50) years or is perpetual.
In your letter, you represented that Colegio de San Jose is a corporation sole existing under the laws of the Philippines and was duly registered with the Securities and Exchange Commission on 01 March 1915 with SEC registration No. PW00000799. Hence, your query.
The corporate term of Colegio de San Jose is perpetual. In a previous opinion issued under the Corporation Code, 1 the Commission held, to wit:
"The corporate term of a religious corporation is not required to be specified in its articles of incorporation under the old Corporation Law, the applicable law when the church was incorporated. While the present Corporation Code provides a...
