Re: Corporate Term of Educational Institution Registered under the Corporation Law

March 13, 2019SEC-OGC OPINION NO. 11-19RE: CORPORATE TERM OF EDUCATIONAL INSTITUTION REGISTERED UNDER THE CORPORATION LAWLucille Fe R. Maggay-PrincipeAttorney-at-Law1/F LF Building I, J. Hernandez AvenueNaga City, PhilippinesDear Atty. Maggay-Principe :This refers to your letter dated 18 May 2018 requesting for the Commission's opinion on the corporate existence of University of Northeastern Philippines (UNEP), and if UNEP is legally dissolved, on how the dissolution affects the implementation of a court decision rendered in a civil case. In your letter, you stated that UNEP, formerly Mabini Memorial Colleges, Inc., was originally incorporated as a stock corporation under SEC Registration No. 34460 on July 28, 1948. However, on 04 February 1968, its Articles of Incorporation (AOI) was revised with a specific term of fifty (50) years from and after date of incorporation.You further stated that in a civil case filed by your client against UNEP and its sitting Board of Trustees (Board), the Court rendered a decision dated 10 January 2018 ordering, among others, the removal of the defendants therein as trustees and the calling of a meeting...