Re: Corporate Term of Educational Institutions

October 7, 2019SEC-OGC OPINION NO. 48-19RE: CORPORATE TERM OF EDUCATIONAL INSTITUTIONSLaw Offices of Macaraig & AssociatesDoor 5, Pavilion 3 Panganiban Drive, Naga City4400 PhilippinesAttention: Atty. Allan Reiz C. MacaraigDear Atty. Macaraig :This refers to your letter dated 5 July 2018 requesting for the Commission's opinion on the corporate existence of your client, University of Northeastern Philippines (UNEP). In your letter, you stated that UNEP, formerly known as Mabini Memorial Colleges, Inc. was incorporated in 1968 and that paragraph 4 of its Articles of Incorporation (AOI) provides that UNEP's term of existence is fifty (50) years from the date of incorporation or until 2018. Further, you averred that this Commission has already ruled in SEC-OGC Opinion Nos. 13-01 and 13-05 that educational institutions with perpetual corporate terms and incorporated prior to the effectivity of the Corporation Code are deemed to exist for fifty (50) years reckoned from the date of the effectivity of the Corporation Code on 1 May 1980. Finally, you stated that by reason of Section 148 of the Corporation Code, which took effect...