Re: Corporate Term of Religious Corporations

August 6, 2018SEC-OGC OPINION NO. 12-18RE: CORPORATE TERM OF RELIGIOUS CORPORATIONSPhilippine Mission Churches of Christ of Northern Luzon, Inc.National Rd., Barangay MaxingalLal-lo, Cagayan 3509Attention: Vicente R. PaguilaChairman, Board of TrusteesSir :This refers to your letter dated 14 December 2017 requesting for the Commission's opinion regarding the corporate term of Philippine Mission Churches of Christ of Northern Luzon, Inc. (PMCCNLI). In your letter, you stated that PMCCNLI is a non-stock and non-profit religious corporation with primary purpose of "operating a bible seminary and other Christian educational institutions." It was registered with the Commission on 13 April 1964 with no corporate term stipulated in its Articles of Incorporation (AOI).You further stated, however, that on 03 March 2000, PMCCNLI's AOI and By-laws were amended. Specifically, a provision limiting its corporate term to fifty (50) years from the date of its incorporation was added. The same provision had been carried over in its subsequent amendments during the years 2004 and 2007. Thus, an issue arises as to when PMCCNLI's corporate term shall expire. Hence, this request.The Commission previously held...