Re: Corporate Term under the Corporation Code

November 3, 2020SEC-OGC OPINION NO. 02-20RE: CORPORATE TERM UNDER THE CORPORATION CODEOliva Firme & Associates Law FirmUnit Nos. 28 & 30, 2nd Floor,Facilities Centre Bldg.,No. 548 Shaw Blvd., Mandaluyong CityAttention: Atty. Ahda B. PajoDear Atty. Pajo :This refers to your letter dated 13 July 2020 (the "Letter-Request") requesting for an opinion on whether the corporate term of your client, the SOS CHILDREN'S VILLAGE CALBAYOG, INC. ("SOS-CV Calbayog"), in its Articles of Incorporation has already been deemed amended to the effect that SOS-CV Calbayog now has perpetual existence pursuant to Republic Act No. 11232 or the Revised Corporation Code of the Philippines ("RCC"), without performing any positive act. HTcADCIn the Letter-Request, you stated that SOS-CV Calbayog was incorporated on 2 February 1970, when Batas Pambansa Blg. 68 or the Corporation Code was still in force which limited the corporate term of corporations to fifty (50) years, 1 thus making its corporate term effective until 2 February 2020 only. Hence, your query.We answer in the affirmative.Paragraph 2, Section 11 of the RCC provides:"Corporations with certificates of incorporation...