September 9, 2019
SEC-OGC OPINION NO. 33-19
RE: TERM OF LICENSE TO DO BUSINESS OF A FOREIGN CORPORATION
Romulo Mabanta Buenaventura
Sayoc & De Los Angeles
21st Floor, Philamlife Tower
8767 Paseo de Roxas
Makati City 1226
Attention: Atty. Priscilla B. Valer
Atty. Roxanne Viel C. Santos
Dear Attorneys :
This refers to your letter dated 8 August 2018 requesting for confirmation of your opinion that the license to do business in the Philippines granted by the Commission to a foreign corporation is co-terminus with the life of the foreign corporation.
Your letter states that Pacific Metals Co. Ltd. ("Pacific") is a foreign stock corporation organized and existing under the laws of Japan. It was issued a license to do business in the Philippines ("SEC License") on 23 October 1970.
You further stated that, as a general rule, the term of a corporation incorporated under the laws of Japan is perpetual or indefinite unless its Articles of Incorporation expressly provides a specific term. Pacific's Articles of Incorporation did not provide for a definite corporate term, hence, its corporate term is deemed perpetual or indefinite.
On the contrary, however,...
