Principles of Modern Company Law

La previsora Filipina Everything emanates from the board of directors Stockholders action is merely advisory except their approval or vote is necessary to prove a valid corporate act Qualifications: No citizenship requirement, at least majority must be residents Can have a governing board consisting solely of foreigners But we have to take into consideration partly nationalized industries and other laws which prohibits or limits foreign ownership Anti-dummy act Utilization development of natural resources 60% must be owned by Filipino citizens, therefore they only own 40%---10 members they can only have 4 seats, but not entirely correct because the law may provide otherwise; educational institutions restricted to Filipinos, but there are exceptions when created by religious and charitable institutions.

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