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1. Legal Basis1
f. Other requirements2:
i. Publishers affidavit (once a week for 3 consecutive
weeks)
2 As held in In the Matter of Joyslli Grace RC2 Disk Distributors, Inc., SEC Case No.
07-04-28, February 13, 2014.
B. Voluntary Dissolution of a Corporation by Shortening the
Corporate Term under Sec. 120 of the Corporation Code
1. Legal Basis3
2. Requirements4:
4 SEC Opinion, May 1993, Justo P. Torres, law on Business Organization, 2008., and
Annotation of Atty. Ensign P. Icamen compiled.
legitimate purposes, any provision or matter stated in the
articles of incorporation may be amended by a majority vote of
the board of directors or trustees and the vote or written assent
of the stockholders representing at least two-thirds (2/3) of the
outstanding capital stock, without prejudice to the appraisal
right of dissenting stockholders in accordance with the
provisions of this Code, or the vote or written assent of at least
two-thirds (2/3) of the members if it be a non-stock corporation.
5 http://www.sec.gov.ph/services-2/company-2/other-applications/
less than P50,000, submit its Balance Sheet as of last
preceding fiscal year certified under oath by the President
and Treasurer
iii.4 Where the applicant is a non-stock corporation with gross
receipts of less than P100,000 or a total assets of less
thanP500,000, submit its Balance Sheet as of last
preceding fiscal year certified under oath by the President
and Treasurer
1. Legal Basis6
Upon five (5) day's notice, given after the date on which the
right to file objections as fixed in the order has expired, the
Commission shall proceed to hear the petition and try any
issue made by the objections filed; and if no such objection is
sufficient, and the material allegations of the petition are true,
it shall render judgment dissolving the corporation and
directing such disposition of its assets as justice requires, and
may appoint a receiver to collect such assets and pay the debts
of the corporation.
2. Requirements (Outlined):
d. Such date shall not be less than thirty (30) days nor more
than sixty (60) days after the entry of the order;
g. Upon five (5) day's notice, given after the date on which the
right to file objections as fixed in the order has expired, the
Commission shall proceed to hear the petition and try any
issue made by the objections filed; and if no such objection
is sufficient, and the material allegations of the petition are
true, it shall render judgment dissolving the corporation
and directing such disposition of its assets as justice
requires; and