Documente Academic
Documente Profesional
Documente Cultură
The SEC Opinion pertains to the reply given by Director Benito Cataran, in behalf of
the Commission, with regard to the following issues forwarded by one Benedicta Bello
(President, Regis Benedictine Academy, Inc.):
Non-stock, non-profit corporations hold their funds in trust for the carrying out of the
objectives and purposes expressed in its charter and unless it is so provided in the
AOI or by-laws, the members are not entitled to any beneficial or vested interest over
the assets of the NSC.
Section 90 of the Corporation Code provides that membership in a NSC and all rights
arising therefrom are personal and non-transferable, unless the articles of
incorporation or the by-laws otherwise provide.
Unlike shares of stock in a stock corporation, which are bought at a fixed value, there
is no such valuation in the case of membership in ordinary NSC. In the case of the
latter, the money put in the corporation are merely contributions or donations, not
investments which would entitle the members to dividends. Such funds are held
mainly to carry out the purposes for which it is organized.