Section 10: Number and Qualifications of lncorporators.

Question 1

What are incorporators?

Answer 1

They are the ORIGINAL formers of the corporation

Question 2

Who can become incorporators in the corporation?

Answer 2

• NATURAL PERSON
• JURIDICAL / CORPORATION
• PARTNERSHIP
• ASSOCIATION

REQUISITES:
- must be at legal age
- must own or a subscribe atleast 1 share of stock
- must sign the articles of incorporation
- for PARTNERSHIP, it must be SEC-Registered & affidavit that they agree to INVEST in the corp.

Question 3

What are the exceptions to become an incorporator?

Answer 3

• professional partnership (for the practice of a profession)

Question 4

What is required for corporation to become incorporator?

Answer 4

1. SEC-Registered
2. Certificate of Incorporation
3. Decision to INVEST in other corp. must be approved by MAJORITY of BOD, and RATIFIED by stockholders rep. 2/3 of capital stock/members
4. Submission of the directors/trustee certificate
5. BOD must designate authorized signatory in behalf of the corp

Question 5

How many of incorporators should there be?

Answer 5

OLD CODE minimum of 5 and max of 15

REVISED CODE no minimum max of 15

One Person Corporation, only one INCORPORATOR