Section 13: Articles Of Incorporation & Sec 14: Forms Flashcards
What are the Contents of the Articles of Incorporation
(a) The name of the corporation;
(b) The specific purpose or purposes for which the corporation is being formed. Where a corporation has more than one stated purpose, (primary & secondary purpose)
*THE PURPOSE WILL LIMIT THE POWERS OF THE CORPORATION.
(c) Principal place of corporation (main office where the books of the corp are kept)
(d) The term for which the corporation is to exist, IF the corporation has not elected perpetual existence; HENCE WHEN NOT STATED IT IS PERPETUAL
(e) The names, nationalities, and residence addresses of the incorporators;
(f) The number of directors (SC) which shall NOT be more than fifteen (15); trustees (NSC) CAN be more than 15
(g) The names, nationalities, and residence addresses of persons who shall act as directors or trustees
(h) If it be a stock corporation, the amount of its authorized capital stock, number of shares into which it is divided, the par value of each, names, nationalities, and residence addresses of the original subscribers, amount subscribed and paid by each on the subscription,
(i) If it be a nonstock corporation, the amount of its capital, the names, nationalities, and residence addresses of the contributors, and amount contributed by each; and
(j) Such other matters consistent with law and which the incorporators may deem necessary and convenient.
Section 14: FORM OF ARTICLES OF INCORPORARTION
Unless otherwise prescribed by special law, the articles of incorporation of all domestic corporations shall comply substantially with the following form:
