Section 18: REGISTRATION, INCORPORATION AND COMMENCEMENT OF CORPORATE EXISTENCE

Question 1

What is Section 18?

Answer 1

• A person or group of persons desiring to incorporate shall submit the intended CORPORATE NAME to the Commission for verification. If the Commission finds that the name is DISTINGUISHABLE from a name already reserved or registered for the use of another corporation, not protected by law and is not contrary to law, rules and regulations, the name shall be reserved in FAVOR of the incorporators. The incorporators shall then submit their ARTICLES OF INCORPORATION and bylaws to the Commission

Question 2

What will happen next?

Answer 2

If the Commission finds that the submitted documents and information are FULLY COMPLIANT with the requirements of this Code, other relevant laws, rules and regulations, the

Commission shall issue the CERTIFICATE OF INCORPORATION

Question 3

What will happen if you have certificate of incorporation?

Answer 3

A private corporation organized under this Code commences its corporate EXISTENCE and JURIDICAL PERSONALITY from the date the Commission issues the certificate of incorporation under its official seal and thereupon the incorporators, stockholders/members and their successors shall constitute a body corporate under the name stated in the articles of incorporation for the period of time mentioned therein, unless said period is extended or the corporation is sooner dissolved in accordance with law.

THE ISSUED DATE IN THE CERTIFICATE OF INCORPORATION IS THE BIRTHDAY OF THE CORPORATION

Question 4

How about unregistered corporations? Can they exercise corporate powers?

Answer 4

They cannot exercise CORPORATE POWER

they are simply CONSIDER AN ASSOCIATION