GR: Favorable Recommendation NOT required
Exceptions:
(BPIT-MNOP)
Banks
Pre-need companies
IInsurance companies
Trust
Mcopro-e-Money
Non-tock Savings & Loans Associations
Other Financial institutions
Pawnshop
Voting right of Preferred shares (III AM SAD)
Incurring, creating, or increasing bonded indebtedness
Increase or decrease of capital stock
Investment in another corpo funds
Amendment of article of incorpo
Merger or Consolidation
SLEMPO of all of substantially all of the corpo's properties & assets
Adoption & amendments of the by-laws
Dissolution of the corporation
Cannot issue NO PAR (BLT-BPI-P)
BBuilding &
LLoan Association
TTrust
B
Banks
PPre-need companies
IInsuratnce companies
PPreferred share
when may APPRAISAL RIGHT it be exercised: (AIMCSC)
AAmendment of the AOI -only changing or restricting the rights of any SH
IInvestment of funds
MMerger or
CConsolidation
SSLEMPO of all or substantially all of coporate asset
Not be a Close Corporation: (IcOME BSP) One Person Corporation
Ic Insurance Companies Natural Person
OOil Companies Estate
MMining Companies Trust
EEducational Institution Prohibited entity: (BPI-T-QNP)
B
Banks
B
SStock Exchange P
PPublic Utility I
T
Q
N
P
Trust
Quasi-Banks
on-chartered GOCC
Publicly listed companies
C
only
Banks
Pre-need Companies
Insurance companies
PNEUMONICS:
in Close corpo, a SH has the unbribled right to compel the corpo "for any reason" to purchase his shares at
their FV w/c shall not be less than the par or issued value
