Lyman Manzanares

Founders’ Shares under Revised Corporation Code

Published: (Updated: ) in Law by .

Founders’ shares may be given certain rights and privileges not enjoyed by the owners of other stock. Where the exclusive right to vote and be voted for in the election of directors is granted, it must be for a limited period not to exceed five (5) years from the date of incorporation: Provided, That such exclusive right shall not be allowed if its exercise will violate Commonwealth Act No. 108, otherwise known as the “Anti-Dummy Law”; Republic Act No. 7042, otherwise known as the “Foreign Investments Act of 1991”; and otherwise known as “Foreign Investments Act of 1991”; and other pertinent laws.

Section 7
Rep. Act No. 11232
February 20, 2019

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