Commentaries on Revised Corporation Code (2019 Edition) Paper Bound

Commentaries on Revised Corporation Code (2019 Edition) Paper Bound


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       The Revised Corporation Code (RCC) does not represent a break from the old Corporation Code of the Philippines, as in fact, it has retained substantially the original provisions of the old Corporation Code and the general framework that supports its various principles and doctrines.
    In evaluating the significance of the changes brought about by the RCC, it would be more productive to work on the premise that the whole body of doctrines and jurisprudence that have evolved under the old Corporation Code remain valid and existing, except to the extent that they have been changed under the RCC.

     It should also be kept in mind that the changes and additions introduced under the Revised Corporation Code were intended to achieve the following objectives:

    (a) Promote the ease of doing business through the corporate medium;
    (b) Provide greater protection to stockholders;
    (c) Strengthen corporate governance standards by expressing them in statutory language, compared to the corporate governance reforms effected through the issuance of codes of corporate governance;
    (d) Express in statutory language internationally accepted best practices and norms of doing business; and
     (e) Integrate within the statutory framework many significant SEC issuances.
Rather than evaluating each and every provision of the RCC, the commentaries discuss the significant changes introduced by the RCC in the existing Philippine Corporate Law framework under the old Corporation Code, and their effectiveness in achieving the above-enumerated objectives.

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