Legal Question in Business Law in Philippines
Can a non-stockholder be elected as corporate secretary in a corporation in the Philippines? The Corporation Code is not clear on this. For example, can the company's administrative secretary (a hired employee) who does not own any type of stock in the corporation, serve as the corporation's board secretary (an elected officer position)? And if this is not allowed, what is the effect on the corporation's legal standing?
Asked on 5/21/12, 12:03 am
1 Answer from Attorneys
VOLTAIRE T. DUANO
VOLTAIRE T. DUANO LAW OFFICE
Yes, a non-stockholder can be elected as a Corporate Secretary.The qualifications of a Corp Sec can be found under Section 25 of the Corporation Code which simply says "a secretary who shall be a resident and citizen of the Philippines".Thus, unlike a member of the board a Corporate Secretary need not be a shareholder.
Answered on 5/23/12, 5:16 am
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