CPALE - RFBT in numbers

at least 21 days before the regular meeting, unless other stipulation provided on by-laws

(Source: Sec. 49, RCCP)

How long should be the written notice be issued in the case of regular shareholders' meetings?

at least 1 week before the regular meeting, unless other stipulation provided on by-laws

(Source: Sec. 49, RCCP)

How long should be the written notice be issued in the case of special shareholders' meetings?

at least 20 days, unless by-laws provide for a longer period

(Source: Sec. 49, RCCP)

In the case of upcoming regular shareholders' meetings, the stock and transfer books of the corporation shall be closed for how many days before the scheduled meeting?

at least 7 days, unless by-laws provide for a longer period

(Source: Sec. 49, RCCP)

In the case of upcoming special shareholders' meetings, the stock and transfer books of the corporation shall be closed for how many days before the scheduled meeting?

at least 2 days before the meeting, unless a longer period is provided on by-laws

(Source: Sec. 52, RCCP)

How long should be the written notice be issued in the case of special board meetings?

at least 2 days before the meeting, unless a longer period is provided on by-laws

(Source: Sec. 52, RCCP)

How long should be the written notice be issued in the case of regular board meetings?

6 months

(XPN: all other subscribers consent to the revocation or the corporation fails to incorporate)

(Source: Sec. 60, RCCP)

As a general rule, subscription of shares in a corporation still to be formed shall be irrevocable for how long?

not less than 30 days but not more than 60 days

(Source: Sec. 67, RCCP)

Corporations shall order the sale of delinquency stocks within ____ to ____ days from the stocks' date of delinquency.

once a week, for two weeks

(Source: Sec. 67, RCCP)

The notice of sale of delinquency sale, as well as the copy of the resolution shall be published ____ times a week for a period of ___ consecutive weeks in a newspaper of general circulation in the place where the corporation is principally located.

30 days

(Source: Sec. 66, RCCP)

Stocks covered by a subscription contract that are still unpaid after ___ days from the date stated in such contract are considered delinquent

10 days

(Source: Sec. 74, RCCP)

A corporation shall furnish a stockholder or member their most recent financial statements within ____ days from receipt of their written request

Majority of the Board

Vote needed: declaration of cash dividends

Majority of the Board

Vote needed: declaration of property dividends

Majority of the Board + 2/3 of OCS

Vote needed: declaration of stock dividends

Majority of the Board + 2/3 of OCS

Vote needed: amendment of articles of incorporation

Majority of the Board + 2/3 of OCS

Vote needed: extension or shortening of corporate term

Majority of the Board + 2/3 of OCS

Vote needed: voluntary dissolution of a corporation where creditors will be affected

Majority of the Board + Majority of OCS

Vote needed: voluntary dissolution of a corporation where no creditors will be affected

Majority of the Board + Majority of OCS

Vote needed: amendment of by-laws

2/3 of OCS

Vote needed: delegation to the Board to amend, adopt, repeal the by-laws

Majority of OCS

Vote needed: revocation to the Board to amend, adopt, repeal the by-laws

Majority of OCS

Vote needed: adoption of by-laws

Majority of the Board

Vote needed: election of Board directors and officers

Majority of OCS

Vote needed: removal of Board directors and officers

Majority of OCS

Vote needed: deny pre-emptive right

Majority of the Board

Vote needed: order the sale of delinquent stock

Majority of the Board

Vote needed: declare any unpaid subscription as due and payable

Majority of the Board + Majority of OCS

XPN: Majority of the Board + 2/3 of OCS, on the following situations:

(1) 1/3 of OCS have the same interest in the managing and managed corporation, or

(2) majority of the Board members of the managing corporation also constitute majority of the Board members of the managed corporation

Vote needed: enter into management contract, general rule

10% of the authorized capital stock

What is the maximum shareholding of any one member of a cooperative?

60 days from date of filing of the AoC

Upon lapse of ___ days from _______________ and no decision has been given by the CDA on the registration of a cooperative, such registration is deemed approved, and the cooperative acquires juridical personality.

90 days from receipt of denial from CDA

A cooperative's appeal to the PH president to grant their registration shall be deemed approved by lapse of time if not acted upon in ___ days from ________________

30 days from date of filing

An application for amendment of a cooperative's articles shall prescribe after ___ days from ___________________ for a cause not attributable to the cooperative.

25%

A cooperative must have ___ percent of its authorized capital stock subscribed

25% or Php15,000 worth of subscribed shares must have been paid-up, whichever is higher

State the rule on the portion of subscribed shares of a cooperative that must be paid-up.

20% of members in good standing

Vote needed: registration of electric cooperatives

2/3 of all members with voting rights

Vote needed: amendment of articles of cooperation and by-laws

60 days

(Source: Art. 30, CCP)

A member of a cooperative may, for any valid reason, withdraw his membership from the cooperative by giving a ____ day notice to the board of directors.

Majority of the Board + 3/4 of members with voting rights present and constituting a quorum

(whether creditors will be affected or not)

Vote required: Voluntary dissolution of a cooperative

at least 10%

Bonus note: The reserve fund shall be used for the stability of the cooperative and to meet net losses in its operations. The general assembly may decrease the amount allocated to the reserve fund when the reserve fund already exceeds the share capital.

(Source: Art. 86(1)(a), CCP)

As a general rule, how much of a cooperative's net surplus must be distributed to the reserve fund?

not less than 50%

How much of the cooperative's net surplus must be distributed to the reserve fund in the first five years of its operation after registration?

not more than 10%

Bonus note: The ETF shall provide for the training, development and similar other cooperative activities geared towards the growth of the cooperative movement

(Source: Art. 86(2), CCP)

How much of a cooperative's net surplus must be distributed to the education and training fund?

not less than 3%

Bonus note: The community development fund shall be used for projects or activities that will benefit the community where the cooperative operates.

(Source: Art. 86(3), CCP)

How much of a cooperative's net surplus must be distributed to the community development fund?

not exceeding 7%

How much of a cooperative's net surplus must be distributed to the optional fund?

lifetime of the author plus 50 years

(if multiple authors, lifetime of the last surviving author plus 50 years)

What is the general term of copyright?

+10% of hourly rate

Compensation rate for night shift differential

125% of the hourly rate per hour worked over eight hours

Compensation rate for overtime incurred on a regular working day

169% of the hourly rate per hour worked over eight hours

(130% for work on rest day OR holiday x 130% for overtime)

Compensation rate for overtime incurred on a rest day or holiday

150% of the daily rate for the first eight hours

Compensation rate for work done on a rest day and holiday

195% of the hourly rate per hour worked over eight hours

(150% for work on rest day AND holiday x 130% for overtime)

Compensation rate for overtime incurred on a rest day and holiday

200% of the daily rate for the first eight hours (i.e. double pay)

Compensation rate for work done on a regular holiday

260% of the hourly rate per hour worked over eight hours

(200% for work on regular holiday x 130% for overtime)

Compensation rate for overtime incurred on a regular holiday

300% of the daily rate for the first eight hours (i.e. triple pay)

Compensation rate for work done on a double holiday

390% of the hourly rate per hour of work done in excess of 8 hours

(300% for work on regular holiday x 130% for overtime)

Compensation rate for overtime incurred on a double holiday

105 days

In general, how long is the maternity leave with pay given under the SSS Law?

120 days (additional 15 days to the general 105 days)

How long is the maternity leave with pay given to solo parents under the SSS Law?

30 days

How long is the maternity leave without pay given to solo parents under the SSS Law?

Php10.00

Aside from the contributions made by the employer and employee to the SSS, how much is the additional payment to the Employees' Compensation Commission (ECC) for average monthly salary credit does not exceed P14,500?

Php30.00

Aside from the contributions made by the employer and employee to the SSS, how much is the additional payment to the Employees' Compensation Commission (ECC) for average monthly salary credit exceeds P14,500?

3/5

For the creditors to achieve quorum in a suspension of payments initiated by the debtor, creditors holding ____ of the liabilities must be present at their meeting.

2/3 and 3/5

The proposed agreement by the debtor to the creditors must be approved by a double majority vote, consisting of:

(1) ____ of the voting creditors, and

(2) the claims of the majority creditors must consist ____ of the liabilities of the debtor.

90 days

In a creditors' meeting of a suspension of payment, creditors whose claim is ____ days prior to the filing of the petition are not entitled to vote.

67%, 75%, 85%

A pre-negotiated rehabilitation will should be approved by ___% of secured credit holders, ___% of unsecured credit holders, and ___% of all holders of liabilities, secured or unsecured.

Php500,000

Liquidation (voluntary or involuntary) both require that the debtor is insolvent and the debts must be at least Php___________.

1 year

(Source: ReSA Handout RFBT-16; page 9, item 9)

A rehabilitation proceeding may be converted into liquidation if there is no rehabilitation plan is confirmed within a period of _______ from filing of the petition.

90 days

A check presented to bank within ___ days from the date of such check that was refused to be accepted on grounds of insufficient funds is prima facie evidence of knowledge of insufficiency of funds.

5 days

A drawer or maker of a check that was refused is not liable under BP 22 if he pays for the full amount within a period of ____________ after receiving notice that the check was not paid.

20 years from filing date, non-renewable

What is the duration of a patent?

10 years from registration, renewable in 10-year periods

What is the duration of protection of a trademark?

(1) 6 months before expiration, or

(2) 6 months after such exploration upon payment of an additional fee

When should requests for renewal of trademark protection be filed?

3 years from filing date (extendible for another 6 months)

At the beginning of each trademark protection term, when should a Declaration of Actual Use be filed?

Within 1 year from the 5th anniversary of the registration of the mark

In the middle of each trademark protection term, when should a Declaration of Actual Use be filed?

1 year from date of renewal

In the end of each trademark protection term, when should a Declaration of Actual Use be filed?

5 years from date of registration

Generally, when should a petition to cancel a registration of a trademark be filed at the Bureau of Legal Affairs?

50 years from first lawful publication

(Additional notes:

- If not published, 50 years from the making

- If identity of author later becomes revealed, general copyright rules will apply)

What is the copyright term for anonymous or pseudonymous work?

25 years from date of making

What is the copyright term for works of applied art?

50 years from publication

(If unpublished, 50 years from making)

What is the copyright term for photographic works?

50 years from publication

(If unpublished, 50 years from making)

What is the copyright term for audio-visual works and recordings?

20 years from date of broadcast

What is the copyright term for broadcasts?

Php1,000

How much is the maximum value for P20 coins to have legal tender power?

Unlimited

How much is the maximum value for P20 bills to have legal tender power?

Php100

How much is the maximum value for P0.05 coins to have legal tender power?

25% of all members entitled to vote

As a rule, what is the quorum for members of the General Assembly?

50% + 1

What is the quorum for cooperative banks?

5% of all members entitled to vote, unless bylaws provide otherwise

What is the quorum for electric cooperatives?