Question

D. Directors, Trustees, and Officers: Qualifications and Disqualifications

In a hypothetical scenario, XYZ Corporation is a publicly listed company in the Philippines. The company is in need of new directors to join its Board of Directors. As a corporate lawyer, you are approached by the company to provide legal advice on the qualifications and disqualifications of individuals who can serve as directors.

Based on the provisions in Sections 22-26 of the Corporation Code of the Philippines, answer the following questions:

1. What are the qualifications required for a person to be eligible to serve as a director of a corporation? Discuss at least three qualifications.
2. Identify and explain three disqualifications that would prevent an individual from being eligible to serve as a director of a corporation.
3. Can a naturalized Filipino citizen, who was originally an alien, be qualified to serve as a director? Explain the legal basis for your answer.
4. What are the liabilities and penalties imposed on individuals who serve as directors despite being disqualified? Discuss at least two consequences.