All ▸ Bar 2024 ▸ COMMERCIAL AND TAXATION LAWS ▸ I. CORPORATION LAW (R.A. No. 11232, Revised Corporation Code) ▸ C. Incorporation and Organization ▸ 3. Capitalization - Section 12

Question

Incorporation and Organization: Capitalization - Section 12

Scenario:

ABC Corporation is a newly formed company in the Philippines. The organizers of ABC Corporation have decided to raise capital through the issuance of shares of stocks. Jane, one of the organizers, plans to subscribe to a substantial number of shares but has concerns regarding the requirements for payment and transferability of shares as specified in Section 12 of the Corporation Code of the Philippines.

Question:

What are the requirements for the payment of shares under Section 12 of the Corporation Code? Discuss in detail.
Can the shares of stock subscribed by Jane be transferred to another person without complying with the requirements in Section 12? Explain.
In case of non-payment or deficiency in the payment of the subscription price of shares subscribed by Jane, what are the consequences under the Corporation Code?

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