Who are the officers of a corporation and what are the residency requirements?
Immediately after their election, the directors of a corporation must formally organize by the election of a president, who shall be a director, a treasurer who may or may not be a director, a secretary who shall be a resident and citizen of the Philippines, and such other officers as may be provided for in the by-laws. Any two (2) or more positions may be held concurrently by the same person, except that no one shall act as president and secretary or as president and treasurer at the same time. Is it only the Central Bank that has jurisdiction over violations of PD 114? Basic is the rule that it is the allegations in the complaint that vests jurisdiction.A case in point is Philippine Womans Christian Temperance Union, Inc. vs. Abiertas House of Friendship, Inc. wherein we held that when the thrust of a complaint is on the ultra vires act of a corporation, that is the complained act of a corporation is contrary to its declared corporate purposes, the SEC has jurisdiction to entertain t
