SEC. 1 of Republic Act No. (Batas Pambasa Blg.) 68 refers to the Title of the Code. This Code shall be known as "The Corporation Code of the Philippines."
SEC. 2. and SEC. 3. of Republic Act No. 68, The Corporation Code Of The Philippines, describes the definition of Corporation and Classes of Corporation as follows:
SEC. 2. Corporation defined. - A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.
SEC. 3. Classes of corporations. - Corporations formed or organized under this Code may be stock or non-stock corporations. Corporations which have a capital stock divided into shares and are authorized to distribute to the holders of such shares dividends or allotments of the surplus profits on the basis of the shares held are stock corporations. All other corporations are non-stock corporations.
Please refer http://www.sec.gov.ph/laws/pdf/Corporation%20Code%20of%20the%20Philippines.pdf of the full text of The Corporation Code of the Philippines.
