SEC. 10 and SEC. 11. of RA No. 68 also known as "The Corporation Code of the Philippines" refers to the number and qualifications of incorporators and corporate term as follows:
SEC. 10 - Number and qualifications of incorporators. - Any number of natural persons not less than five (5) but not more than fifteen (15) , all of legal age and a majority of whom are residents of the Philippines, may form a private corporation for any lawful purpose or purposes. Each of the incorporators of a stock corporation must own or be a subscriber to at least one (1) share of the capital stock of the corporation.
SEC. 10 - Number and qualifications of incorporators. - Any number of natural persons not less than five (5) but not more than fifteen (15) , all of legal age and a majority of whom are residents of the Philippines, may form a private corporation for any lawful purpose or purposes. Each of the incorporators of a stock corporation must own or be a subscriber to at least one (1) share of the capital stock of the corporation.
SEC. 11. Corporate term. - A Corporation shall exist for a period not exceeding fifty (50) years from the date of incorporation unless sooner dissolved or unless said period is extended. The corporate term, as originally stated in the articles of incorporation, may be extended for periods not exceeding fifty (50) years in any single instance by an amendment of the articles of incorporation, in accordance with this Code: Provided, That no extension can be made earlier than five (5) years prior to the original or subsequent expiry date unless there are justifiable reasons for an earlier extensions as may be determined by the Securities and Exchange Commission.
Please refer http://philippinetaxtalk.blogspot.com/2015/08/corporators-incorporators-stockholders.html of the full text of "The Corporation Code of the Philippines".
