Written Notice of Regular Meetings

TITLE VI Meetings
SECTION 48. Kinds of Meetings. — Meetings of directors, trustees, stockholders, or members may
be regular or special.
SECTION 49. Regular and Special Meetings of Stockholders or Members. — Regular meetings
of stockholders or members shall be held annually on a date fixed in the bylaws, or if
not so fixed, on any date after April 15 of every year as determined by the board of
directors or trustees: Provided, That written notice of regular meetings shall be sent to
all stockholders or members of record at least twenty-one (21) days prior to the meeting,
unless a different period is required in the bylaws, law, or regulation: Provided, further, That
written notice of regular meetings may be sent to all stockholders or members of record
through electronic mail or such other manner as the Commission shall allow under
its guidelines.
Special meetings of stockholders or members shall be held at any time deemed

necessary or as provided in the bylaws: Provided, however, That at least one (1)
week written notice shall be sent to all stockholders or members, unless a different
period is provided in the bylaws, law or regulation. A stockholder or member may
propose the holding of a special meeting and items to be included in the agenda.
Notice of any meeting may be waived, expressly or impliedly, by any stockholder

or member: Provided, That general waivers of notice in the articles of
incorporation or the bylaws shall not be allowed; Provided, further, That attendance
at a meeting shall constitute a waiver of notice of such meeting, except when
the person attends a meeting for the express purpose of objecting to the
transaction of any business because the meeting is not lawfully called or
convened.
Whenever for any cause, there is no person authorized or the person

authorized unjustly refuses to call a meeting, the Commission, upon petition
of a stockholder or member on a showing of good cause therefor, may issue an
order, directing the petitioning stockholder or member to call a meeting of the
corporation by giving proper notice required by this Code or the bylaws.
The petitioning stockholder or member shall preside thereat until at least

a majority of the stockholders or members present have chosen from among
themselves, a presiding officer. Unless the bylaws provide for a longer period, the
stock and transfer book or membership book shall be closed at least twenty
(20) days for regular meetings and seven (7) days for special meetings before the
scheduled date of the meeting.
In case of postponement of stockholders' or members' regular meetings,

written notice thereof and the reason therefor shall be sent to all stockholders or
members of record at least two (2) weeks prior to the date of the meeting,
unless a different period is required under the bylaws, law or regulation.
The right to vote of stockholders or members may be exercised in person,

through a proxy, or when so authorized in the bylaws, through remote
communication or in absentia. The Commission shall issue the rules and regulations
governing participation and voting through remote communication or in absentia,
taking into account the company's scale, number of shareholders or members,
structure, and other factors consistent with the protection and promotion of
shareholders' or members' meetings.
SECTION 50. Place and Time of Meetings of Stockholders or Members.

— Stockholders' or members' meetings, whether regular or special, shall be held in
the principal office of the corporation as set forth in the articles of incorporation,
or, if not practicable, in the city or municipality where the principal office of the
corporation is located: Provided, That any city or municipality in Metro Manila,
Metro Cebu, Metro Davao, and other Metropolitan areas shall, for purposes of this
section, be considered a city or municipality.
Notice of meetings shall be sent through the means of communication provided

in the bylaws, which notice shall state the time, place and purpose of the meetings.
Each notice of meeting shall further be accompanied by the following:

The agenda for the meeting
A proxy form
When attendance, participation, and voting are allowed by remote communication
or in absentia, the requirements and procedures to be followed when a stockholder
or member elects either option; and
When the meeting is for the election of directors or trustees, the requirements and
procedure for nomination and election.
SECTION 51. Quorum in Meetings. — Unless otherwise provided in this Code

or in the bylaws, a quorum shall consist of the stockholders representing a
majority of the outstanding capital stock or a majority of the members in
the case of nonstock corporations.
SECTION 52. Regular and Special Meetings of Directors or Trustees;

Quorum. — Unless the articles of incorporation or the bylaws provides for a greater
majority, a majority of the directors or trustees as stated in the articles of
incorporation shall constitute a quorum to transact corporate business, and every
decision reached by at least a majority of the directors or trustees constituting a
quorum, except for the election of officers which shall require the vote of a majority
of all the members of the board, shall be valid as a corporate act.
Regular meetings of the board of directors or trustees of every

corporation shall be held monthly, unless the bylaws provide otherwise.
Special meetings of the board of directors or trustees may be held at

any time upon the call of the president or as provided in the bylaws.
Meetings of directors or trustees of corporations may be held anywhere
in or outside of the Philippines, unless the bylaws provide otherwise.
Notice of regular or special meetings stating the date, time and place of the
meeting must be sent to every director or trustee at least two (2) days prior to
the scheduled meeting, unless a longer time is provided in the bylaws. A director
or trustee may waive this requirement, either expressly or impliedly.
Directors or trustees who cannot physically attend or vote at board

meetings can participate and vote through remote communication such as
videoconferencing, teleconferencing, or other alternative modes of communication
that allow them reasonable opportunities to participate.
Directors or trustees cannot attend or vote by proxy at board meetings. A

director or trustee who has a potential interest in any related party transaction
must recuse from voting on the approval of the related party transaction without
prejudice to compliance with the requirements of Section 31 of this Code.
SECTION 53. Who Shall Preside at Meetings. — The chairman or, in his
absence, the president shall preside at all meetings of the directors or trustees
as well as of the stockholders or members, unless the bylaws provide otherwise.
SECTION 54. Right to Vote of Secured Creditors and Administrators. —
In case a stockholder grants security interest in his or her shares in stock
corporations, the stockholder-grantor shall have the right to attend and
vote at meetings of stockholders, unless the secured creditor is expressly given
by the stockholder-grantor such right in writing which is recorded in the appropriate
corporate books. Executors, administrators, receivers, and other legal representatives
duly appointed by the court may attend and vote in behalf of the stockholders or
members without need of any written proxy.
SECTION 55. Voting in Case of Joint Ownership of Stock. — The consent

of all the co-owners shall be necessary in voting shares of stock owned jointly by
two (2) or more persons, unless there is a written proxy, signed by all the co-
owners, authorizing one (1) or some of them or any other person to vote such
share or shares: Provided, That when the shares are owned in an "and/or" capacity
by the holders thereof, any one of the joint owners can vote said shares or appoint
a proxy therefor.
SECTION 56. Voting Right for Treasury Shares. — Treasury shares shall have
no voting right as long as such shares remain in the Treasury.
SECTION 57. Manner of Voting; Proxies. — Stockholders and members

may vote in person or by proxy in all meetings of stockholders or
members. When so authorized in the bylaws or by a majority of the board of
directors, the stockholders or members of corporations may also vote through
remote communication or in absentia: Provided, That the votes are received before
the corporation finishes the tally of votes.
A stockholder or member who participates through remote communication or in

absentia shall be deemed present for purposes of quorum. The corporation shall
establish the appropriate requirements and procedures for voting through remote
communication and in absentia, taking into account the company's scale, number
of shareholders or members, structure and other factors consistent with the basic
right of corporate suffrage.
Proxies shall be in writing, signed and led, by the stockholder or member, in any
form authorized in the bylaws and received by the corporate secretary within a
reasonable time before the scheduled meeting. Unless otherwise provided in the
proxy form, it shall be valid only for the meeting for which it is intended. No proxy
shall be valid and effective for a period longer than five (5) years at any one time.
SECTION 58. Voting Trusts. — One or more stockholders of a stock corporation may
create a voting trust for the purpose of conferring upon a trustee or trustees the
right to vote and other rights pertaining to the shares for a period not exceeding
five (5) years at any time: Provided, That in the case of a voting trust specically
required as a condition in a loan agreement, said voting trust may be for a period
exceeding ve (5) years but shall automatically expire upon full payment of the loan.
A voting trust agreement must be in writing and notarized, and shall specify the
terms and conditions thereof. A certied copy of such agreement shall be led with
the corporation and with the Commission; otherwise, the agreement is ineffective
and unenforceable.
The certicate or certicates of stock covered by the voting trust agreement shall be
cancelled and new ones shall be issued in the name of the trustee or trustees,
stating that they are issued pursuant to said agreement.
The books of the corporation shall state that the transfer in the name of the trustee
or trustees is made pursuant to the voting trust agreement. The trustee or trustees
shall execute and deliver to the transferors, voting trust certificates, which shall be
transferable in the same manner and with the same effect as certificates of stock.
The voting trust agreement led with the corporation shall be subject to examination
by any stockholder of the corporation in the same manner as any other corporate
book or record: Provided, That both the trustor and the trustee or trustees may
exercise the right of inspection of all corporate books and records in accordance
with the provisions of this Code.
Any other stockholder may transfer the shares to the same trustee or trustees upon
the terms and conditions stated in the voting trust agreement, and thereupon shall
be bound by all the provisions of said agreement. No voting trust agreement shall
be entered into for purposes of circumventing the laws against anti-competitive
agreements, abuse of dominant position, anticompetitive mergers and acquisitions,
violation of nationality and capital requirements, or for the perpetuation of fraud.
Unless expressly renewed, all rights granted in a voting trust agreement shall
automatically expire at the end of the agreed period. The voting trust certicates as
well as the certicates of stock in the name of the trustee or trustees shall thereby
be deemed cancelled and new certicates of stock shall be reissued in the name of
the trustors.
The voting trustee or trustees may vote by proxy or in any manner authorized
under the bylaws unless the agreement provides otherwise.

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TITLE VI Meetings

Special meetings of stockholders or members shall be held at any time deemed

Notice of any meeting may be waived, expressly or impliedly, by any stockholder

Whenever for any cause, there is no person authorized or the person

The petitioning stockholder or member shall preside thereat until at least

In case of postponement of stockholders' or members' regular meetings,

The right to vote of stockholders or members may be exercised in person,

SECTION 50. Place and Time of Meetings of Stockholders or Members.

Notice of meetings shall be sent through the means of communication provided

Each notice of meeting shall further be accompanied by the following:

SECTION 51. Quorum in Meetings. — Unless otherwise provided in this Code

SECTION 52. Regular and Special Meetings of Directors or Trustees;

Regular meetings of the board of directors or trustees of every

Special meetings of the board of directors or trustees may be held at

Directors or trustees who cannot physically attend or vote at board

Directors or trustees cannot attend or vote by proxy at board meetings. A

SECTION 55. Voting in Case of Joint Ownership of Stock. — The consent

SECTION 57. Manner of Voting; Proxies. — Stockholders and members

A stockholder or member who participates through remote communication or in

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