Title IV Section 42 of the Corporate Code

Read the Minutes & Resolutions and Annual Meeting packets we have been given

It seems there is a problem given actions taken by the unelected Board stated in the Minutes we have been given when reading the section below.  Have any of the unelected members (Directors) of the Board now and in the past ever read all the significant documents of SCCC and the those of the government?  I am willing to have a workshop with them and all Unit Owners willing to participate.  It would begin with a reading and discussion.

See the side for links to SCCC-Minutes.2012.04.16 (see Section 6.3) and SCCC-Minutes.2012.08.16 (see VII Other Matters number 1.) after carefully reading Section 42 of the Corporation Code and then ask yourself, others and them some questions.

 

BATAS PAMBANSA BLG. 68
THE CORPORATION CODE OF THE PHILIPPINES

 

TITLE IV — POWERS OF CORPORATIONS

SECTION 42. Power to invest corporate funds in another corporation or business or for any other purpose. — Subject to the provisions of this Code, a private corporation may invest its funds in any other corporation or business or for any purpose other than the primary purpose for which it was organized when approved by a majority of the board of directors or trustees and ratified by the stockholders representing at least two-thirds (2/3) of the outstanding capital stock, or by at least two thirds (2/3) of the members in the case of non-stock corporations, at a stockholder's or member's meeting duly called for the purpose. Written notice of the proposed investment and the time and place of the meeting shall be addressed to each stockholder or member at his place of residence as shown on the books of the corporation and deposited to the addressee in the post office with postage prepaid, or served personally: Provided, That any dissenting stockholder shall have appraisal right as provided in this Code: Provided, however, That where the investment by the corporation is reasonably necessary to accomplish its primary purpose as stated in the articles of incorporation, the approval of the stockholders or members shall not be necessary. (17 1/2a)