One of the game-changing provisions introduced by Republic Act 11232, otherwise known as the “Revised Corporation Code of the Philippines (RCC),” pertains to Section 11 or the perpetuity of corporate terms of corporations existing prior to and which continues to exist upon the effectivity of the RCC, without any further action on the part of the corporation.
Paragraph 2, Section 11 of the RCC provides: “Corporations with certificates of incorporation issued prior to the effectivity of this Code, and which continue to exist, shall have perpetual existence.”