An act providing for the revised corporation code of the philippines


SEC. 53. Who Shall Preside at Meetings


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2019Legislation RA-11232-REVISED-CORPORATION-CODE-2019

SEC. 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. 
SEC. 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. 
SEC. 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. 
SEC. 56. Voting Right for Treasury Shares. – Treasury shares shall have no voting right 
as long as such shares remain in the Treasury. 
SEC. 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 
absentiaProvided, 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.


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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 filed, 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. 

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