An act providing for the revised corporation code of the philippines


SEC. 92. List of Members and Proxies, Place of Meetings


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

SEC. 92. List of Members and Proxies, Place of Meetings. – The corporation shall, at all 
times, keep a list of its members and their proxies in the form the Commission may require. The 
list shall be updated to reflect the members and proxies of record twenty (20) days prior to any 
scheduled election. The bylaws may provide that the members of a nonstock corporation may 
hold their regular or special meetings at any place even outside the place where the principal office 
of the corporation is located: Provided, That proper notice is sent to all members indicating the 
date, time and place of the meeting: Provided, further, That the place of meeting shall be within 
Philippine territory. 


Page 42 of 73 
CHAPTER III 
 
DISTRIBUTION OF ASSETS IN NONSTOCK CORPORATIONS 
 
SEC. 93. Rules of Distribution. – The assets of a nonstock corporation undergoing the 
process of dissolution for reasons other than those set forth in Section 139 of this Code, shall be 
applied and distributed as follows:
(a) All liabilities and obligations of the corporation shall be paid, satisfied and discharged, 
or adequate provision shall be made therefor;
(b) Assets held by the corporation upon a condition requiring return, transfer or conveyance, 
and which condition occurs by reason of the dissolution, shall be returned, transferred or conveyed 
in accordance with such requirements
(c) Assets received and held by the corporation subject to limitations permitting their use 
only for charitable, religious, benevolent, educational or similar purposes, but not held upon a 
condition requiring return, transfer or conveyance by reason of the dissolution, shall be transferred 
or conveyed to one (1) or more corporations, societies or organizations engaged in activities in the 
Philippines substantially similar to those of the dissolving corporation according to a plan of 
distribution adopted pursuant to this Chapter; 
(d) Assets other than those mentioned in the preceding paragraphs, if any, shall be 
distributed in accordance with the provisions of the articles of incorporation or the bylaws, to the 
extent that the articles of incorporation or the bylaws determine the distributive rights of members, 
or any class or classes of members, or provide for distribution; and 
(e) In any other case, assets may be distributed to such persons, societies, organizations or 
corporations, whether or not organized for profit, as may be specified in a plan of distribution 
adopted pursuant to this Chapter. 

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