An act providing for the revised corporation code of the philippines

SEC. 182. Jurisdiction Over Party-List Organizations. – The powers, authorities, and 
responsibilities of the Commission involving party-list organizations are transferred to the 
Commission on Elections (COMELEC).
Within six (6) months after the effectivity of this Act, the monitoring, supervision, and 
regulation of such corporations shall be deemed automatically transferred to the COMELEC. 
For this purpose, the COMELEC, in coordination with the Commission, shall promulgate 
the corresponding implementing rules for the transfer of jurisdiction over the abovementioned 
corporations. 
SEC. 183. Applicability of the Code. – Nothing in this law shall be construed as amending 
existing provisions of special laws governing the registration, regulation, monitoring and 
supervision of special corporations such as banks, nonbank financial institutions and insurance 
companies.
Notwithstanding any provision to the contrary, regulators such as the Bangko Sentral ng 
Pilipinas and the Insurance Commission shall exercise primary authority over special corporations 
such as banks, nonbank financial institutions, and insurance companies under their supervision 
and regulation. 

---

Page 72 of 73 
SEC. 184. Effect of Amendment or Repeal of This Code, or the Dissolution of a 
Corporation. – No right or remedy in favor of or against any corporation, its stockholders, 
members, directors, trustees, or officers, nor any liability incurred by any such corporation, 
stockholders, members, directors, trustees, or officers, shall be removed or impaired either by the 
subsequent dissolution of said corporation or by any subsequent amendment or repeal of this Code 
or of any part thereof. 
SEC. 185. Applicability to Existing Corporation. – A corporation lawfully existing and 
doing business in the Philippines affected by the new requirements of this Code shall be given a 
period of not more than two (2) years from the effectivity of this Act within which to comply.