An act providing for the revised corporation code of the philippines

SEC. 33. Disloyalty of a Director. – Where a director, by virtue of such office, acquires a 
business opportunity which should belong to the corporation, thereby obtaining profits to the 
prejudice of such corporation, the director must account for and refund to the latter all such profits, 
unless the act has been ratified by a vote of the stockholders owning or representing at least two-
thirds (2/3) of the outstanding capital stock. This provision shall be applicable, notwithstanding 
the fact that the director risked one’s own funds in the venture. 
SEC. 34. Executive, Management, and Other Special Committees. – If the bylaws so 
provide, the board may create an executive committee composed of at least three (3) directors.
Said committee may act, by majority vote of all its members, on such specific matters within the 
competence of the board, as may be delegated to it in the bylaws or by majority vote of the board, 
except with respect to the: (a) approval of any action for which shareholders’ approval is also 
required; (b) filling of vacancies in the board; (c) amendment or repeal of bylaws or the adoption 
of new bylaws; (d) amendment or repeal of any resolution of the board which by its express terms 
is not amendable or repealable; and (e) distribution of cash dividends to the shareholders.
The board of directors may create special committees of temporary or permanent nature 
and determine the members’ term, composition, compensation, powers, and responsibilities. 
 
TITLE IV 
 
POWERS OF CORPORATIONS 
 
SEC. 35. Corporate Powers and Capacity. – Every corporation incorporated under this Code 
has the power and capacity:
(a) To sue and be sued in its corporate name;
(b) To have perpetual existence unless the certificate of incorporation provides otherwise; 
(c) To adopt and use a corporate seal; 
(d) To amend its articles of incorporation in accordance with the provisions of this Code; 
(e) To adopt bylaws, not contrary to law, morals or public policy, and to amend or repeal the 
same in accordance with this Code; 
(f) In case of stock corporations, to issue or sell stocks to subscribers and to sell treasury 
stocks in accordance with the provisions of this Code; and to admit members to the corporation if 
it be a nonstock corporation; 
(g) To purchase, receive, take or grant, hold, convey, sell, lease, pledge, mortgage, and 
otherwise deal with such real and personal property, including securities and bonds of other 

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corporations, as the transaction of the lawful business of the corporation may reasonably and 
necessarily require, subject to the limitations prescribed by law and the Constitution; 
(h) To enter into a partnership, joint venture, merger, consolidation, or any other commercial 
agreement with natural and juridical persons; 
(i) To make reasonable donations, including those for the public welfare or for hospital, 
charitable, cultural, scientific, civic, or similar purposes: Provided, That no foreign corporation 
shall give donations in aid of any political party or candidate or for purposes of partisan political 
activity; 
(j) To establish pension, retirement, and other plans for the benefit of its directors, trustees, 
officers, and employees; and 
(k) To exercise such other powers as may be essential or necessary to carry out its purpose 
or purposes as stated in the articles of incorporation.