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1 QUERY ABOUT NON-STOCK CORPORATIONS on Fri Jul 22, 2011 10:40 pm


Arresto Menor
In case of dissolution and after all the liabilities as required by law have been settled, the non-stock corporation can distribute the remaining assets to its members as long as it is provided in the Articles of Incorporation. Is this correct?

The Code is also silent as to whether the members are entitled to salary or reasonable per diems because the law only mentioned about the compensation of directors. So since the law is silent, can we safely say that the members in a non-stock are entitled to salary?

Please cite any provisions of law or jurisprudence that may apply. Thank you so much to those who will answer. Smile

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