Know All Men By These Presents:
That undersigned incorporators, all of legal age and residents of the Philippines, have this day voluntarily agreed to form a stock corporation under the laws of the Republic of the Philippines.
THAT WE HEREBYCERTIFY:
FIRST. The name of said corporation shall be
TOP FRONTIERINVESTMENTHOLDINGS,INC.
SECOND. A. That the primary purpose of this corporation is
To acquire by purchase, exchange, assignment or otherwise, and to sell, assign, transfer, exchange, lease, let, develop, mortgage, pledge, deal in and with and otherwise operate, enjoy and dispose of, all properties of every kind and description and wherever situated and to the extent permitted by law, including but not limited to real estate, whether improved or unimproved, and any interest or right therein, as well as buildings, tenements, warehouses, factories, edifices and structures and other improvements, and shares of capital stock or other securities or obligations, created, negotiated or issued by any corporation, association or other entity, and while the owner, holder or possessor thereof, to exercise all the rights, powers and privileges of ownership or any other interest therein, including the right to receive, collect and dispose of, any and all rentals, dividends, interests and income derived therefrom, and the right to vote on any proprietary or other interest on any shares of the capital stock, and other securities, having voting power, so owned or held; provided that the corporation shall not engage in the business of an investment company as defined in the Investment Company Act (R.A. 2629), as amended, without first complying with the applicable provisions of the said statute.
B. That the corporation shall have all the express powers of a corporation as provided for under Section 36 of the Corporation Code of the Philippines.
THIRD. That the place where the principal office of the corporation is to be established is at:
5th Floor, ENZO Building
No. 399 Sen. Gil]. Puyat Ave., Makati City
FOURTH. That the term for which the corporation is to exist is fifty (50) years from and after the date of issuance of the certificate of incorporation.
FIFTH. The names, nationalities and residences of the incorporators are as follows:
Name |
Nationality |
Residence |
Inigo U. Zobel |
Filipino |
6 Banaba St., South Forbes, Makati City |
Bryan U. Villanueva |
Filipino |
# 15-02 Sovereign, 99 Meyer Road, Singapore 437920 |
Joselito D. Campos, Jr. |
Filipino |
9 Banaba Circle, Forbes Park, Makati City |
Consuelo Eden P. Lagao |
Filipino |
16-C Mahiyain St., Teacher's Village West, Quezon City |
RhogelS. G-andingco |
Filipino |
104 Havana Street, Pasig Greenpark Village Pasig City |
SIXTH. That the number of directors of the corporation shall be seven (7), and that the names, nationalities and residences of the first directors who are to serve until their successors are elected and qualified as provided by the by-laws are as follows. (As amended l?J the Board ef Directors and the Stockholders at their respective meetings both held on 16 July 2013)
Name |
Nationality |
Residence |
Inigo U. Zobel |
Filipino |
6 Banaba St., South Forbes, Makati City |
Bryan U. Villanueva |
Filipino |
# 15-02 Sovereign, 99 Meyer Road, Singapore 437920 |
Joselito D. Campos, Jr. |
Filipino |
9 Banaba Circle, Forbes Park, Makati City |
Consuelo Eden P. Lagao |
Filipino |
16-C Mahiyain St., Teacher's Village West, Quezon City |
RhogelS. G-andingco |
Filipino |
104 Havana Street, Pasig Greenpark Village Pasig City |
SEVENTH. That the authorized capital stock of the corporation is ONE BILLION PESOS (Pl,000,000,000.00), in lawful money of the Philippines, divided into Seven Hundred Forty Million (740,000,-000)-common snares with par value of One Peso (Pt.00) per common share and Two Million Six Hundred Thousand (2,600,000) preferred shares, with par value of One Hundred Pesos (Pl00.00) per preferred share. (.As amended l?J the Board of Directors and the Stockholders at their respective meetings both held on 16 ]uly 2013)
A. Features of the Preferred Shares
The preferred shares shall have the following terms and features:
B. Denial of Pre-emptive Right
There shall be no-pre-emptive rights with respect to: (i) shares of stock to be issued, sold or otherwise disposed of by the Corporation; (ii) the issuance of any class of shares in payment of a previously contracted debt or equity-linked debt, or shares issued in exchange for property needed for corporate purposes; (iii) the issuance of shares out of unissued capital stock or from any increase in the authorized capital stock of the corporation; (iv) re-issuance or disposition of treasury shares; and (v) any other issuance or disposition of the shares of the Corporation.
(As amended by the Board of Directors and the Stockholders at their respective meetings both held on 4 January 2010, and further amended on 16 July 2013')
EIGHTH. That at least 25% of the authorized capital stock has been subscribed and at least 25% of the total subscription has been paid as follows:
Name |
Citizenship |
Subscribed |
Amount Subscribed |
Amount Paid |
lfiigo U. Zobel |
Filipino |
998,000 |
P99,800,000.00 |
P24,950,000.00 |
Joselito D. Campos,Jr |
Filipino |
998,000 |
99,800,000.00 |
24,950,000.00 |
Master Year Limited |
Cayman |
498,000 |
49,800,000.00 |
12,450,000.00 |
Bryan U. Villanueva |
Filipino |
2,000 |
200,000.00 |
50,000.00 |
Consuelo Eden P. Lagao |
Filipino |
2,000 |
200,000.00 |
50,000.00 |
Rhogel S. Gandingco |
Filipino |
2,000 |
200,000.00 |
50,000.00 |
TOTAL |
|
2,500,000 |
250,000,000.00 |
62,500,000.00 |
NINTH. No transfer of stock or interest which would reduce the stock ownership of Filipino citizens to less than the required percentage of the capital stock as provided by existing laws shall be allowed or permitted to be recorded in the proper books of corporation and this restriction shall be indicated in the stock certificates issued by the corporation.
In connection with the corporation's initial listing by way of introduction on the Philippine Stock Exchange ("PSE") of the corporation's 490.196,200 common shares (the "Subject Shares"), the corporation . shall comply with the following lock-up requirements prescribed by the rules and regulations of the PSE, subject to any waiver or exemption that may be granted by the PSE in respect of such lock-up requirements.
(a) The corporation shall cause its existing stockholders who own an equivalent of at least ten percent (10%)of the issued and outstanding shares of stock of the corporation refrain from selling, assigning or in any manner disposing of their shares for a period of!
(b) If there is any issuance or transfer of shares (i.e., private placements, asset for shares swap or a similar transaction) or instruments which lead to issuance of shares (i.e., convertible bonds, warrants or a similar instrument) done and fully paid for within one hundred eighty (180)days prior to the listing date, and the transaction price is lower than the listing price, all shares availed of shall be subject to a lock-up period of at least three hundred sixty five (365) days from full payment of the aforesaid shares. (As amended by the Board of Directors and the Stockholders at their respective meetings both held on 17 October 2013)
TENTH. That RHOGEL S. GANDINGCO has been elected by the subscribers as Treasurer of the corporation to act as such until her successor is duly elected and qualified in accordance with the by-laws; and that, as such Treasurer, he has been authorized to receive for and in the name and for the benefit of the corporation, all subscriptions paid in by the subscribers.
ELEVENTH. That the corporation manifests its willingness to change its corporate name in the event another person, firm or entity has acquired a prior right to use the said firm name or one deceptively or confusingly similar to it.
IN WITNESS WHEREOF, the parties hereto have signed these presents this 10th day of March 2008 at Makati City, Philippines.
(SGD.) INIGO U. ZOBEL |
(SGD.) BRYAN U. VILLANUEVA |
(SGD.) JOSELITO D. CAMPOS,JR. |
(SGD.) CONSUELO EDEN P. LAGAO |
(SGD.) RHOGEL S. GANDINGCO |
|
ARTICLE I
SUBSCRIPTION, ISSUANCE AND TRANSFER OF SHARES
Section 1. Subscriptions - Subscribers of the capital stock of the corporation shall pay the value of the stock in accordance with the terms and conditions prescribed by the Board of Directors. Unpaid subscriptions shall not earn interest unless determined by the Board of Directors.
Section 2. Certificate- The stockholder shall be entitled to one or more certificates for fully paid stock subscription in his name in the books of the corporation. The certificates shall contain the matters required by law and the Articles of Incorporation. They shall be in such form and design as may be determined by the Board of Directors and numbered consecutively. The certificate shall be signed by the President, countersigned by the Secretary or Assistant Secretary, and sealed with the corporate seal.
Section 3. Transfer of Shares - Subject to the restrictions, terms and conditions contained in the Articles of Incorporation, shares may be transferred, sold, assigned or pledged by delivery of the certificates duly indorsed by the stockholder, his attorney-in-fact, or other legally authorized person. The transfer shall be valid and binding on the corporation only upon record thereof in the books of the corporation. The Secretary shall cancel the stock certificates and issue new certificates to the transferee.
No shares of stock against which the corporation holds unpaid shall be transferable in the books of the corporation.
All certificates surrendered for transfer shall be stamped'Cancelled' on the face thereof, together with the date of cancellation, and attached to the corresponding stub with the certificate book.
Section 4. Lost Certificates-In case any stock certificate is lost, stolen or destroyed, a new certificate may be issued in lieu thereof in accordance with the procedure prescribed under Section 73 of the Corporation Code.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. Annual/ Regular Meetings-The annual/regular meetings of stockholders shall be held every July 9 of each year, if it falls on Saturday, Sunday or a legal holiday, then on the day following. (As amended by the Board of Directors and the Stockholders at their respective meetings both held on 16 July 2013)
Section 2. . Special Meeting-The special meetings of stockholders, for any purpose or purposes, may at any time be called by any of the following: (a) Board of Directors, at its own instance, (b) at the written request of stockholders representing a majority of the outstanding capital stock, or (b) the President of the corporation.
Section 3. Place of Meeting-Stockholders meetings, whether regular or special shall be held in the principal office of the corporation or at any place designated by the Board of Directors in the city or municipality where the principal office of the corporation is located or at any place in Metro Manila and at such hour as specified in the notice. (As amended by the Board of Directors and the Stockholders at their respective meetings both held on 16 July 2013)
Section 4.Notice of Meeting-Notices for regular or special meetings of stockholders may be sent by the Secretary by personal delivery or by mail at least two (2) weeks prior to the date of the meeting to each stockholder of record at his last known address. The notice shall state the place, date and hour of the meeting, and the purpose or purposes for which the meeting is called.
When the meeting of stockholders is adjourned to another time or place, it shall not be necessary to give any notice of the adjourned meeting if the time and place to which the meeting is adjourned are announced at the meeting at which the adjournment is taken. At the reconvened meeting, any business may be transacted that might have been transacted on the original date of the meeting.
Section 5. Quorum - Unless otherwise provided by law, in all regular or special meeting of stockholders, a majority outstanding capital stock must be present or represented in order to constitute a quorum. If no quorum is constituted, the meeting shall be adjourned until the requisite amount of stock shall be present.
Section 6. Conduct of Meeting-Meeting of the stockholders shall be presided over by the President, or in his absence, by a chairman to be chosen by the stockholders. The Secretary, shall act as Secretary of every meetings, but if not present, the chairman of the meeting shall appoint a secretary of the meeting.
Section 7. Manner of Voting-At all meetings of stockholders, a stockholder may vote in person or by proxy. Unless otherwise provided in the proxy, it shall be valid only for the meeting at which is has been presented to the Secretary. All proxies must be in the hands of the Secretary not later than ten (10) working days before the time set for the meeting. Proxies filed with the Secretary may be revoked by the stockholders either in an instrument in writing duly presented and recorded with the Secretary, prior to a scheduled meeting or by their personal presence at the meeting. (As amended by the Board of Directors and the Stockholders at their respective meetings both held on 16 July 2013)
Section 8. Closing of Transfer Books or Fixing of Record Date-For the purpose of determining the stockholders entitled to notice of, or to vote at, any meeting of stockholders or any adjournment thereof or to receive payment of any dividend, the Board of Directors may provided that the stock and transfer books be closed for ten (10) working days immediately preceding such meeting.
ARTICLE III
BOARD OF DIRECTORS
Section 1. Powers of the Board- Unless otherwise provided by law, the corporate powers of the corporation shall be exercised, all business conducted and all property of the corporation controlled and held by the Board of Directors to be elected by and from among the stockholders. Without prejudice to such powers as may be granted by law, the Board of Directors shall also have the following powers:
(a) |
From time to time, to make and change rules and regulations not inconsistent with these by laws for the management of the corporation's business and affairs; |
(b) |
To purchase, receive, take or otherwise acquire for and in the name of the corporation, any and all properties, rights or privileges, including securities and bonds of other corporations, for such consideration and upon such terms and conditions as the Board may deem proper or covenant; |
(c) |
To invest the funds of the corporation on other corporations or for purposes other than those for which the corporation was organized, subject to such stockholders' approval as may be required by law; |
(d) |
To incur indebtedness as the Board may deem necessary, to issue evidence of indebtedness including and without limitation to notes, deeds of trust, bonds, debentures, or securities, subject to such stockholders' approval as may be required by law, and/ or pledge, mortgage, or otherwise encumber all or part of the properties of the corporation; |
(e) |
To establish pension, retirement, bonus, or other types of incentive or compensation plans for the employees, including officers and directors of the corporation; |
(f) |
To prosecute, maintain, defend, compromise or abandon any lawsuit on which the corporation or its officers is either plaintiff or defendant in connection with the business of the corporation; |
(g) |
To delegate, from time to time, any of the powers of the Board which may be delegated the course of the current business of the corporation to any standing or special committee or to any officer or agent and to appoint any person to be agent of the corporation with such powers and upon such terms as may be deemed fit; |
(h) |
To implement these by-laws and to act on any matter not covered by these by-laws, provided such matter does not require the approval or consent of the stockholders under the Corporation Code. |
Section 2. Composition, Qualifications, Election and Term - The Board of Directors shall be elected during each regular meeting of stockholders and shall hold office for one (1) year and until their successors are elected and qualified. All the directors must possess the qualifications and none of the disqualifications prescribed by law, rules or regulations, and these by-laws.
The Board of Directors shall be composed of seven (7) directors, two (2) of whom shall be independent directors. For this purpose, an independent director shall mean a person other than an officer or employee of the corporation, its parent or subsidiaries, or any other individual having a relationship with the corporation, which would interfere with the exercise of independent judgement in carrying out the responsibilities of a director.
Any stockholder having at least one hundred (100) common shares registered in his name may be elected director, provided, however, that no person shall qualify or be eligible for nomination or election to the Board of Directors if he is engaged in any business which competes with or is antagonistic to that of the corporation. Without limiting the generality of the foregoing, a person shall be deemed to be so engaged:
(a) |
If he is an officer, manager or controlling person of, or the owner (either of record or beneficially) of ten percent (10%) or more of any outstanding class of shares of, any corporation (other than one in which the corporation owns at least thirty percent (30%) of the capital stock) engaged in a business which the Board, by at least three-fourths vote, determines to be competitive or antagonistic to that of the corporation; or, |
(b) |
If he is an officer, manager or controlling person of, or the owner (either of record or beneficially) of ten percent (10%) or more of any outstanding class of shares of, any other corporation or entity engaged in any line of business of the corporation, when in the judgement of the Board, by at least three• fourths vote, the laws · against combinations in restraint of trade shall be violated by such person's membership in the Board of Directors; or, |
(c) |
If the Board, in the exercise of its judgement in good faith, determine by at least three-fourths vote that he is the nominee of any person set forth in (a) or (b) |
In determining whether or not a person is a controlling person, beneficial owner, . or the nominee of another, the Board may take into account such factors as business and family relationship.
For the proper implementation of this foregoing provisions, all nominations for the election of directors by the stockholders · shall be submitted in writing to the Board of Directors through the Corporate Secretary on or before Tune.10 or at such earlier or later date that the Board of Directors may fix.
A director shall be qualified to hold office only. upon pledging the one hundred (100) common shares registered in his name to the corporation to answer for his conduct.
The Board by majority vote of the members may remote or replace a director for just causes or when he possesses the disqualifications prescribed by law, rules or regulations.
A director may, at any time, submit his written resignation which shall be effective as of the date of its acceptance by the Board of Directors.
(As amended l!J the Board ofDirectors and the Stockholders at their respective meetings both held on 4 January 2010. and further amended on 16 July 2013)
Section 3. Vacancies/Removal of a Director - Any vacancy occurring in the Board of Directors other than by removal by the stockholders or by expiration of term, may be filled by the vote of at least a majority of the remaining directors, if still constituting a quorum; otherwise, the vacancy must be· filled by the stockholders at a regular 0r at any special meeting of stockholders called for the purpose. A director so elected to fill a vacancy shall be elected only for the unexpired term of his predecessor in office and until his successor is duly elected and qualified.
The vacancy resulting from the removal of a director by the stockholders in the manner provided by law may be filled by election at the same meeting of stockholders without
further notice, or at any regular or at any special meeting of stockholders called for the purpose, after giving notice as prescribed in these by-laws.
(As amended l?J the Board if Directors and the Stockholders at their respective meetings both held on 4 January 2010. and-further amended on 16 July 2013)
Section 4. Meeting - The Board shall meetings quarterly. Special meetings may be held as often as necessary on such dates and at such times and places as may be determined by the Chairman, or the President, or upon written request of a majority of all members of the Board. Meetings of the Board shall be held at the principal office of the corporation or at such other places as may be designated in the notice. (As amended by the Board of Directors and the Stockholders at their respective meetings both held on 4 January 2010, and further amended on 16 July 2013)
Section 5. Notice - Notice of the regular or special meeting of the Board, specifying the date, time and place of the meeting, shall be communicated by the Secretary to each director personally, or by telephone, telegram, or by written message (provided, however that any such communication by electronic mail or by any other method that does not produce a receipt of delivery must be confirmed by fax unless the recipient director replies to confirm receipt) at least five (5) calendar day prior to the meeting. A director may waive this requirement, but only expressly and in writing and only for a single specified meeting. (As amended by the Board of Directors and the Stockholders at their respective meetings both hold on 4 January 2010)
Section 6. Quorum - No Meeting of the Board may proceed to transact any business unless a quorum is present at the start of and throughout the meeting. Except where the law requires the presence of a greater number, the presence of four (4) directors shall constitute a quorum.
Except where the relevant law requires a greater number, a majority vote of the directors present in a meeting where a quorum as described is present shall be necessary to decide any matter that may come before any meeting of the Board.
(As amended by the Board of Directors and the Stockholders at their respective meetings both held on 4 January 2010, and further amended on 16 July 2013)
Section 7. Conduct of the Meetings - Meetings of the Board of Directors shall be presided over by the Chairman of the Board, or in his absence, by the President, or if none of the foregoing is in office and present and acting, by any other director chosen by the Board. The Secretary, shall act as secretary of every meeting, if not present, the Assistant Secretary shall act as secretary of the meeting. In the absence of both, the Chairman of the meeting shall appoint a secretary of the meeting. (As amended by the Board of Directors and the Stockholder at their respective meetings both held on 4 January 2010)
Section 8. Meetings by Teleconference, Videoconference or Similar Modes. - Meetings of the Board may be called and held by teleconferencing, Videoconferencing or through similar modes of modern communication technology in accordance with Memorandum Circular No. 15 of the Securities and Exchange Commission ("SEC") or such other rules and regulations as may be promulgated in respect thereof from time to time by the SEC. In addition to the secretary of such meeting maintaining written minutes, such meetings shall be properly recorded in tapes, disc and/or other recording materials and such materials shall be properly stored for safekeeping. (As amended by the Board of Directors and the Stockholder at their respective meetings both held on 4 January 2010)
Section 9. Compensation - By resolution of the Board, each director shall receive a reasonable per diem allowance for his attendance at each meeting of the Board. As compensation, the Board shall receive and allocate an amount of not more than ten percent (10%) if the net income before income tax of corporation during the be preceding year. Such compensation shall be determined and apportioned among the directors in such manner as the Board may deem proper, subject to the approval of stockholders representing at least a majority of the outstanding capital stock at a regular or special meeting of the stockholders.
Section 10. [Intentionally left black] (As amended by the Board of Directors and the Stockholders at their receptive meeting both held on 4 January 2010, and further amended on 16 July 2013)
Section 11. Committees - The Board shall create and constitute Committees one or more standing or special committees, including a Nomination Committee, Compensation Committee, Corporate Governance Committee and Audit Committee, with such composition, powers and duties as may be specified in the enabling resolutions of the Board. (As amended by the Board of Directors and the Stockholders at their receptive meeting both held on 4 January 2010, and further amended on 16 July 2013)
ARTICLE IV
OFFICERS
Section 1. Election/Appointment - Immediately after their election, the Board of Directors shall formally organize by electing its Corporate Officers. The Corporate Officers of the corporation shall include the President, the Chief Finance Officer, Treasurer, Secretary, Assistant Secretary, and such other officers as may be appointed by the Board from time to time.
[Deleted paragraph](As amended by the Board of Directors and the Stockholders at their respective meetings both held 4 January 2010, and further amended on 16 July 2013).
Any two (2) or more positions may be held concurrently by the same person, except that no one shall act as President and Treasurer at the same time.
Section 2. President - The President shall be the Chief Executive Officer of the corporation and shall exercise the following functions:
(a) |
To preside at the meetings of the stockholders; |
(b) |
To initiate and develop corporate objectives and policies and formulate long range projects, plans and programs for the approval of the Board of Directors, including those for executive training, development and compensation; |
(c) |
To supervise and manage the business affairs of the corporation upon the direction of the Board of Directors |
(d) |
To implement the administrative and operational policies of the corporation, prescribe their duties, and determine their salaries; |
(e) |
To appoint, remove, suspend or discipline employees of the corporation, prescribe their duties, and determine their salaries; |
(f) |
To oversee the preparation of the budgets and the statements of accounts of the corporation; |
(g) |
To represent the corporation at all functions and proceedings; |
(h) |
To execute on behalf of the corporation all contracts, agreements and other instruments affecting the interests of the corporation which require the approval of the Board of Directors. |
(i) |
To make reports to the Board of Directors and stockholders; |
(j) |
To sign certificates of stock; and |
(k) |
To preform such other duties as are incident to his officer or are entrusted to him by the Board of Directors. |
Section 3. The Chief Finance Officer - He shall have such other power and duties, as may from time to time be assigned to him by the Board of Directors or by the President. (As amended by the Board of Directors and the Stockholders at their respective meeting both on 4 January 2010)
Section 4. The Secretary - The Secretary must be a resident and a citizen of the Philippines. He shall have the following specific powers and duties.
(a) |
To record the minutes and transactions of all meetings of the directors and the stockholders and to maintain minute book of such meetings in the form and manner required by law. |
(b) |
To keep record books showing the details required by law with respect to the stock certificates of the corporation, including ledgers and transfer book showing all shares of the corporation subscribed, issued and transferred; |
(c) |
To keep corporate seal and affix it to all papers and documentary requiring a seal, and to attest by his signature all corporate documents requiring the same; |
(d) |
To attend to the giving and serving of all notice of the corporation required by law or these by-laws to be given; |
(e) |
To certify such corporate acts, countersign corporate documents or certificates, and make reports or statements as may be required of him by law or by government rules and regulations; |
(f) |
To act as inspector at the election of directors and, as such, to determine the number of shares of stock outstanding and entitled to vote, the shares of stock represented at the meeting, the existence of quorum, the validity and effect of proxies, and to receive votes, ballots or consents, hear and determine questions in connection with the right to vote, count and tabulate all votes, determine the result, and do such acts as re proper to conduct the election; and |
(g) |
To perform such other duties as are incident to his office or as may be assigned to him by the Board of Director or President. |
Section 5. Treasurer - The Treasurer of the corporation shall have the following duties:
(a) |
To keep full and accurate accounts of receipts and disbursements in the books of the corporation; |
(b) |
To have custody of, and be responsible for, all the funds, securities and bonds of the corporation; |
(c) |
To deposit in the name and to the credit of the corporation, in such banks as may be designated from time to time by the Board of Directors, all the moneys, funds, securities, bonds, and similar valuable effects belonging to the corporation which may come under his control; |
(d) |
To render an annual statements showing the financial condition of the corporation and such other financial reports as the Board of Directors, or the President may, from time require; |
(e) |
To prepare such financial reports, statements, certifications and other documents which may, from time to time, be required by the government rules and regulations and to submit the same to the proper government agencies; |
(f) |
To exercise such powers and perform such duties and functions as may be assigned to him by the President. |
Section 6. Terms of Office - The term of office of all officers shall be one (1) year and until their successors are duly elected and qualified.
Section 7. Vacancies - If any position of the officers become vacant by reason of death, resignation, disqualification or for any other cause, the Board of Directors may, by majority vote, elect a successor who shall hold office for the unexpired term. (As amended by the Board of Directors and the Stockholders at their respective meetings both held on 4 January 2010, and further amended on 16 July 2013).
Section 8. Compensation - The officers shall receive such remuneration as the Board of Directors may determine. A director shall not be precluded from serving the corporation in any other capacity as an officer, agent or otherwise, and receiving compensation therefore.
ARTICLE V
OFFICES
Section 1. The principal office of the corporation shall be located at the place stated in Article III of Incorporation. The corporation may have such other branch offices, either within or outside the Philippines as the Board of Directors may designate.
ARTICLE VI
OFFICES
Section 1. External Auditor - At the regular stockholders' meeting, the external auditor of the corporation for the ensuring year shall be appointed. The external auditor shall examine, verify and report on the earnings and expenses of the corporation.
Section 2. Fiscal Year - The Fiscal year of the corporation shall begin on the first day of January and end on last day of December of each year.
Section 3. Dividends - Dividends shall be declared and paid out of the unrestricted earnings which shall be payable in cash, property, or stock to all stockholders on the basis of outstanding stock held by them, as often and at such time as the Board of Directors may determine and in accordance with law.
ARTICLE VII
CORPORATE SEAL
Section 1. Form and Inscriptions - The corporate seal shall be determined by the Board of Directors.
ARTICLE VIII
AMENDMENTS
Section 1. The power to amend,modify, repeal or adopt new-by-laws has been delegated to the Board of Directors by the affirmative vote of stockholders representing at least two-thirds of the outstanding capital stock of the corporation during its Special Stockholders Meeting held on 16 July 2013. (As amended by the Board of Directors and the Stockholders at their respective meetings both held on 4 January 2010, and further amended in 16 July 2013)
ARTICLE IX
[Intentionally left bank]
(As amended by the Board of Directors and the Stockholders at their respective meetings both held on 4 January 2010, and further amended in 16 July 2013)
IN WITNESS WHEREOF, we the undersigned stockholders have adopted the foregoing by-laws and hereunto affixed our signature this 10th of March 2008 at Makati City, Philippines.
(SGD.) INIGO U. ZOBEL |
(SGD.) BRYAN U. VILLANUEVA |
(SGD.) JOSELITO D. CAMPOS,JR. |
(SGD.) CONSUELO EDEN P. LAGAO |
(SGD.) RHOGEL S. GANDINGCO |