This document provides an overview of key topics in commercial law, including corporation law, negotiable instruments, insurance code, transportation law, code of commerce, banking law, and intellectual property. It discusses the highlights of the Revised Corporation Code of 2019 and defines the different types of corporations. Negotiable instruments are introduced as written contracts that can pass from hand to hand as money. The essential elements of a valid contract of insurance are outlined. The document also distinguishes between common carriers and private carriers in transportation law and discusses the role of merchants and applicable laws under the Code of Commerce. An introduction to the General Banking Law of 2000 and intellectual property rights under the Intellectual Property Code is also provided.
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
Deferred Tax,
By: Mahima Pahwa (IBS Gurgaon)
Differences between Accounting Income and Taxable Income
TYPES OF DEFERRED TAX
DEFERRED TAX LIABILITY
FINANCIAL STATEMENTS PRESENTATION
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
Deferred Tax,
By: Mahima Pahwa (IBS Gurgaon)
Differences between Accounting Income and Taxable Income
TYPES OF DEFERRED TAX
DEFERRED TAX LIABILITY
FINANCIAL STATEMENTS PRESENTATION
An overview of Mercantile Law in PakistanAyesha Majid
This overview of business laws of Pakistan is a very brief description of common forms of businesses adopted by private and public sector investors in Pakistan. An attempt has also been made to outline general requirements and regulatory regimes for each of these forms of businesses in Pakistan.
Benami Transactions (Prohibition) Act, 1988 has been amended and renamed as Prohibition
of Benami Property Transactions Act, 1988 (PBPT Act). Benami Act mainly focuses on finding
real names behind nameless real estate transactions. The amended act clearly defines the benami
transactions
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Report on Partnership presented By Nilda Vicente and Marian Alumbro
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1, Wealthy Kuwaiti people will not, can not, Or Do Not Desire to always to Go to Dubai international Boat Show ( DIBS) , They Invested there. and Some do not like Dubai and the Emeraties
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
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NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Matthew Professional CV experienced Government LiaisonMattGardner52
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4. Revised
Corporation Code
Approved by Congress on
February 20, 2019
Signed into law on February 21,
2019
Took effect on February 23, 2019
Repealed BP Blg68 (Corporation
Code of the Philippines 1980)
Ease of doing business, more
protection to corporation and
stockholders, promoting good
corporate governance.
5. Private Corporation
Formed for some private
purpose, benefit, aim.
By general corporation law
particularly the RCC
Public Corporation
Corporation created for
political purposes
By general law or special law
“A corporation is an
artificial being created by
operation of law, having
the right of succession
and the powers,
attributes, and properties
expressly authorized by
law or incidental to its
existence.”
–Section 2, RCC
Formation of a Corporation
6. Quasi-Public Corporations (Public Utilities)
Created by operation of general corporation law but performs
governmental functions.
Engaged in private business involving public interest.
De Facto Corporation
One which actually exists for all practical purposes
as a corporation, but which has no legal right to
corporate existence as against the State.
Corporation by Estoppel
No real existence in law
Neither de jure or de facto
A mere fiction existing for the particular case, and
vanishing where the element of estoppel is absent.
Other Forms of
Corporation
7. Major Classes of Corporation
1. Stock Corporation –those which has capital stock divided into
shares and are authorized to distribute to the holders such shares,
dividends, or allotments of the surplus profits on the basis of the
shares held.
2. Non-stock Corporation –a corporation where no part of its income is
distributable as dividends to its members, trustees, or officers:
provided, that any profit which it may obtain incidental to its
operations shall, whenever necessary or proper, be used for the
furtherance of the purpose of purposes for which the corporation was
organized (RCC Sec. 86)
8. Who may form a Corporation?
• Section 10 of Republic Act 11232, otherwise known as the Revised
Corporation Code of the Philippines, allows any person, partnership,
association or corporation, singly or jointly with others, but not more
than 15 in number, to organize a corporation for any lawful purpose or
purposes. Incorporators who are natural persons must be of legal age.
• Perpetual term
Section 11. Corporate Term. A corporation shall have perpetual
existence unless its article of incorporation provides otherwise.
Reviewer on Commercial Law, Sundiang and Aquino
10. NEGOTIABLE INTSRUMENTS
A written contract for the payment of money which
complies with the requirements of Sec. 1 of the NIL, which
by its form and on its face, is intended as a substitute for
money and passes from hand to hand as money, so as to
give the holder in due course (HDC) the right to hold the
instrument free from defenses available to prior parties.
Reviewer on Commercial Law, Sundiang and Aquino
11. Kinds of Negotiable Instruments
Promissory Note (PN)
Bill of Exchange (BN)
Check
12. NEGOTIABILITY
A. It must be in writing and signed
by the maker or drawer;
B. Must contain an unconditional
promise or order to pay a sum
certain in money;
C. Must be payable on demand, or
at a fixed or determinable future
time;
D. Must be payable to order or to
bearer; and
E. Where the instrument is
addressed to a drawee, he must be
named or otherwise indicated
therein with reasonable certainty.
Requisites of Negotiability (Sec. 1, NIL)
14. INSURANCE
A "contract of insurance" is an agreement whereby one
undertakes for a consideration to indemnify another against
loss, damage or liability arising from an unknown or
contingent event. A contract of suretyship shall be deemed
to be an insurance contract, within the meaning of this
Code, only if made by a surety who or which, as such, is
doing an insurance business as herein after provided.
Section 2 Insurance Code
15. GENERAL RULE
“An insurance business
consists of undertaking,
for a consideration, to
indemnify another
against loss, damage or
liability arising from an
unknown or contingent
event.”
16. Insurable Interest
Risk of Loss or Damage / Designated
Peril as Cause
Consideration: Premium
Risk Distributing Scheme
Elements
17. REQUISITES OF A VALID
CONTRACT OF INSURANCE
• A subject matter in which the insurer has an insurable interest
• Event or peril insured against which maybe any (future) contingent
or unknown event, past or future (Sec. 3), and a duration for the risk
thereof
• A promise to pay for the promise known as a “premium”
• A meeting of the minds y or indemnify in a fixed or ascertainable
amount
• A consideration of the parties upon all of the foregoing essentials
• The parties must be competent to enter into the contract
• Under Sec. 226, “no policy of insurance shall be issued or delivered
within the Philippines unless in the form previously approved by the
Insurance Commissioner”
• The purpose must not be contrary to law or public policy.
19. COMMON CARRIERS
Concept of transportation is one whereby a
certain person or association of persons
obligates themselves to transport persons,
things, or news from one place to another
for a fixed price.
20. Article 1732 of the CIVIL CODE
Common carriers are persons, corporations,
firms or associations engaged in the
business of carrying or transporting
passengers or goods or both, by land, water,
or air, for compensation, offering their
services to the public.
24. -Those who having legal capacity to engage in commerce,
habitually devote themselves thereto (Art.1, Code of
Commerce)
Legal capacity to engage in commerce: having
completed the age of 18 years
Having free disposition of their property (Art. 4).
Legal Presumption of habitually engaging in commerce
exists from the moment the person who intends to engage
therein announced through circulars, newspapers, handbills,
posters exhibited to the public, or in any manner whatsoever,
an establishment which has for its object some commercial
operation. (Art. 3)
-A merchant need not devote his full time to commerce
Merchants
- The middleman between the
consumer and manufacturer; a
merchant must do business in
his own name.
25. APPLICABLE LAWS
(whether or not executed by merchants)
a. Code of Commerce
b. If no provision, Commercial
Customs
c. In the absence of these two,
Civil Code
“Customs take precedence over civil law
because of the progressive character of
commerce. For centuries, negotiable
instruments are governed mostly by
customs rather than law. But civil law can
also supplement the Code of Commerce -
the Code does not contain provisions on
extinguishments of obligations or
damages.”
26. Letters of Credit
Purpose:
- The primary purpose of the
LoC is to substitute for and
support the agreement of the
buyer/importer to pay money
under a contract or other
arrangement. It creates in the
seller/exporter a secure
expectation of payment.
Art. 567, Code of Commerce: those issued
by one merchant to another or for the
purpose of attending to a commercial
transaction
28. RA 8791: General Banking Law of 2000
“An act providing for the regulation of and organization and
operations of banks, quasi-banks, trust entities and for other
purposes.”
29. Policy of the General Banking Law
I. The state recognizes:
a. The vital role of banks in providing an environment conducive
to the sustained development of the national economy and;
b. The fiduciary nature of banking that requires high standards
of integrity and performance.
II. The state shall promote and maintain a stable and
efficient banking and financial system that is globally
competitive, dynamic and responsive to the demands of a
developing economy.
31. INTELLECTUAL PROPERTY RIGHTS
“Intangible property rights granted by law to owners of
intellectual creations such as inventions, designs, signs and
names used in commerce, and literary and artistic works.”
32. -Copyright and Related Rights;
Trademark and Service Marks;
Geographic Indicator;
Industrial Design
-Patents;
-Layout Designs (Topographies) of Integrated
Circuits;
-Protection of Undisclosed Information [Sec 4.1, RA
8293]
Intellectual
Property Rights
under the Intellectual Property
Code (RA 8293)