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A Withdrawal of Consent of Nominee can be used by a person who has been designated as the nominee or alternate nominee of a corporation to withdraw their consent to be the nominee or alternate nominee, respectively.
The withdrawal of consent can only be done through a written document at any time before the death or incapacity of the single stockholder.
If the nominee or alternate nominee would like to give their consent, a Letter of Consent of Nominee should be used.
How to use this document
This document can be used by any person who wants to withdraw their consent to being designated as the nominee or alternate nominee of a one person corporation.
The nominee or alternate nominee can complete the document by entering the information required by the document. Once the document is completed, the nominee or alternate nominee should print and sign the document. If the document will have attachments, the copies of the attached document should be included in the letter.
Once the document is signed, the nominee or alternate nominee should send the letter to the one person corporation. This can be done in different ways such as by sending the letter through registered mail or by personal delivery. If the letter will be sent personally, two (2) copies of the letter should be printed by the user. One (1) copy can be given to the one person corporation and the other can be used as the receiving copy. The single stockholder should sign and date the receiving copy and the nominee and alternate nominee should keep the same as proof of receipt.
One person corporations are principally governed by the Revised Corporation Code of the Philippines. However, other laws, their rules and regulations, and SEC rules may affect the conduct and transactions of the corporation such as but not limited to the 1987 Constitution of the Philippines, the Securities Regulation Code, the Foreign Investment Act, the Republic Act 8179, specifically the Foreign Investment Negative List, the Anti-Money Laundering Act, and the Anti-Dummy Law may affect the ownership and board membership requirements of a corporation, depending on the business of the corporation.
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