—Paolo E. Abarquez, Partner —Mitchel Q. Tuazon, Associate On 18 August 2020, the Securities and Exchange Commission (“SEC”) issued SEC Memorandum Circular (“SEC MC”) No. 22 s. 2020, which provides for guidelines on corporate term, implementing Section 11 of the Revised Corporation Code (“RCC”) and particularly clarifying notice and voting/approval requirements. Perpetual Corporate Existence Under