Section 6
SEC. 6. Five or more persons, not exceeding fifteen, a majority of whom are residents of the Philippine Islands, may form a private corporation for any lawful purpose by filing with the Division of Archives, Patents, Copyrights, and Trade-Marks of the Executive Bureau articles of incorporation duly executed and acknowledged before a notary public, setting forth: The name of the corporation ; The purpose for which the corporation is formed ; The place where the principal office of the corporation is to be established or located, which place must be within the Philippine Islands; The term for which it is to exist, not exceeding fifty years, except as hereinafter provided ; The names and residences of the incorporators; Unless otherwise provided by this Act, the number of directors of the corporation, not less than five nor more than eleven. The directors named in the articles of incorporation shall be the directors until their successors are elected and qualified as provided by the by-laws: Provided, however, That at any time during the existence of the corporation the number of directors may be increased to any number not exceeding fifteen or diminished to any number not less than five in the case of a nonstock corporation by the formal assent of a majority of the members at a regular or special meeting of the membership, and in the case of a stock corporation the number of directors may be increased to any number not exceeding eleven or diminished to any number not less than five by the formal assent of the stockholders of the corporation at a regular or special meeting of stockholders representing or holding a majority of the stock: And provided further, That a certificate selling out such increase or diminution in the numbers of directors of any corporation shall be duly signed and sworn to by the president, managing agent, secretary or clerk, or treasurer of such corporation and forthwith filed in the Division of Archives, Patents, Copyrights, and Trade-Marks of the Executive Bureau; If it be a stock corporation, the amount of its capital stock, in Philippine currency, and the number of shares into which it is divided; If it be a stock corporation, the amount of capital stock actually subscribed, the names and residences of the persons subscribing, the amount subscribed by each, and the sum paid by each on his subscription. In addition to the foregoing facts, articles of incorporation of railroad, tramway, wagon road, and telegraph and telephone companies must state: The starting point and terminus of the railroad, tramway, wagon road, or telegraph or telephone line, its estimated length, the provinces through which it will pass, and all of its intermediate branches and connections; In the case of railroads or tramways, the gauge of the road, the motive power to be used and the means of applying it, and the materials to he used in the construction; In the case of wagon roads, the width of the road, the method of construction, and the construction material to be used; In the case of telegraph or telephone lines, the construction material, appliances, method of construction, and system to be used.