Corporate term.
Section 11
SEC. 11. Corporate term.—A corporation shall exist for a period not exceeding fifty (50) years from the date, of incorporation unless sooner dissolved or unless said period is extended. The corporate term, as originally stated in the articles of incorporation, may be extended for periods not exceeding fifty (50) years in any single instance by an amendment of the articles of incorporation, in accordance with this Code: Provided, That no extension can be made earlier than five (5) years prior to the original or subsequent expiry date unless there are justifiable reasons for an earlier extension as may be determined by the Securities and Exchange Commission. (6)