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cause at any meeting by the concurrence of four directors. The Board of Directors may appoint a Superintendent or |
Administrator and such other officers and employees and delineate their powers and duties as the Board shall find |
necessary to manage the affairs of the corporation.” |
Under the recent case of Tabang v. NLRC, the president, vice-president, secretary and treasurer are commonly |
regarded as the principal or executive officers of a corporation, and modern corporation statutes usually designate them |
as the officers of the corporation. However, other offices are sometimes created by the charter or by-laws of a |
corporation, or the board of directors may be empowered under the by-laws of a corporation to create additional offices |
as may be necessary. It has been held that an "office" is created by the charter of the corporation and the officer is |
elected by the directors or stockholders. On the other hand, an "employee" usually occupies no office and generally is |
employed not by action of the directors or stockholders but by the managing officer of the corporation who also |
determines the compensation to be paid to such employee. |
Also, under the case of Lozon v. NLRC and Espino v. NLRC, the Court held that acorporate officer's dismissal is |
always a corporate act and/or an intra-corporate controversy and that nature is not altered by the reason or wisdom |
which the Board of Directors may have in taking such action. |
In the present case, Guilas was indeed a corporate officer. He was appointed directly by the Board of Directors not |
by any managing officer of the corporation and his salary was, likewise, set by the same Board. Having thus determined, |
his dismissal or non-appointment is clearly an intra-corporate matter and jurisdiction, therefore, properly belongs to |
the SEC and not the NLRC. |
Guilas also attack the SEC's jurisdiction over the instant case on grounds that Guilas was not elected by the Board |
of Directors but was merely appointed. This particular argument baffles us. P.D. 902-A cannot be any clearer. Sec. 5(c) |
of said law expressly covers both election and appointment of corporate directors, trustees, officers and managers. |
It is of no consequence, likewise, that the complaint of private respondent for illegal dismissal includes money |
claims, jurisdiction remains with the SEC as ruled in the case of Cagayan de Oro Coliseum, Inc. v. Office of the MOLE, a |
close scrutiny thereof shows that said claims are actually part of the perquisites of his position in, and therefore |
interlinked with his relations with the corporation. In Dy vs. NLRC, the Court said: "(t)he question of remuneration |
involving as it does, a person who is not a mere employee but a stockholder and officer, an integral part, it might be |
said, of the corporation, is not a simple labor problem but a matter that comes within the area of corporate affairs and, |
management, and is in fact a corporate controversy in contemplation of the Corporation Code." |
Real Estate Information Archive |
Blog |
Displaying blog entries 1-10 of 16 |
Financing Alternatives If You Have Been Denied |
by Samia S. Morgan |
It is happening more and more these days to potential home buyers; they find the perfect home at an amazing price but then are turned away because they were not approved for a mortgage loan. The real estate crisis has forced lenders to reevaluate their lending procedures and many guidelines are tighter than ever. It is... |
Don't be discouraged however, you may not have to walk away from owning your own home just because you were not qualified by a mortgage lender. Below are some alternative options that some home buyers are seeking to traditional mortgages. Of course everyone has a different situation but do some research, one of these m... |
Here are a few ideas: |
• Borrow From Life Insurance: You may have a whole life or other insurance policy that increases in value over time. If you borrow against that cash value, you don’t have to go through standard loan qualification. Be sure to check with your insurance company about the risks involved |
• Owner/Seller Financing: If the seller is an investor, or if the seller owns the property free and clear, they may offer owner or seller financing options to help move the property. You will still be responsible for principal, interest and scheduled payments through a promissory note, but you probably won’t go throu... |
• Borrow From An IRA: If you have a self-directed IRA, then you know that you can use the IRA to invest in a number of assets, including mortgages. Although you can’t use your own IRA to buy your personal home, a family member or other investor can use a self-directed IRA as the investment vehicle for your property. ... |
• Lease/Purchase Option: Many investment owners are willing to offer a lease/purchase option or rent to own agreement. You are able to rent the property for a specific term, usually with higher payments than the market rate; and your rents go toward the purchase or down payment of the property. |
As with any home purchase, do your homework if you are looking at alternative financing methods. Make sure the title to the property is clear and that you meet all the state lending requirements for your financing. A realtor or title company should be able to help you through the process. You also want to be sure that ... |
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Do You Know Your Debt To Income Ratio? |
by Samia S. Morgan |
If you are obtaining financing to purchase a new home, it is important to understand that your lender will look at what is called a debt-to-income ratio. Of course your lender will look at various different aspects of your financial situation but this is an important aspect and the loan could be denied if the ratio is ... |
What the debt-to-income ratio means is that lenders will do a comparison of the money you earn to the money you owe. It includes credit card debt, existing mortgages, auto loans, and any other personal debt. |
Your mortgage lender will look at your Debt-To-Income (DTI) to evaluate your ability to afford your new mortgage. You should have a good idea of what your DTI ratio is before you approach a lender or consider buying a new home. |
You ultimately want to achieve a low DTI ratio. A high number means that you have less disposable income and less ability to maintain the home once you purchase it. With foreclosures at an all time high, lenders are not willing to assume any additional risk in lending. |
Most lenders seek DTI ratios in the 20-36% range or lower, with no more than 28% of debt dedicated to the mortgage itself. While some lenders will consider higher ratios, DTIs in the upper 30% range are considered high risk. |
There are several different calculators available online to help you determine your ratio, and you can always check with your financial institution for guidance on determining your DTI ratio. |
Here’s a simple formula: |
1. Add all your monthly payments (mortgage or rent, car, credit cards, any other debt payments) |
2. Add your gross income (before taxes), bonuses, alimony, or any other outside income and divide by 12 |
3. Then divide the total number in (1) by the final number in (2) |
4. The result is your DTI ratio |
Whether you are ready to buy a new home or are just interested in your financial health, it’s a good idea to know your DTI and understand the steps to lower your ratio and become as close to debt-free as you can. |
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Mortgage Rates Remain At Record Lows |
by Samia S. Morgan |
Even with a sluggish real estate market, there is good news for homebuyers. Mortgage rates are and have remained steady and are still at a record low. |
Qualified buyers can find rates as low as 4.375% for a 30-year fixed FHA loan. 15-year fixed FHA loans are being obtained at 4.5% with zero origination fee. 5/1 ARM FHA rates are at 3.5% |
On a daily basis, FreeRateUpdate.com researches over 2 dozen wholesale lenders' rate sheets for brokers. They locate the most accurate and lowest rates available to those borrowers who are qualified. |
The recent drop in stocks have caused the mortgage-backed securities prices to increase which push the mortgage rates down. Most of this is due to investors moving towards safer investments such as bonds. |
If you are doing your research on the best rates available, check out Google's mortgage results to compare available rates from various lenders. |
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Eventhough the official start of Summer is a few weeks away, homeowners all over the Bay area are already in the midst of home projects and lawn care. Below are some tips to help you get your home in tip top summer shape. |
1. Lawn tools and care – make sure your lawnmower and other lawn and garden tools are in good working order. Its a good idea to have a tune up and your blade sharpened. Adding fresh oil and fuel is also a good idea. Consider colored flowers and plants that will provide color in small spaces or on patios if you have l... |
2. Clean up patio furniture and your outdoor grill, wash your windows and tidy up walkways. Now is the perfect time to create an outdoor living area for your family and friends. String lights or simple lanterns can also be affordable ways to add nice interest to your porch or patio. If you have a pool, make sure your... |
3. Treat for pests – find a reputable pest control company to do a general treatment for summertime bugs like spiders and mosquitoes; invest in citronella candles and family friendly bug spray. |
4. Have your AC system serviced – it’s a good idea to have a semi-annual checkup before the real heat of summer puts pressure on your HVAC system. |
5. Make sure your home is energy efficient – check weather stripping and window seals and make sure that none of that cool air inside is escaping outside; keep your temperatures moderate in the house so that your systems don’t go into overdrive during the hottest part of the day. |
Enjoy the treats of long summer days – both indoor and outdoor comforts and pleasures. Summer always goes fast! |
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Dealing With Loan Denials |
by Samia S. Morgan |
Obtaining financing for a new home can be a challenge in this difficult economy. Many mortgage lenders have tightened their requirements. However, it is important for homebuyers to realize that it isn't always the lenders fault. Of course they would like potential customers to assume that they will be approved but the ... |
Many potential homebuyers are finding that their application has been denied, so if you have been denied recently or in the past for a loan, it's time to take control of the situation. Educate yourself, ask questions and do your research to help change that NO answer to a YES answer! Here, to help you out are some sugg... |
• Consider a co-signer if your income simply is not high enough to qualify for the actual loan. The co-signer's income can possibly be considered as an amount towards your loan regardless if the person is living with you or helping you pay the actual bill. In many cases, the cosigner might also be able to compensate ... |
• Wait it out. Sometimes the best advice you can get, especially if the conditions in the housing market is slow or the economy is bad, is to simply wait. Oftentimes when conditions improve in the economy, the lenders will be more willing to let you "borrow" the money for your loan. While you are waiting, you can ta... |
• Consider a less expensive property. We all want what we want, but you might have a better chance of being approved if you switch to a less expensive option. For example, if you wanted a house, but you cannot wait and you cannot qualify for the loan, you might consider switching to a smaller home or to a town home i... |
• Apply with a different lender. The world is full of lenders, if you don't like what one says or you get denied - try someone else! However, if every single lender you go to denies you, you should become aware that it is for a reason - in fact, if they all list the same reason then you will know what you need to fix... |
Keep in mind that if you are denied, keep trying and work on your credit and then in a few months try again! With a little time, patience and understanding, you could be able to turn the situation around to your favor! |
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Deciding Between Two Houses? |
by Samia S. Morgan |
Shopping for a home can be an exciting time, but when house hunting you may find two houses in which you cannot decide which one is the right one. It might be that you have found what seems like two perfect homes and deciding between the two can be a difficult decision. |
Purchasing a home is a major decision and shouldn't be taken lightly, so it is a good idea to approach it rationally and not be guided by emotion, which can be easier said that done. |
Making a decision may at times be necessary if the seller has received multiple offers. Start the decision process by making a list of your needs as well as the pros and cons of each house. Some things you'll want to compare include: |
•Which neighborhood offers the most benefits? If the two homes you are looking at are in different neighborhoods, evaluate the pros and cons. Perhaps you have children and need to be close to schools or parks or even other families with children. Also consider the proximity to shopping, restaurants as well as your work... |
•Do your research on the crime statistics in the area. You can get this information from the local police or sheriff department. You might find theft or vandalism to be more prevalent in one area than another. |
•If you have children who are in school, having a good school system is an important aspect to consider in your decision. You can find school ratings, reviews and test scores at Greatschools.com to help you make the decision that is right for you. |
•In your list of pros and cons be sure to identify the specifics of the house and your current and future needs. Does the home have enough room? Is the layout what you want?st. Then, rate how each house measures up to each need on your list. |
If you are still having difficulty deciding, it is a good idea to visit each home at least two more times, at different times of the day to get a feeling for how the house and neighborhood look and feel. It can be a difficult decision but you want to make sure you are comfortable as it is one of the largest decisions ... |
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Home Equity Loans And Taxes |
by Samia S. Morgan |
Home equity loans are a great way to access the equity in your home and provide you with extra funds to pay off debt, remodel or even for a vacation. Most homeowners don't know that there are also some tax benefits in doing so as well. |
There are two basic types of home equity loans. One type is a traditional loan where you borrow the whole amount of the loan, then pay it back with specified monthly payments over a specified term. The second type is a Home Equity Line of Credit (HELOC) where you obtain a fixed line of credit based on the equity of ... |
The interest is deducible up to the purchase price of the house plus any improvements. Many people mistakenly think that all real estate related interest is deductible. Several years ago the held true but tax reform has since been passed. However, for most people the tax deductions are still substantial, but you may ... |
However, even if the interest is not deductible, the savings associated with the lower interest rates charged on a home equity loan, will still be beneficial to pay off other higher interest credit cards or other loans. |
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