Perpetual term of existing corporation
Dear PAO, I have a question regarding AAA Corp., where my mother works. They are concerned about the corporation's term because the Securities and Exchange Commission (SEC) issued a certificate of incorporation on Nov. 1, 1974. Its Articles of Incorporation (AOI) provide that it shall have a term of 50 years, unless extended for a period not exceeding another 50 years. Will AAA Corp.'s existence end upon the lapse of its original term as specified in the AOI, or will the new provision of the Revised Corporation Code providing for the perpetual existence of a corporation apply? Can you enlighten me on this matter? Dante