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Mutual company. A corporation that is owned by a group of members and that distributes income in proportion to the amount of business that members do with the company. Mutual Company. A company structure in which the company's owners are also its clients.
Section 123. Definition and rights of foreign corporations. â For the purposes of this Code, a foreign corporation is one formed, organized or existing under any laws other than those of the Philippines and whose laws allow Filipino citizens and corporations to do business in its own country or state. For the purposes of this Code, a foreign corporation is one formed, organized or existing under any laws other than those of the Philippines and whose laws allow Filipino citizens and corporations to do business in its own country or state.