Section 131Sec./Art. 131

Conversion from an Ordinary Corporation to a One Person Corporation. When a single stockholder acquires all the stocks of an ordinary stock corporation, the later may apply for conversion into a One Person Corporation, subject to the submission of such documents as the Commission may require. If the application for conversion is approved, the Commission shall issue a certificate of filing of amended articles of incorporation reflecting the conversion. The One Person Corporation converted from an ordinary stock corporation shall succeed the later and be legally responsible for all the latter's outstanding liabilities as of the date of conversion.