True or False: Corporations are allowed to exist beyond the 50-year term stipulated in the old code.

Under the Revised Corporation Code, corporations are indeed allowed to exist beyond the 50-year term that was stipulated in the old code. The law now permits perpetual existence unless the articles of incorporation explicitly provide for a limited term. This shift allows corporations to operate indefinitely, provided they comply with all relevant regulations and requirements. This provision supports long-term business operations and stability, granting companies the ability to plan for the future without the pressure of needing renewal every few decades.

The structure of the previous law necessitated corporations to renew every 50 years, which could disrupt business continuity. The new code aims to facilitate smoother long-term planning and growth by removing this limitation, thus enabling corporations to maintain their existence indefinitely unless they choose otherwise.