Practice question
A minority holder of 5% of capital seeks ordinary merits review of a section 30 closure months after board receipt, arguing any shareholder may appeal at any time. Which is best under section 30’s specified remedy?
- Any shareholder has unlimited ordinary appeal
- A press release is the only remedy
- The statute specifies certiorari by record stockholders representing majority capital within ten days from board receipt, on the stated jurisdictional or grave-abuse grounds
- No court may ever examine any closure for any reason
- The remedy depends only on the claimant’s account balance
Legal references
- https://lawphil.net/statutes/repacts/ra2019/ra_11211_2019.html — RA 11211, section 13 replacing RA 7653 section 30
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