Practice question
A subscriber pays half of a single subscription and demands a certificate immediately for half the subscribed shares, relying solely on that partial payment. What does Section 63 provide?
- Partial payment always entitles the subscriber to any certificate requested.
- The subscriber becomes entitled only by printing a certificate.
- The secretary may disregard Section 63 at will.
- No certificate is to issue until the full subscription and applicable additional amounts are paid.
- The subscription automatically disappears.
Legal references
- RA11232, RCC, Sections61–64: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
- Tan v. SEC, GR95696, March3 1992, main decision: https://lawphil.net/judjuris/juri1992/mar1992/gr_95696_1992.html
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