Practice question
A bank proposes no-par stock and argues it may do so because it is not publicly listed. Which is correct?
- The bank prohibition applies; lack of listing does not remove it.
- Every unlisted bank is exempt
- Listing determines every no-par restriction alone
- An advertising statement can create an exemption
- Every deposit automatically becomes no-par stock
Legal references
- Revised Corporation Code, RA 11232, Sections 3 and 6: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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