Practice question
A company’s nonvoting preferred holders are excluded from a vote to amend the articles solely because their shares are called nonvoting. Which is correct?
- They retain a statutory right to vote on amendment of the articles
- The label removes every voting right
- Only creditors may vote on amendments
- Only employees may vote on amendments
- The articles may never be amended
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463 — RA 11232, section 6
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