Practice question
The issue price of no-par shares has not been fixed in the articles, and the board has no relevant articles or bylaw authority. Who may fix it under Section 61’s fallback?
- Any one director privately
- Only the largest customer
- Stockholders representing at least a majority of outstanding capital stock at a meeting duly called for that purpose
- Only an unrecorded officer’s text message
- Only the bank teller
Legal references
- Revised Corporation Code, RA 11232, Section 61: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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