Practice question
A valid call requires a subscription installment on a specified date. The subscriber does not pay. What does Section 66 provide about the unpaid balance?
- Only the missed installment can ever be due
- All interest is automatically waived
- The corporation must cancel every share immediately
- The subscriber may unilaterally choose a new date
- The entire balance becomes due and payable, with the applicable interest consequence
Legal references
- RA11232, Section 66: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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