Practice question
Where subscription interest is contractually required but no rate is fixed, what does Section65 prescribe?
- The prevailing legal rate
- Any rate selected secretly after payment
- No legally relevant rate exists
- Always 100% per day
- Only the rate of a foreign newspaper advertisement
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections63,65–66 and71.
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