Practice question
During the initial irrevocability period and before articles submission, five of six other subscribers approve revocation, but the sixth refuses. Formation remains timely and no other exception applies. Which is correct?
- Five approvals do not satisfy the exception requiring all other subscribers.
- A simple majority always suffices
- The refusing subscriber automatically loses the subscription
- Consent is irrelevant in every case
- The law requires only the promoter’s signature
Legal references
- Revised Corporation Code, RA 11232, Section 60, full official statutory text: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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