Practice question
Four months after a subscription, the articles are submitted to the SEC. The next day every other subscriber consents to a proposed revocation. The subscriber relies solely on that consent under section 60. Which is correct?
- Consent always overrides submission
- The section’s final sentence bars revocation after submission notwithstanding the earlier-stage consent exception
- Submission is legally irrelevant
- Only issuance of the certificate can restrict withdrawal
- A change of document title avoids section 60
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463 — RA 11232, section 60
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