Practice question
Which formation-related circumstance is an express Section 60 exception to pre-incorporation irrevocability?
- A subscriber’s new color preference
- The corporation’s failure to incorporate within the relevant six-month or longer contractually stipulated period
- Any change in the subscriber’s holiday plans
- A majority’s wish without the required consent
- A future rumor of lower profits
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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