Practice question
After the corporation acquires all the subscription’s covered shares through the specified no-qualified-bidder route, how does Section67 classify them?
- Treasury shares
- Unissued shares that never existed
- A new class of government bonds
- Personal property of the auctioneer
- Automatic cash dividends
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Section67, especially corporate bid, treasury-share and notice provisions.
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