Practice question
Before the sale date, the delinquent subscriber offers the balance due, accrued interest, advertisement costs and sale expenses in full. Absent another lawful impediment, what follows under Section 67?
- The corporation must auction despite full payment
- Only interest may be accepted
- The subscriber automatically loses all shares
- Management personally receives the shares
- The payment satisfies the statutory condition for avoiding the sale
Legal references
- RA11232, Section 67: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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