Practice question
One hundred shares secure a delinquent subscription. The full balance, interest and statutory costs total P60,000. At a valid auction, Bidder A offers that full amount for 80 shares, B offers it for 50 shares, and C offers only P55,000 for 20 shares. No other qualifying bid exists. Which bidder meets the statutory winning criterion?
- B, because 50 is the smallest share count among bids paying the full required amount
- A, because 80 is the largest share count
- C, because the lowest share count always wins despite underpayment
- All must receive the same shares
- The secretary may ignore every qualifying bid
Legal references
- RA11232, Section 67: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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