Practice question
The full subscription balance, interest and statutory costs total PHP60,000. No bidder offers that full amount; the highest cash offer is PHP55,000. Does that deficient offer itself satisfy Section67’s full-payment qualification?
- No; the corporation may consider its statutory bid route subject to the Code
- Yes; any highest cash offer must qualify
- Yes; the subscriber’s debt automatically becomes PHP55,000
- Yes; statutory costs must always be ignored
- Yes; the auctioneer may delete the balance
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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