Practice question
A corporation sues for a matured unpaid subscription balance. The subscriber argues that the Code permits collection only by a delinquency auction and never in court. Which is correct?
- Court collection is always prohibited
- Section 69 expressly preserves court action for the due unpaid subscription.
- Only the subscriber may choose whether any remedy exists
- A corporation cannot be a plaintiff
- Every unpaid subscription is automatically forgiven
Legal references
- Revised Corporation Code, RA 11232, Sections 59, 63, 66, 69 and 71: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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