Practice question
A subscriber pays installments exactly as the binding subscription requires. The shares are expressly not delinquent. Officers deny every stockholder right solely because part of the price remains payable later. Which is correct?
- Section 71 prevents that categorical denial of rights to the nondelinquent subscribed shares.
- Every unpaid balance automatically means delinquency
- Only full-payment certificates create every possible stockholder right
- The officers may abolish Section 71 orally
- The subscriber automatically owns all corporate assets
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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