Practice question
Under Section 63, what payment condition precedes issuance of a certificate to a subscriber?
- Any token deposit always suffices
- Only a promise to pay next year
- Only a director’s verbal approval
- Payment of the full subscription and any applicable due interest and delinquency expenses
- Only the subscriber’s residence certificate
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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