Practice question
A proposed P8,000,000 cash capital increase has P2,000,000 subscribed but only P400,000 paid. All voting approvals are stipulated. Does the subscription-payment showing satisfy section 37’s minimum?
- Yes, approvals cure every shortfall
- Yes, 5% of the increase always suffices
- No, at least P500,000 must be paid on the P2,000,000 minimum subscription
- Yes, payment is never needed for an increase
- No, every increase must be fully paid
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463 — RA 11232, sections 10, 12, 13(h), and 37
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