Practice question
What is the general rule under RCC section 12 concerning minimum capital stock?
- Every stock corporation needs exactly one million pesos
- Stock corporations need no minimum capital stock except as specifically provided by special law
- Every stock corporation must pay all authorized capital immediately
- All special-law capital requirements were abolished
- Every corporation must have the same capital as a bank
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463 — RA 11232, sections 10, 12, 13(h), and 37
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