Practice question
The corporation holds an unpaid subscription claim against the shares proposed for transfer in its books. Which is correct under Section 62?
- The corporation must ignore the claim
- Any debt always makes a shareholder lose all property
- The buyer may erase the claim by oral instruction
- Recording always extinguishes unpaid capital
- The Code bars transfer of those shares in the books while that unpaid claim remains
Legal references
- RA11232 Section62: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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