Practice question
One thousand no-par shares have an established issued value of PHP10 each. Only PHP7 per share is received. Section64 liability conditions are proved. What is the consideration shortfall?
- PHP3,000
- PHP300
- PHP10,000
- Zero solely because PHP7 exceeds PHP5
- PHP70,000
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections6,61 and64.
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