Practice question
Under Section61, noncash or intangible consideration valuation initially determined by the stockholders or board is subject to whose approval?
- The SEC
- Only the donor’s personal choice
- Only a newspaper editor
- Only a private competitor
- No approval under any circumstance
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections6,61 and64.
Answer this question in flashcards to review your response and continue practicing.