Practice question
A nonstock corporation lawfully admits a qualified member under its governing rules. A critic says only stock issuance is recognized in Section 35(f), so membership admission is impossible. Which is correct?
- Every nonstock member must first buy voting shares
- The Code abolishes all nonstock membership
- Only a stock exchange may admit members
- Membership is automatically a public office
- The subsection expressly recognizes nonstock admission of members
Legal references
- RA 11232: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463; Section 35(c)-(f),(j).
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