Practice question
Does business-judgment deference itself amend a statute limiting the board’s power?
- Yes, whenever directors vote unanimously
- Yes, if a project is profitable
- Yes, if the company is family-owned
- No; lawful authority remains a prerequisite to the claimed deference
- Yes, if minutes are long
Legal references
- Revised Corporation Code, RA 11232, Sections 22, 30 and 61: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
- Montelibano v. Bacolod-Murcia Milling Co., G.R. No. L-15092, May 18, 1962, main decision: https://www.lawphil.net/judjuris/juri1962/may1962/gr_l-15092_1962.html
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