Practice question
A director’s Section 33 act is purportedly ratified by holders of sixty percent of all outstanding shares, even though they are seventy-five percent of shares present. No other ratification exists. Which is correct?
- Attendance percentage automatically controls
- Sixty percent of outstanding stock is below the two-thirds statutory threshold.
- A simple board majority always cures it
- Only the number of meeting chairs matters
- Every approval automatically satisfies every threshold
Legal references
- Revised Corporation Code, RA 11232, Sections 30 and 33: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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