Practice question
A director’s term expires on June 30. Officials plan the replacement election for August solely because the ordinary forty-five-day vacancy rule is said to cover expiration identically. No other controlling circumstance exists. Which is correct?
- Every vacancy has the identical forty-five-day timetable
- For term expiration, Section 28 requires election no later than the expiration day at a meeting called for that purpose.
- Expiration may always be ignored indefinitely
- Only the former director chooses the date
- The SEC must privately appoint the successor
Legal references
- Revised Corporation Code, RA 11232, Sections 23 and 28: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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