Practice question
A director's one-year term ends, but no successor has yet been elected and qualified. No independent ground ending office exists. Under Section22, is the director necessarily out of office solely because the stated term elapsed?
- Yes, holdover is prohibited.
- Yes, every board dissolves annually.
- Yes, the office transfers automatically to the secretary.
- Yes, the largest shareholder automatically succeeds.
- No; the statute provides holding office until the successor is elected and qualified.
Legal references
- RA11232, Revised Corporation Code, Sections22,24,26,34 and52: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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