Practice question
In a stock corporation’s creditor-affected dissolution, holders of only half the outstanding stock approve. No special rule applies. Is Section 135’s shareholder threshold met?
- Yes, half always equals two-thirds
- Yes, only one shareholder is required
- Yes, the board’s signature erases all votes
- Only the auditor may approve
- No; at least two-thirds is required
Legal references
- RA 11232: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463; Section 135.
Answer this question in flashcards to review your response and continue practicing.