Practice question
Under section 139, who may receive a conveyance of all corporate property during the three-year period for the benefit of interested persons?
- Trustees for stockholders, members, creditors and other persons in interest.
- Only the president personally for unrestricted private use.
- Only the largest shareholder to defeat creditors.
- Only an unrelated competitor without any duty.
- No person; all conveyances are prohibited.
Legal references
- Revised Corporation Code, RA 11232, sections 136 and 139, https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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