Practice question
A proposed nonstock chamber pursues lawful professional and industry-development purposes and satisfies all required formation conditions. An objector says Section87 allows only charity or religion, never trade or industry chambers or combined purposes. Which is correct?
- Section87 expressly permits the listed broader purposes, chambers and combinations subject to applicable special provisions
- Only charity and religion are listed
- All professional associations must be stock corporations
- Every chamber must distribute dividends
- A combination of lawful listed purposes is categorically forbidden
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections87,107–108,116 and140.
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