Practice question
A special-charter corporation argues that Section4 exempts it from every provision of the Code even when its charter is silent and a Code provision is applicable. What is correct?
- Section4 expressly provides supplementary application of the Code insofar as applicable
- A charter always makes all other law irrelevant
- Charter silence necessarily destroys the corporation
- Only private contracts can fill every legal issue
- The corporation may select any rule without legal constraint
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections2,4,18 and35(a).
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