Practice question
A covered enterprise requires 60% Filipino ownership. It has 100 outstanding shares, all with equal director-election votes, of which Filipinos legally and beneficially own 60. No contrary facts, other classes, or special requirements exist. What follows for the stated numerical requirement?
- The stated voting and total-share percentages are both 60%.
- The Filipino percentage is automatically 40%.
- The threshold must always be 100%.
- Only the corporate president's nationality counts.
- No percentage can be calculated from the facts.
Legal references
- Narra Nickel v. Redmont, GR195580, April21 2014, main decision: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/1/56925
- Roy III v. Herbosa, GR207246, November22 2016, main decision: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/1/62643
- RA7042, Section3(a), as amended, Philippine national: https://lawphil.net/statutes/repacts/ra1991/ra_7042_1991.html
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