Under Section 173, are shares issued under binding… - MCQ

Multiple Choice Easy Jurisprudence

Practice question

Under Section 173, are shares issued under binding subscription contracts excluded from outstanding stock merely because partly paid?

Yes, every partly paid share is excluded
Yes, unless bought abroad
Yes, unless the certificate is framed
No; the definition includes fully or partially paid subscribed shares, except treasury shares
Yes, until a shareholder becomes a director

Revised Corporation Code, RA 11232, Sections 2, 10, 35, 116 and 173: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
Roy III v. Herbosa, G.R. No. 207246, November 22, 2016, main decision, SEC MC No. 8 two-aggregate framework: https://lawphil.net/judjuris/juri2016/nov2016/gr_207246_2016.html

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