Practice question
A nonstock corporation has no members with voting rights. Under Section39, what authorization is sufficient for the transactions addressed by its special rule?
- At least a majority of trustees in office
- A vote of nonexistent voting members
- Only one outsider’s request
- Automatic approval by every supplier
- Only an advertisement
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Section39.
- Y-I Leisure v. Yu, GR207161, September8 2015, main opinion: https://lawphil.net/judjuris/juri2015/sep2015/gr_207161_2015.html Asset-disposition context.
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