Practice question
After shareholders approve an asset disposition, may the board abandon it? Explain the effect of related third-party contracts.
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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