Practice question
Under RCC Section39, what accounting basis is specified for determining whether an asset sale involves all or substantially all corporate assets?
- Net asset value shown in the latest financial statements
- Only the buyer’s advertising budget
- Only the number of pages in the contract
- Only the seller’s street address
- A random historical price
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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