Practice question
Are receivables from constituent share subscriptions expressly included in Section 79’s vesting rule?
- Never
- Only if every subscriber buys new shares
- Only if the debt is forgiven
- Yes, subscriptions to shares are expressly included
- Only if the receivable is converted to land
Legal references
- Revised Corporation Code, RA 11232, Section 79: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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