Practice question
Constituent corporations approve a merger plan internally but the SEC has not issued the required approving certificate. They argue Section79 succession is already effective solely from the board votes. Which is best?
- Board votes alone complete every statutory merger
- A public announcement always replaces approval
- A creditor's silence creates the certificate
- The largest company can choose any effective date without the statute
- Section78 ties statutory effectivity to issuance of the SEC approving certificate
Legal references
- RA11232, Sections78-79: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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