Practice question
A stockholder meeting was improperly called. All stockholders are present or duly represented, no one states at the beginning that attendance is to object to the unlawful calling, and the business is within corporate authority. Which follows under section 50?
- Every action is necessarily void despite these facts
- Only the chair may decide whether the Code applies
- The proceedings may be valid under the section’s all-present and no-objection proviso
- The meeting can authorize acts beyond corporate powers without limit
- A meeting is valid only if it occurs abroad
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463 — RA 11232, sections 48–51
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