Practice question
The SEC directs a petitioning shareholder to call a meeting under Section49 after unjust refusal by the authorized officer. Who initially presides under that special statutory procedure?
- The petitioner, until at least a majority of those present choose a presiding officer from among themselves
- The petitioner permanently regardless of the meeting’s choice
- Only a private creditor
- Every attendee simultaneously
- Only the absent refusing officer
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections49 and51.
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