Practice question
P owns 60% of S's voting power through subsidiaries. In a PCC inquiry P presents documents claiming exceptional circumstances clearly demonstrate that this ownership does not confer control. A complainant insists that Section 25 makes majority voting ownership conclusive. Which response is correct?
- Control is presumed, but the statute permits the specified exceptional rebuttal.
- No presumption arises because indirect ownership never counts.
- The complainant is correct because rebuttal is prohibited.
- P necessarily lacks control because it has submitted documents.
- Control can arise only after a criminal conviction.
Legal references
- RA 10667, Sections 4(f)–(g), 25 and 27; https://lawphil.net/statutes/repacts/ra2015/ra_10667_2015.html
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