X subscribed to a total of 1,000 shares of stock. His first subscription was for 600 shares which was fully paid and he was issued a stock certificate for 600 shares. For his second subscription of 400 shares, he only paid 40%. Is X entitle to vote for the 1,000 shares? Yes, since the unpaid shares have not been declared delinquent No, since X has not paid for the entire subscription No, but X is entitled to vote for 760 shares, corresponding to the total amount he paid Yes, X is entitled to vote for his entire subscription for he will be considered a debtor of the corporation for the unpaid shares.
X subscribed to a total of 1,000 shares of stock. His first subscription was for 600 shares which was fully paid and he was issued a stock certificate for 600 shares. For his second subscription of 400 shares, he only paid 40%. Is X entitle to vote for the 1,000 shares?
Yes, since the unpaid shares have not been declared delinquent
No, since X has not paid for the entire subscription
No, but X is entitled to vote for 760 shares, corresponding to the total amount he paid
Yes, X is entitled to vote for his entire subscription for he will be considered a debtor of the corporation for the unpaid shares.
S subscribed to 100 shares of stock of C Corporation with a par value of P100 each, paying P 3,000 on his subscription. Subsequently S asked the President of C Corporation to release him from his subscription. The President of C Corporation consented provided that S forfeits to the corporation what he had already paid. However, C Corporation went into insolvency and an assignee was appointed and seeks to collect from S, the balance of his unpaid subscription. Can the assignee still collect from S?
Yes, consent of all stockholders and creditors of C Corporation is necessary in order for the release to be valid.
No, the President of C Corporation already released S from his obligation.
No, the President is clothed with apparent authority to release S from his unpaid subscription.
Yes, consent of the majority of the Board of Directors is necessary, not only that of the President, in order for the release to be valid.
Where a director, by virtue of his office, acquired for himself a business opportunity which belongs to the corporation, thereby obtaining profits to the prejudice of such corporation, he must account to the latter for all such profits by refunding the same, unless his act is ratified by:
A vote at a regular or special meeting by stockholders owing or representing a majority of the outstanding capital stock
A vote of the stockholders owing or representing at least one-third (1/3) of the outstanding capital stock
A vote of the stockholders owning or representing at least two-thirds (2/3) of the outstanding capital stock
A unanimous vote of all the stockholders of the corporation
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