In answering the problem, observe the following: (a) First, answer the questions squarely (Yes or No); (b)
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Question:
In answering the problem, observe the following:
(a) First, answer the questions squarely (Yes or No);
(b) Then, explain your position; and
(c) Finally, cite the article in Business Law in the Philippines where you based your answers;
Z, Inc. (a corporation) is dissolved:
a). The board of directors approved a resolution authorizing the payment by the corporation of its debts under a contract. Is the resolution valid? Why or why not. Cite the applicable section.
b). After the lapse of the three (3) year winding-up period, what remedies are available to a corporate creditor to recover the debts of the corporation?
Related Book For
Making Hard Decisions with decision tools
ISBN: 978-0538797573
3rd edition
Authors: Robert Clemen, Terence Reilly
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