Describe the procedure and timing for conducting a delinquency sale.
The board of directors initiates a delinquency sale by resolution, which must specifically state the amount due on each subscription, including all accrued interest (SEC. 67, Revised Corporation Code of the Philippines). The resolution must also fix the date, time, and place of the sale, which must be not less than thirty (30) days nor more than sixty (60) days from the date the stocks officially became delinquent. Notice of the sale, accompanied by a copy of the resolution, must be sent to every delinquent stockholder personally, by registered mail, or through other means provided in the bylaws. Additionally, the notice must be published once a week for two consecutive weeks in a newspaper of general circulation in the principal office’s location.
02 November 2025
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