Written Objection

What is the exception to the rule that all directors must sign a written consent to validate a board action taken without a meeting?

What is the exception to the rule that all directors must sign a written consent to validate a board action taken without a meeting? Section 100 provides several exceptions for close corporations where board action taken without a meeting is still deemed valid, primarily relying on unanimous consent or implied knowledge of the directors or […]

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What is the liability imposed on directors or officers for issuing watered stocks?

What is the liability imposed on directors or officers for issuing watered stocks? A director or officer who consents to the issuance of stocks for a consideration less than its par or issued value is personally liable for the difference (SEC. 64, Revised Corporation Code of the Philippines). Liability also extends to those who consent

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