Corporation Law

Yam v. CA, G.R. No. 104726 Feb 11, 1999

May the corporation, through its president condone penalties and charges after it had been placed under receivership?

 

No. The appointment of a receiver operates to suspend the authority of a corporation and of its directors and officers over its property and effects, such authority being reposed in the receiver (Yam v. CA, G.R. No. 104726 Feb 11, 1999).


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