Republic Acts1 min read
Section 104Sec./Art. 104
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Withdrawal of Stockholder or Dissolution of Corporation. - In addition and without prejudice to other rights and remedies available under this Title, any stockholder of a close corporation may, for any reason, compel the corporation to purchase shares held at fair value, which shall not be less than the par or issued value, when the corporation has sufficient assets in its books to cover its debts and liabilities exclusive of capital stock: Provided, That any stockholder of a close corporation may, by written petition to the Commission, compel the dissolution of such corporation whenever any acts of the directors, officers or those in control whenever any acts of the directors, officers, or those in control of the corporation are illegal, fraudulent, dishonest, oppressive or unfairly prejudicial to the corporation or any stockholder, or whenever corporate assets are being misapplied or wasted.
TITLE XIII
SPECIAL CORPORATIONS
CHAPTER I
EDUCATIONAL CORPORATIONS
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