Commercial Law, 2022 Bar — Question 5

ESSAY

FLIP Co. is engaged in a nationalized activity requiring at least 60% Filipino ownership. Its outstanding capital stock consists of 1,000,000 shares broken down into 400,000 non-voting preferred shares and 600,000 voting common shares, out of which 20,000 are treasury shares. How many shares of the corporation must be owned by Filipinos? Explain briefly.

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