Section 35 | Section 41 | |
What may be exercised | General and implied powers | Investment only, not under implied power |
Investment of funds | For primary purpose (an implied power under 35[k]) | In another corporation, business or purpose |
Approval | By a resolution of the Board | +⅔ OCS or members |
German Management v. CA (1989) Digest
“Landowner Bulldozed the Farmers’ Crops” G.R. No. 76217, Sept. 14, 1989 Parties: GERMAN MANAGEMENT & SERVICES, INC., petitioner, vs. HON. COURT OF APPEALS and ORLANDO