Question

X subscribed and aid for P10,000 worth of shares of stock of Rainbow Mines, Inc. as an incorporator and original subscriber. He was employed as the mine superintendent and as such, made the design of certain equipment used in its mines. Due to some technical error in the design, the corporation suffered a loss of P1M. The Board accused X of infidelity and breach of trust and confiscated his shares. Is the action of the Board legal? (1989 BAR)

0/1500
5:00
Skip