The Board of Directors of ABC Corporation, by a vote of ten in favor and...
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Accounting
The Board of Directors of ABC Corporation, by a vote of ten in favor and one against, declared due and payable all unpaid subscription to the capital stock. The lone dissenting director failed to pay on due date, i.e., 19 August 2020, his unpaid subscription. Other than the shares wherein he was unable to complete payment, he did not own any share in the corporation. On August 23, 2020, he was informed by the Board of Directors that, unless due payment is meanwhile received, he could no longer serve as a director of the corporation hence, would not be entitled to the cash and stock dividends which were declared and payable on August 24, 2020; and could not vote in the stockholders meeting scheduled to take place on August 26, 2020. Was the action of the Board of Directors of ABC Corporation on each of the given matters Valid?
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