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Act No. 1459 Section 180

Section 180

SEC. 180. When the stock shall have reached its matured value, payment of dues thereon shall cease and holders of such matured shares shall lie paid out: of the funds of the corporation the matured value of their shares with interest thereon at the rate determined in the by-laws, from the time the board of directors shall declare such shares to have matured until payment is made. The order of payment of matured shares shall be determined by the by-laws and at no time shall more than one-third of the receipts of the corporation be applied to the payment of matured shares without the consent of the board of Directors: Provided, however, That if shares pledged to the corporation as security for loans shall mature before the loan is repaid the matured value may be paid to the holder in cash as in this section provided or may be credited to the loan at the option of the board of directors.

Read the full instrument → · Open the chapter this section belongs to: CHAPTER II.—Special provisions. →

Other provisions in CHAPTER II.—Special provisions.

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026

CitationAct No. 1459 Section 180 (LawPlayer, data as of July 4, 2026)

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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