PNPSS Practice Questions - SEC Phase 2-7E Proprietary Non-Proprietary Securities (Timeshare) Salesman (PNPSS) Exam

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Under corporate governance principles in the Philippines, who is permitted to vote in the election of the Board of Directors of a golf club?

Only proprietary shareholders whose shares are fully registered and in good standing on the record date. Both proprietary shareholders and non-proprietary playing-rights holders. Any individual who has paid the annual dues, regardless of share type. Only the developer or institutional brokers who registered the initial prospectus.

Correct Answer:

Only proprietary shareholders whose shares are fully registered and in good standing on the record date.

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