ABC Corporation has been operating since 1980.

It was operating for profit until the

covid pandemic in 2020. Due to the crisis, the corporation decided to raise capital by
disposing its treasury shares. Based on the Articles of Incorporation, the par value per
share is Php 1,000.00. To raise money immediately, the corporation sold the treasury
shares at only Php 500.00. A complaint was filed against the members of the Board of
Directors accusing them of consenting to the issuance of watered stocks. Will you
sustain the complainant in this case? Explain. *