This case has been cited 1 times or more.
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2003-10-23 |
CARPIO, J. |
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| Under these provisions, the power to purchase real property is vested in the board of directors or trustees. While a corporation may appoint agents to negotiate for the purchase of real property needed by the corporation, the final say will have to be with the board, whose approval will finalize the transaction.[50] A corporation can only exercise its powers and transact its business through its board of directors and through its officers and agents when authorized by a board resolution or its by-laws.[51] As held in AF Realty & Development, Inc. v. Dieselman Freight Services, Co.:[52] | |||||