The proposed Amended By-laws of XYZ Inc., a corporation listed in the Philippine Stock Exchange, contain the following provisions:

I. That no officer of the corporation shall be required to be a stockholder;

II. That the directors' bonuses shall be equivalent to 10% of gross revenues in any given year;

III. That meetings of the Board of Directors need not be held in the principal office and may even be held outside the country.

Which of the provisions is/are valid?

Group of answer choices

All are invalid.

Only II and III are valid.

All are valid.

Only III is valid.