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Questions and Answers
Which statement is true about a certificate of stock?
Which statement is true about a certificate of stock?
- It must contain an unconditional order or promise to pay a sum certain money
- It must be payable on demand or at fixed or determinable future time
- It must be in writing and signed by the maker or drawer
- It must be payable to order or to bearer (correct)
In a non-stock corporation, what is the range of trustees allowed?
In a non-stock corporation, what is the range of trustees allowed?
- Not less than five but maybe not more than fifteen
- Not less than five years but not more than fifteen
- Maybe less than five but not more than fifteen
- Not less than five but not more than eleven (correct)
What is a limitation on a proxy?
What is a limitation on a proxy?
- The proxy acquires legal titles to the shares of the stockholders
- The proxy may attend the meeting even in the presence of the stockholder
- The proxy can call for the meeting only for which it is issued (correct)
- The proxy is not revocable at the will of the stockholder
Stockholders with or without voting rights may typically vote on which of the following matters?
Stockholders with or without voting rights may typically vote on which of the following matters?
What determines the nationality of a corporation based on the control test?
What determines the nationality of a corporation based on the control test?
Which element must a negotiable instrument contain according to legal requirements?
Which element must a negotiable instrument contain according to legal requirements?
What is false regarding corporate bylaws?
What is false regarding corporate bylaws?
Which power denies pre-emptive rights to stockholders?
Which power denies pre-emptive rights to stockholders?
What is incorrect concerning treasury shares?
What is incorrect concerning treasury shares?
What is defined as the stockholders' right to subscribe to all shares in proportion to their shareholdings?
What is defined as the stockholders' right to subscribe to all shares in proportion to their shareholdings?
Who holds supreme authority in the management of a corporation?
Who holds supreme authority in the management of a corporation?
Incorporated powers, attributes, and property must be:
Incorporated powers, attributes, and property must be:
Which statement regarding contracts between corporations with interlocking directors is accurate?
Which statement regarding contracts between corporations with interlocking directors is accurate?
In which scenario can a vacancy in the board of directors not be filled up by the remaining directors?
In which scenario can a vacancy in the board of directors not be filled up by the remaining directors?
What is NOT a requisite for a de facto corporation?
What is NOT a requisite for a de facto corporation?
Which statement accurately describes the appraisal rights of stockholders in open and close corporations?
Which statement accurately describes the appraisal rights of stockholders in open and close corporations?
Under what circumstances can the bylaws of a corporation dictate meetings outside the Philippines?
Under what circumstances can the bylaws of a corporation dictate meetings outside the Philippines?
What is required for management contracts between corporations with interlocking directors to be approved?
What is required for management contracts between corporations with interlocking directors to be approved?
Can the incorporators validly form a domestic corporation?
Can the incorporators validly form a domestic corporation?
At the time of incorporation, how much should at least be subscribed by the incorporators?
At the time of incorporation, how much should at least be subscribed by the incorporators?
How many shares shall be paid up by the incorporators?
How many shares shall be paid up by the incorporators?
Can B demand a certificate of stock for 1,200 shares?
Can B demand a certificate of stock for 1,200 shares?
What is the consequence if an incorporator does not subscribe for any number of shares at the time of incorporation?
What is the consequence if an incorporator does not subscribe for any number of shares at the time of incorporation?
What could be a potential issue arising from X issuing a promissory note instead of payment?
What could be a potential issue arising from X issuing a promissory note instead of payment?
What is the minimum amount of subscription that must be paid based on the authorized capital stock details provided?
What is the minimum amount of subscription that must be paid based on the authorized capital stock details provided?
Which of the following can qualify as an incorporator in a corporation?
Which of the following can qualify as an incorporator in a corporation?
According to the Corporation Code, what residency requirements are needed for directors or trustees of a corporation?
According to the Corporation Code, what residency requirements are needed for directors or trustees of a corporation?
What voting proportion is required for a corporation to invest its funds in any other corporation or business?
What voting proportion is required for a corporation to invest its funds in any other corporation or business?
What is watered stock in relation to a corporation's share issuance?
What is watered stock in relation to a corporation's share issuance?
Which factor determines if a share is considered watered stock?
Which factor determines if a share is considered watered stock?
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