Podcast
Questions and Answers
What is a corporation defined as under the Revised Corporation Code of the Philippines?
What is a corporation defined as under the Revised Corporation Code of the Philippines?
Which principle explains the separation of corporate debt from the personal debts of stockholders?
Which principle explains the separation of corporate debt from the personal debts of stockholders?
What attribute allows a corporation to claim damages for a damaged reputation?
What attribute allows a corporation to claim damages for a damaged reputation?
Which of the following is NOT an attribute of a corporation?
Which of the following is NOT an attribute of a corporation?
Signup and view all the answers
Which group of individuals is responsible for incorporating a corporation?
Which group of individuals is responsible for incorporating a corporation?
Signup and view all the answers
What does the doctrine of legal entity imply for a corporation?
What does the doctrine of legal entity imply for a corporation?
Signup and view all the answers
What significant change did Republic Act No. 11232 bring about?
What significant change did Republic Act No. 11232 bring about?
Signup and view all the answers
Which classification of corporations is particularly created by special laws?
Which classification of corporations is particularly created by special laws?
Signup and view all the answers
What protection does a corporation possess against unreasonable searches and seizures?
What protection does a corporation possess against unreasonable searches and seizures?
Signup and view all the answers
Can a corporate officer refuse to produce records citing self-incrimination?
Can a corporate officer refuse to produce records citing self-incrimination?
Signup and view all the answers
Under which doctrine is a corporation considered a distinct legal entity?
Under which doctrine is a corporation considered a distinct legal entity?
Signup and view all the answers
What happens to the corporation and its stockholders when the veil of corporate fiction is pierced?
What happens to the corporation and its stockholders when the veil of corporate fiction is pierced?
Signup and view all the answers
What is a characteristic often associated with a corporation's existence?
What is a characteristic often associated with a corporation's existence?
Signup and view all the answers
What normally protects officers of a corporation from objecting to evidence seized from the corporation?
What normally protects officers of a corporation from objecting to evidence seized from the corporation?
Signup and view all the answers
What does the phrase 'the corporation owes its life to the state' imply?
What does the phrase 'the corporation owes its life to the state' imply?
Signup and view all the answers
What does 'piercing the veil of corporate fiction' refer to?
What does 'piercing the veil of corporate fiction' refer to?
Signup and view all the answers
What best describes a parent corporation?
What best describes a parent corporation?
Signup and view all the answers
What is a key characteristic of a subsidiary corporation?
What is a key characteristic of a subsidiary corporation?
Signup and view all the answers
What defines a closed corporation?
What defines a closed corporation?
Signup and view all the answers
Which is NOT a characteristic of an open corporation?
Which is NOT a characteristic of an open corporation?
Signup and view all the answers
Which describes a corporation by prescription?
Which describes a corporation by prescription?
Signup and view all the answers
What is NOT a reason for the amendment of articles of incorporation?
What is NOT a reason for the amendment of articles of incorporation?
Signup and view all the answers
Which of the following actions requires the adoption or amendment of bylaws?
Which of the following actions requires the adoption or amendment of bylaws?
Signup and view all the answers
Which of the following activities is NOT generally associated with the dissolution of a corporation?
Which of the following activities is NOT generally associated with the dissolution of a corporation?
Signup and view all the answers
What determines the nationality of a corporation according to the incorporation test?
What determines the nationality of a corporation according to the incorporation test?
Signup and view all the answers
What is a corporation sole?
What is a corporation sole?
Signup and view all the answers
Which type of corporation is organized for the government of a portion of the state?
Which type of corporation is organized for the government of a portion of the state?
Signup and view all the answers
What distinguishes a de jure corporation?
What distinguishes a de jure corporation?
Signup and view all the answers
In the control test, what determines the nationality of a corporation?
In the control test, what determines the nationality of a corporation?
Signup and view all the answers
What type of corporation is classified as a private corporation?
What type of corporation is classified as a private corporation?
Signup and view all the answers
Which of the following is true about de facto corporations?
Which of the following is true about de facto corporations?
Signup and view all the answers
Which type of corporation is formed to further religious activities?
Which type of corporation is formed to further religious activities?
Signup and view all the answers
What are treasury shares?
What are treasury shares?
Signup and view all the answers
What is one characteristic of redeemable shares?
What is one characteristic of redeemable shares?
Signup and view all the answers
Which of the following statements about treasury shares is incorrect?
Which of the following statements about treasury shares is incorrect?
Signup and view all the answers
Incorporators are different from corporators in that incorporators are responsible for what?
Incorporators are different from corporators in that incorporators are responsible for what?
Signup and view all the answers
What distinguishes founders' shares from other types of shares?
What distinguishes founders' shares from other types of shares?
Signup and view all the answers
What are shares with complete voting rights and privileges?
What are shares with complete voting rights and privileges?
Signup and view all the answers
What type of shares typically have partial voting rights?
What type of shares typically have partial voting rights?
Signup and view all the answers
Which shares are usually referred to as 'preferred' or 'redeemable' shares?
Which shares are usually referred to as 'preferred' or 'redeemable' shares?
Signup and view all the answers
What law restricts the exclusive voting rights of founders' shares?
What law restricts the exclusive voting rights of founders' shares?
Signup and view all the answers
Which type of shares does not provide any voting rights?
Which type of shares does not provide any voting rights?
Signup and view all the answers
What does the Revised Corporation Code allow regarding share classification?
What does the Revised Corporation Code allow regarding share classification?
Signup and view all the answers
Which of the following is NOT a type of share mentioned?
Which of the following is NOT a type of share mentioned?
Signup and view all the answers
Study Notes
Module 1 - General Provisions
- This module covers the general provisions, definitions, and classifications of corporations under the Revised Corporation Code of the Philippines.
- It includes the attributes of a corporation, the principle of limited liability, the doctrine of legal entity, and piercing the corporate veil.
- It also provides an overview of corporators, incorporators, stockholders, members, and the classifications of shares.
Course Learning Outcomes
- Students should be able to define a corporation.
- Students should be able to identify and explain the attributes of a corporation.
- Students should understand the principle of limited liability and the concept of legal entity.
- Students should identify the powers of a corporation.
- Students should identify and define the classes of corporations.
- Students should be familiar with corporations created by special laws or charters.
- Students should identify corporators, incorporators, stockholders, and members of a corporation.
- Students should be familiar with the classification of shares.
Brief Introduction
- In 2018, Congress passed Republic Act No. 11232, the Revised Corporation Code of the Philippines.
- This new law replaced the old Corporation Code (Batas Pambansa Blg. 68), which took effect in 1980.
Lesson 1 - General Provisions, Definitions and Classifications
-
A. Corporation Defined:
- A corporation is an artificial being, created by operation of law.
- It has the right of succession, and the powers, attributes, and properties expressly authorized by law or incidental to its existence (Sec. 2).
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz covers the general provisions and definitions related to corporations under the Revised Corporation Code of the Philippines. It includes key concepts such as limited liability, legal entities, and classifications of corporations. Students will explore the roles of corporators and incorporators, along with the different classes of shares.