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Corporation Code: Attributes and Characteristics

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Corporation Code: Attributes and Characteristics

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Questions and Answers

What is the power of the board of directors, shareholders/members, and executive committee?

To exercise only incidental powers

To exercise only express powers

To exercise express, implied, and incidental powers (correct)

To exercise only implied powers

What is a characteristic of a corporation in terms of juridical personality?

Directors, trustees, shareholders, and officers are personally liable.

The corporation has a juridical personality upon issuance of the certificate of incorporation. (correct)

The corporation is only applicable to private corporations.

The corporation is only applicable to government-owned and controlled corporations.

What is required for the issuance of a certificate of incorporation?

Articles of incorporation and favorable recommendation from the Securities and Exchange Commission (correct)

Articles of incorporation, favorable recommendation from the Securities and Exchange Commission, and by-laws

Only articles of incorporation

Only favorable recommendation from the Securities and Exchange Commission

What happens if a corporation fails to commence operations within 5 years?

The certificate of incorporation is revoked automatically Signup and view all the answers

What is the minimum number of incorporators required?

1 to 15 Signup and view all the answers

What is the required residency of the secretary of a corporation?

Resident citizen Signup and view all the answers

What is the implication of a corporation's juridical personality?

The corporation has a separate legal identity from its directors, shareholders, and officers. Signup and view all the answers

What is the effect of a corporation's failure to operate for 5 continuous years?

The corporation is placed under a 2-year delinquency period. Signup and view all the answers

What is the primary purpose of a corporation's articles of incorporation?

To outline the corporation's primary and secondary purposes. Signup and view all the answers

Which of the following is an implied power of a corporation?

The power to perform acts necessary to achieve its purpose. Signup and view all the answers

Who is responsible for amending the by-laws of a corporation?

The shareholders/members, with a majority vote. Signup and view all the answers

What is the consequence of a corporation's ultra vires act?

The act is considered voidable and may be ratified by the shareholders. Signup and view all the answers