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Questions and Answers
What is the power of the board of directors, shareholders/members, and executive committee?
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?
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?
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?
What happens if a corporation fails to commence operations within 5 years?
What is the minimum number of incorporators required?
What is the minimum number of incorporators required?
What is the required residency of the secretary of a corporation?
What is the required residency of the secretary of a corporation?
What is the implication of a corporation's juridical personality?
What is the implication of a corporation's juridical personality?
What is the effect of a corporation's failure to operate for 5 continuous years?
What is the effect of a corporation's failure to operate for 5 continuous years?
What is the primary purpose of a corporation's articles of incorporation?
What is the primary purpose of a corporation's articles of incorporation?
Which of the following is an implied power of a corporation?
Which of the following is an implied power of a corporation?
Who is responsible for amending the by-laws of a corporation?
Who is responsible for amending the by-laws of a corporation?
What is the consequence of a corporation's ultra vires act?
What is the consequence of a corporation's ultra vires act?
