Non-Stock Savings and Loan Association Disqualifications
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Questions and Answers

What type of corporation is characterized by having all outstanding stock owned by persons active in management and conduct of the business?

  • Open corporation
  • Multi-national corporation
  • Non-profit corporation
  • Close corporation (correct)

    • What type of corporation operates across national boundaries?

  • Open corporation
  • Close corporation
  • Non-profit corporation
  • Multi-national corporation (correct)

    • What type of corporation is organized without the contemplation of gains, profits, or dividends to its members?

  • Non-profit corporation (correct)
  • Open corporation
  • Close corporation
  • Multi-national corporation

    • What type of corporation is created in strict or substantial conformity with statutory requirements for incorporation?

    <p>De jure corporation</p> Signup and view all the answers

    What type of corporation exists in fact but not in law?

    <p>De facto corporation</p> Signup and view all the answers

    What type of corporations are governed primarily by special laws or charters?

    <p>Corporations created by special laws or charters</p> Signup and view all the answers

    What is the title of the code that defines the Revised Corporation Code of the Philippines?

    <p>The Corporation Code of the Philippines</p> Signup and view all the answers

    When did the Revised Corporation Code of the Philippines take effect?

    <p>23 February 2019</p> Signup and view all the answers

    What is the primary characteristic of a corporation according to the Revised Corporation Code?

    <p>It is an artificial being</p> Signup and view all the answers

    What are the four attributes of a corporation?

    <p>It is an artificial being, it has the right of succession, it is created by operation of law, and it has only the powers, attributes and properties expressly authorized by law or incident to its existence.</p> Signup and view all the answers

    What is the acronym that represents the attributes of a corporation?

    <p>CARP</p> Signup and view all the answers

    What repealed the Batas Pambansa (BP) 68 – The Corporation Code of the Philippines?

    <p>Republic Act No. 11232</p> Signup and view all the answers

    Who can raise the question of the validity of a corporation's existence?

    <p>Only the Solicitor General</p> Signup and view all the answers

    What is the purpose of the principle of estoppel?

    <p>To prevent injustice to an otherwise innocent person</p> Signup and view all the answers

    What happens when a person assumes an obligation to an ostensible corporation?

    <p>They are estopped from denying the existence of the corporation</p> Signup and view all the answers

    What is the term for a side attack on a corporation's validity?

    <p>Collateral attack</p> Signup and view all the answers

    What is the consequence for those who assume to act as a corporation without authority?

    <p>They are liable as general partners</p> Signup and view all the answers

    What is the term for a corporation that is sued on a transaction or tort?

    <p>Ostensible corporation</p> Signup and view all the answers

    What is the nature of a corporation's personality?

    <p>It is a separate and distinct personality from its stockholders</p> Signup and view all the answers

    How are corporations created?

    <p>By operation of law or by creation of law</p> Signup and view all the answers

    What is the duration of a corporation's existence?

    <p>It has perpetual existence unless its articles of incorporation provide otherwise</p> Signup and view all the answers

    What type of entities are considered financial intermediaries?

    <p>Banks and quasi-banks, NSSLAs, pawnshops, and insurance companies</p> Signup and view all the answers

    What is a characteristic of a corporation?

    <p>It has continuous existence despite the death of its stockholders</p> Signup and view all the answers

    What is true about a corporation under Batas Pambansa Blg. 68?

    <p>It has a life of 50 years from the date of incorporation</p> Signup and view all the answers

    What is the minimum imprisonment period for an offense that would disqualify a director or officer from election?

    <p>More than 6 years</p> Signup and view all the answers

    Which of the following would not disqualify a director or officer from election?

    <p>A single instance of negligence</p> Signup and view all the answers

    What is the basis of a corporation's creation in the Philippines?

    <p>Batas Pambansa Blg. 68</p> Signup and view all the answers

    Which entity is responsible for enforcing the Securities Regulation Code?

    <p>The Securities and Exchange Commission</p> Signup and view all the answers

    What is the time period within which a person may be disqualified from election or appointment due to a previous conviction?

    <p>5 years</p> Signup and view all the answers

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