29 Questions
What type of corporation is characterized by having all outstanding stock owned by persons active in management and conduct of the business?
Close corporation
What type of corporation operates across national boundaries?
Multi-national corporation
What type of corporation is organized without the contemplation of gains, profits, or dividends to its members?
Non-profit corporation
What type of corporation is created in strict or substantial conformity with statutory requirements for incorporation?
De jure corporation
What type of corporation exists in fact but not in law?
De facto corporation
What type of corporations are governed primarily by special laws or charters?
Corporations created by special laws or charters
What is the title of the code that defines the Revised Corporation Code of the Philippines?
The Corporation Code of the Philippines
When did the Revised Corporation Code of the Philippines take effect?
23 February 2019
What is the primary characteristic of a corporation according to the Revised Corporation Code?
It is an artificial being
What are the four attributes of a corporation?
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.
What is the acronym that represents the attributes of a corporation?
CARP
What repealed the Batas Pambansa (BP) 68 – The Corporation Code of the Philippines?
Republic Act No. 11232
Who can raise the question of the validity of a corporation's existence?
Only the Solicitor General
What is the purpose of the principle of estoppel?
To prevent injustice to an otherwise innocent person
What happens when a person assumes an obligation to an ostensible corporation?
They are estopped from denying the existence of the corporation
What is the term for a side attack on a corporation's validity?
Collateral attack
What is the consequence for those who assume to act as a corporation without authority?
They are liable as general partners
What is the term for a corporation that is sued on a transaction or tort?
Ostensible corporation
What is the nature of a corporation's personality?
It is a separate and distinct personality from its stockholders
How are corporations created?
By operation of law or by creation of law
What is the duration of a corporation's existence?
It has perpetual existence unless its articles of incorporation provide otherwise
What type of entities are considered financial intermediaries?
Banks and quasi-banks, NSSLAs, pawnshops, and insurance companies
What is a characteristic of a corporation?
It has continuous existence despite the death of its stockholders
What is true about a corporation under Batas Pambansa Blg. 68?
It has a life of 50 years from the date of incorporation
What is the minimum imprisonment period for an offense that would disqualify a director or officer from election?
More than 6 years
Which of the following would not disqualify a director or officer from election?
A single instance of negligence
What is the basis of a corporation's creation in the Philippines?
Batas Pambansa Blg. 68
Which entity is responsible for enforcing the Securities Regulation Code?
The Securities and Exchange Commission
What is the time period within which a person may be disqualified from election or appointment due to a previous conviction?
5 years
This quiz covers the disqualifications of directors, trustees, or officers of Non-Stock Savings and Loan Associations and other financial intermediaries. Topics include convictions, bankruptcy, and other grounds for disqualification.
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