Revised Corporation Code of the Philippines Overview
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Revised Corporation Code of the Philippines Overview

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Questions and Answers

What are the two requisites for an entity to be classified as a stock corporation?

  • Being organized as a non-stock corporation, and having no members
  • Having capital stock divided into shares, and being authorized to distribute dividends (correct)
  • Being owned by the government, and having no shareholders
  • Having members and distributing income to them

    • In the context of piercing the corporate veil, what factor is NOT considered for the application of the doctrine?

  • Methods of conducting business
  • Stock ownership by one or common ownership of both corporations
  • Identity of directors and officers
  • Profit distribution to shareholders (correct)

    • For piercing the veil of corporate fiction to be allowed, what level of control must the defendant have over the corporation?

  • Complete domination in finances and policy only
  • Mere stock control
  • Complete domination in finances, policy, and business practice (correct)
  • Control limited to policy decisions

    • What must be proven by the party alleging the presence of factors for piercing the corporate veil?

    <p>The presence of probative factors such as common stock ownership</p> Signup and view all the answers

    What is a fundamental aspect of a government-owned or controlled corporation (GOCC) according to the text?

    <p>Being vested with functions related to public needs</p> Signup and view all the answers

    What is the legal definition of a corporation according to the text?

    <p>An artificial being with powers authorized by law and a separate legal personality.</p> Signup and view all the answers

    When can the corporate veil be pierced according to the text?

    <p>When the corporate mask becomes a shield for fraud, illegality, or inequity.</p> Signup and view all the answers

    What are some characteristics of a corporation as mentioned in the text?

    <p>An artificial being with powers authorized by law and a right of succession.</p> Signup and view all the answers

    In what situations can the corporate veil be pierced, based on the text?

    <p>When the corporation is an alter ego used for fraud, illegality, or inequity.</p> Signup and view all the answers

    What distinguishes a corporation's legal personality from those acting on its behalf?

    <p>Legal personality separate and distinct from those acting for it.</p> Signup and view all the answers

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