10 Questions
What is the defining characteristic of a stock corporation?
It has capital stock divided into shares
What types of purposes can nonstock corporations be formed for?
Charitable, religious, educational, and professional purposes
What is the value of the outstanding capital stock?
Total stock subscription except treasury stock
How many incorporators are required for a corporation aggregate?
At least 2 incorporators
What is the requirement to become a member of a nonstock corporation?
Your name should be included in the articles of incorporation
Corporation aggregate- composed of at least 2 incorporators. b. ______
Corporation sole- composed of a single individual called a 'corporation sole' and his successors
Capital- value of asset ______
corporation
How to become a member of NSC. - Your name should be included in AOI - Personal and non-transferable ______
right
Sec.87 of the RCC Nonstock corporations may be formed or organized for charitable, religious, educational, professional, cultural, fraternal, literary, scientific, social, civic service, or similar purposes, like trade, industry, agricultural and like chambers, or any combination thereof, subject to the special provisions of this Title governing particular classes of ______
nonstock corporations
Outstanding capital stock- total stock subscription except ______
treasury stock
Test your knowledge about the classes of corporations under Sec. 3 of the Revised Corporation Code (RCC). Learn about the distinctions between stock and non-stock corporations, and key characteristics of each.
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