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Questions and Answers
Under the Revised Corporation Code, what is the required number of votes for the voluntary dissolution of a corporation where no creditors are affected?
What is the restoration of the debtor to a condition of successful operation and solvency if it is shown that its continuance of operation is economically feasible and its creditors can recover by way of the present value of payments projected in the rehabilitation plan?
Under the Revised Corporation Code, what is the maximum number of stockholders allowed for a close corporation?
Which of the following is required for the issuance of a certificate of merger or consolidation by the Securities and Exchange Commission (SEC)?
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Which of the following is NOT a type of corporation mentioned in the text?
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What principle is violated when a bank unilaterally imposes increased interest rates in a loan contract?
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In financial matters, what term refers to an action by a lessor to collect unpaid rental payments from the sublessee?
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Which of the following contracts does not require delivery for perfection?
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Which type of contract is not rescissible according to the given information?
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Which of the following transactions is valid even if not in writing?
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What principle emphasizes mutual agreement and consent in contracts?
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In the context of insolvency, what remedy under FRIA can a partnership with sufficient assets but foreseeing the impossibility of meeting debts petition the court to grant?
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In the process of financial restoration under FRIA, which party assists the firm to be restored to solvency?
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Under the Ease of Doing Business Act, what is the maximum working days allowed to process complex transactions?
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Apart from customer identification and due diligence, and transaction reporting, what is another way to prevent money laundering as mentioned in RA 9160?
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Prestige Jewelry, selling high-end watches, is considered a “covered person” under which act?
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Study Notes
Corporation Types
- A Close Corporation cannot have more than 20 stockholders.
Corporate Dissolution
- For voluntary dissolution, a corporation requires a vote of at least 2/3 of the stockholders if no creditors are affected.
Financial Rehabilitation
- The purpose of rehabilitation is to restore a debtor to a condition of successful operation and solvency if it is economically feasible.
- A rehabilitation plan is submitted to the court for confirmation and validation.
Contracts
- A unilateral determination and imposition of increased interest rates by a bank in a contract of loan is considered violative of the principle of Mutuality.
- An action filed by a lessor to collect the unpaid rental payments of his lessee, directly from the sublessee is an example of Accion Directa.
- Contracts that require delivery for perfection, except for Pledge and Mortgage, include Deposit and Mutuum.
- Rescissible contracts include those entered into by guardians, agents, or representatives that result in a lesion of more than one-fourth of the value of the things which are the object thereof.
Insolvency and FRIA
- Under FRIA, the debtor can petition the court for Suspension of Payments or Rehabilitation if they foresee the impossibility of meeting their debts in a timely manner.
- The purpose of Rehabilitation is to assist the firm so it can be restored to a state of solvency.
Business and Law
- Under the Ease of Doing Business Act, the maximum working days allowed to process complex transactions is 20 days.
- The three ways of preventing money laundering mentioned in RA 9160 are customer identification and due diligence, transaction reporting, and record keeping.
- Prestige Jewelry, a "covered person" under AMLA, sells high-end watches for men and women and is subject to anti-money laundering regulations.
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Description
Test your knowledge on the different types of corporations under the Revised Corporation Code. Learn about stock corporations, close corporations, foreign corporations, and non-stock corporations.
