Incorporation 33.lt is @ corporate scheme that enables a stockholder to dispose of his share and still retain the right to vote for a period not exceeding five years at any ane time. a.Proxy Voting trust agreement b.Special Power of Attorney d.Management right 34.A corporation that is created in strict or substantial conformity with the statutory requirements for the incorporation and whose right to exist as @ corporation cannot be successfully attacked even in a direct proceeding by the state is known as a.de jure corporation c.corporation by estoppels bade facto corporation d.corporation by prescription 35.qThe articles of incorporation is required to state the names, nationalities and residences oF persons who shall act as directors or trustees until the first regular members of the Board elected. This requirement is intended to provide a basis by which the SEC could determine whether the articles of incorporation has complied with the requirement that a.At least @ majority of the directors or trustees are residents of the Philippines b.All of the directors or trustees are residents of the Philippines, CAt least a majority of the directors or trustees are citizens of the Philippines d.At least 2/3 of the directors or trustees are residents of the Philippines 36.They are shares of stocks issued by a corporation for a consideration less than its par value or issued price or for a consideration in any form other than cash, valued in excess of its fair value a.Treasury shares ¢.Common shares b.Preferred shares d.Watered stocks 37.The following corporations cannot issue no par value shares. Which is the exception? a.Banks «Manufacturing companies b.Trust companies d.insurance companies 38.An officer of a corporation may hold two or more positions in the corporation but not as a.Chairman of the board and president Secretary and treasurer b.President and treasurer d.vice President and Secretary 39.The right of a corporation to exist as a juridical person during its term as stated i articles of incorporation despite the death of any of its stockholders is called a.Right of existence Right of succession b.Right of redemption d.Pre-emptive right 40, What is the requirement to effect the amendment of the by-laws of the corporation? ‘a.Majority vote of the board and 2/3 of the outstanding capital stock .2/3 vote of the board and 2/3 vote of the outstanding capital stock Majority vote of the board and majority vote of the outstanding capital stock d.Majority vote of the board and unanimous vote of the outstanding capital stock 41. Which of the following does not form part of the three fold duty of directors or trustees? a.Duty of obedience e.Duty of diligence b.Duty of efficiency Duty of loyalty 42.The holder of non-voting shares may nevertheless be allowed to vote on the following matters. What is the exception? amendment of the articles of c.nerease or decrease of the capital stock incorporation d.Every sale of corporate property b.Adoption and amendment of the by- laws