A.They are corporations consisting of one member only. it is usually organized for the purpose of administering and managing as trustee, the affairs, property and temporalities of any religious denomination, sect or church. It may be formed by the chief archbishop, bishop, priest, minister, rabbi or other presiding elder of such religious denomination, sect or church, a. Ecclesiastical corporations ¢ Corporation sole b. Lay corporations d. Religious societies 15.They are corporations that are organized for spiritual purposes or for the furtherance of religion as opposed to lay corporations that are created for secular or temporal purpose. a. Ecclesiastical corporations ¢ Civil corporations b. Eleemosynary corporations d. Corporation aggregate 16.It is @ corporation whose articles of incorporation provide that (1) all the corporation’s issued stock of all classes, exclusive of treasury shares, shall be held of record by not more: than twenty (20) persons; (2) all the issued stock of all classes shall be subject to one or more restrictions on transfer; and (3) the shares shall not be listed in any stock exchange or be offered to the public. a. Open corporation ¢. Corporation by estoppels b. Restrictive corporation d. Close corporation 17.if certain persons assume to act as a corporation knowing it to be without authority to do 0, they are liable as general partners for all debts, liabilities and damages incurred or arising as a result of such assumptions as a corporation. This situation gives rise to a a. De facto corporations ¢. Corporation by estoppels b. Corporation by prescription . Corporation by misrepresentation 18.No. | — Five persons without organizing a corporation pretended to be members of a non- existent corporation, which they called ‘Ocean Quest Corporation’. Through this misrepresentation, they obtained a loan of PS million from Mr. X. When the debt was not paid, Mr. X sued Ccean Quest. The purported members thereof may invoke the defense that Ocean Quest cannot be sued because itis in truth and in fact not a corporation. No. l= Spice Boys Corporation is in truth and in fact not a corporation but @ mere association composed of five members. Mr. X, knowing it to be @ unincorporated entity entered into a contract with it. When sued for the breach of the contract, Mr. X may interpose the defense that Spice Boys Corporation has no legal capatity to sue. a, Both are true © Only no. Lis true b. Both nos. are false d. Only no. 1is false 19.It is a corporation formed or organized or existing under any laws other than those of the Philippines. a. Domestic corporation ¢. De jure corporation b. Foreign corporation d. De facto corporation 20.No. 1 ~ A foreign corporation is not automatically allowed to engage in business in the Philippines. tt must first obtain a license in the Philippines if it wants to engage in business locally. If it engages in business in the Philippines without obtaining a license, it may be sued but it cannot sue. No, 2—A foreign corporation that is not engaged in business in the Philippines need not obtain a license because a license is required only for business purposes, Such foreign corporation may however, sue in the Philippines where the suit arise out of an isolated transaction or in order to protect its reputation, corporate name or goodwill. a. Both nos. are correct ©. Only no. lis correct