Professional Documents
Culture Documents
LAW Resa Corporation
LAW Resa Corporation
Upgrade
LAW-resa-corporation
Study
LAW-resa-corporation
4.8
6 reviews
Leave a rating
STUDY
Flashcards
Learn
Write
Spell
Test
Play
Match
A. Incidental power
B. Express power
C. Implied power
D. Discretionary power
Created by
frajonalyn_leon1
Tags related to this set
Business Law
Articles Of Incorporation
Capital Stock
Domestic Corporation
Terms in this set (88)
OriginalAlphabetical
As regards the corporate by laws, which of the following is false?
A. Incidental power
B. Express power
C. Implied power
D. Discretionary power
B
As regards treasury shares, which is not correct?
A. Proxy
B. Share of stock
C. Voting trust agreement
D. Certificate of stock
D
These are the persons who sign the articles of incorporation and therefore must be subscribers
of shares
A. Incorporators
B. Directors
C. Stockholders
D. Corporate officers
A
They provide and regulate the internal matters of the corporation
A. Articles of incorporation
B. By-laws of the corporation
C. Certificate of incorporation
D. Certificate of filing of by-laws
B
This is a public instrument giving authority to vote for stockholder
A. Proxy
B. Voting trust agreement
C. Stock certificate
D. Voting trust certificate
B
A gratuitous reissue of treasury shares will result in
A. Capital surplus
B. Stock dividend
C. Watered stock
D. Property dividend
C
A certificate of stock is not a negotiable instrument because it lacks the requirement of
A. True, false
B. False, true
C. True, true
D. False, false
B
The following are requirements for incorporators. Which is not?
A. Domicile test
B. Incorporation test
C. Management test
D. Control test
D
S1: Directors as a rule are entitled to compensation as directors but not exceeding ten percent
of the net income before tax of the preceding year
S2: All private corporations in the Philippines shall be incorporated under the Corporation Code,
which is a general law
A. Only S1 is false
B. Both are true
C. Both are false
D. Only the first is true
C
Vacancy in the board of directors can be filled up by the remaining directors in the following
cases, except.
A. Only S1 is true
B. Only S1 is false
C. Both are true
D. Both are false
B
A subscribed to 1,000 shares of stock of X corporation. She paid 25% of the said subscription.
During the stockholders meeting, can A vote all her subscribed shares?
A. Preferred shares
B. Redeemable shares
C. Treasury shares
D. Common shares
C
The executive committee cannot act on this matter except
A. Filing of vacancy in the board of directors
B. Cash dividend declaration
C. Board resolution on depositary bank of the corporation
D. Stock dividend declaration
C
Three of the following are not authorized to issue no par value shares . Which one is the
exception?
A. Industrial companies
B. Insurance companies
C. Trust companies
D. Public utilities
A
The corporation has a nine-member board. Two of the members have sold their shares while
two others are abroad. To have a quorum, the number required is
A. Seven
B. Five
C. Three
D. Four
B
S1: A majority of the directors or trustees of all corporations organized in the Philippines must
be citizens of the Philippines
S2: Any two or more positions may be held concurrrently by the same person, except that no
one shall act as president and secretary or as secretary and treasurer at the same time
A. Only S1 is true
B. Only S2 is true
C. Both are false
D. Both are true
C
S1: When par value shares are issued above par, the premium or excess is to be considered as
part of the legal capital
S2: Shares issued without par value shall be deemed fully paid and non-assessable and the
holder of such shares shall not be liable to the corporation or its creditors in respect thereto.
A. Stock dividend
B. Sale of capital assets
C. Sale of treasury stock
D. Property dividend
D
They are issued to those who helped in incorporating the corporation or for services rendered in
launching the welfare of the same
A. Preferred shares
B. Stock in escrow
C. Founder's shares
D. Promotion stock
D
A director of a corporation may be removed from the office by a vote of the stockholders
representing
A. The subservience of minority stockholders to the wishes of the majority subject only to
equitable restraints
B. The free and ready transferability of ownership
C. The shareholders are not liable for the debts of the business
D. The owner of succession the existence of the entirety is not affected by the personal
vicissitudes of the individual stockholders
A
One of the following does not require stockholder's approval
A. Shares of stock
B. Dividend
C. Capital
D. Certificate of stock
A
The right of a corporation to exist as juridical person during its term as stated in the articles of
incorporation despite the death of any of its stockholders is
A. Right of existence
B. Right of succesion
C. Pre-emptive right
D. Right of redemption,
B
A corporate doctrine which the stockholders are not personally liable for corporate debts
A. A minor
B. A corporation
C. Partnership
D. Foreigner
D
A corporation code requires that
A. False, true
B. True, false
C. True, true
D. False, false
A
An individual or a domestic corporation designated in a written power of attorney by a foreign
corporation authorized to transact business in the Philippines, on whom any summons and
other legal processes may be served in all actions or other legal proceedings against such
corporation is called
A. Resident director
B. Resident agent
C. Receiver
D. Trustee
B
The holder of non-voting shares shall nevertheless be entitled to vote on the following matter
A. If the corporation has commenced its business and subsequently become continuously
inoperative for two years
B. If the corporation has ceased operations continuously for a period of at least 5 years
C. If the corporation did not commenced its business transactions for 2 years
D. If the corporation did not formally organize after incorporation
B
The following defect will preclude the creation of even a de facto corporation
A. The incorporators of a certain number of them are not residents of the Philippines
B. Lack of certificate of incorporation from the SEC
C. Name of the corporation closely resembles that of a preexisting corporation and may deceive
the public
D. There is actual use of corporate powers
B
1. The meetings of the BOD of a stock corporation may be held anywhere in the world
2. The meeting of the members of a non-stock corporation may be held anywhere within the
Philippines
A. True, False
B. False, True
C. Both are false
D. Both are true
D
(1) Appraisal right means that whenever the capital stock of a corporation is increased and new
shares of stock are issued, the new issue must first be offered to the stockholders in proportion
to their existing shareholdings before subscriptions are received from the general public
(2) Ultra vires acts are illegal and therefore void
(3) Certificate of incorporation is the document prepared by the persons establishing the
corporation and filed with the SEC containing the matter required by the Corporation Code
A. False, True
B. True, False
C. False, false
D. True, true
D
Which of the following statement is correct
How much atleast shall be subscribed by the incorporators at the time of the incorporation?
A. P300,000
B. P350,000
C. P200,000
D. P250,000
D
A,B,C,D,E and F, Filipino citizens , X,Y,Z, Amrican citizens, and R&S Japanese citizens agreed
to form a domestic corporation with an authorized capital stock of P1,000,000 divided into one
hundred thousand shares with a par value of P10 per share. B subscribed for 2,000 shares and
he paid P12,000. X subscribed for 5,000 shares and he issued a promissory note in the amount
of P30,000. F joined the group but he did not subscribe for any number of shares.
A. 625,000
B. 62500
C. 6250
D. 625
C
A,B,C,D,E and F, Filipino citizens , X,Y,Z, Amrican citizens, and R&S Japanese citizens agreed
to form a domestic corporation with an authorized capital stock of P1,000,000 divided into one
hundred thousand shares with a par value of P10 per share. B subscribed for 2,000 shares and
he paid P12,000. X subscribed for 5,000 shares and he issued a promissory note in the amount
of P30,000. F joined the group but he did not subscribe for any number of shares.
A. No, because certificate of stock shall be issued onlyafter payment of the full amount of the
subscription
b. No, because the 800 shares subscribed by him are already delinquent
C. Yes, because he can surrender the 800 shares to the corporation and limit his subscription to
1,200 shares only
D. Yes, because he has paid P12,000 representing the full value of 1,200 shares
A
A,B,C,D,E and F, Filipino citizens , X,Y,Z, Amrican citizens, and R&S Japanese citizens agreed
to form a domestic corporation with an authorized capital stock of P1,000,000 divided into one
hundred thousand shares with a par value of P10 per share. B subscribed for 2,000 shares and
he paid P12,000. X subscribed for 5,000 shares and he issued a promissory note in the amount
of P30,000. F joined the group but he did not subscribe for any number of shares.
Assuming that the corporation has been organized, how many shares can B validly vote in the
election of the members of the board of directors?
A. 2/3 vote of the board of directors and ratified by majority of the outstanding capital stock
B. Majority vote of the board of directors and ratified by majority of the outstanding capital stock
C. Majority vote of the board of directors and ratified by 2/3 of the outstanding capital stock
D. Majority vote of the board of directors and ratified by 2/3 of the stockholders
C
(1) The doctrine of corporate opportunity rests on the unfairness of an officer or director of a
corporation taking advantage of an opportunity for his own personal benefit adverse to the
corporation
(2) The by-laws must be filed with the SEC for the corporation to acquire juridical bpersonality
Assuming that the corporation has been organized, how many shares can B validly vote in the
election of the members of the board of directors?
A. 2/3 vote of the board of directors and ratified by majority of the outstanding capital stock
B. Majority vote of the board of directors and ratified by majority of the outstanding capital stock
C. Majority vote of the board of directors and ratified by 2/3 of the outstanding capital stock
D. Majority vote of the board of directors and ratified by 2/3 of the stockholders
C
(1) The doctrine of corporate opportunity rests on the unfairness of an officer or director of a
corporation taking advantage of an opportunity for his own personal benefit adverse to the
corporation
(2) The by-laws must be filed with the SEC for the corporation to acquire juridical bpersonality
20 terms
frajonalyn_leon1
137 terms
frajonalyn_leon1
51 terms
frajonalyn_leon1
LAW Sales-ICPA
29 terms
frajonalyn_leon1
Sets containing similar terms
50 terms
sarah_xue
Partnership
20 terms
christi_mccann2
36 terms
krisnol
ACG 2011 - Ch 12
37 terms
Bridget_Miller
Other sets by this creator
TAXATION QUIZ
38 terms
frajonalyn_leon1
35 terms
frajonalyn_leon1
MAS Module 4
93 terms
frajonalyn_leon1
Not for profit
10 terms
frajonalyn_leon1
1/3
Upgrade to remove adverts
Only US$3.99/month
Subjects
Arts and Humanities
Languages
Maths
Science
Social Sciences
Other
Features
Quizlet Live
Quizlet Learn
Explanations
Diagrams
Flashcards
Mobile
Upgrades
Help
Help Centre
Honour Code
Community Guidelines
Teachers
About
Company
Blog
Press
Careers
Advertise
Privacy
Ad and Cookie Policy
Terms
Language
DeutschEnglish (UK)English (USA)EspañolFrançais (FR)Français (QC/CA)Bahasa
IndonesiaItalianoNederlandspolskiPortuguês (BR)РусскийTürkçeTiếng Việt 한국어中文 (简体)中
文 (繁體)日本語
© 2021 Quizlet Inc.