Second QUIZ

Delinquent stock shall be sold at a public auction to such Stockholders meeting and board of directors meeting
bidder who shall offer to pay the full amount of the shall be held at least annually.
balance on the subscription together with accrued
False
interest, costs of advertisement and expenses of sale, for
the largest number of shares or fraction of a share.

False In case of joint ownership of shares of stocks, the consent

of ALL the co-owners shall be necessary in voting the said
shares of stock.
All delinquent subscribers may attend and vote for
True
delinquent shares prior to the bidding of the said shares.

False
Estate Administrators may attend and vote for the shares
of stocks of deceased stockholder during stockholders
All delinquent shares are unpaid shares, but not all meeting without need of a proxy from the lawful heirs.
unpaid shares are delinquent shares.
True
True

The trustee or trustees shall execute and deliver to the

No certificate of stock shall be issued to a subscriber until transferors, voting trust certificates, which shall be
the full amount of the subscription together with interest transferable in the same manner and with the same
and expenses has been paid. effect as certificates of stock.

True True

An undertaking to perform future labor can be a
consideration for the issuance of shares.
False
Any other stockholder may transfer the shares to the
same trustee or trustees upon the terms and conditions
stated in the voting trust agreement, and thereupon shall
be bound by all the provisions of said agreement.

True
When so authorized in the bylaws or by a majority of the
board of directors, the stockholders or members of
corporations may vote through remote communication
The voting trustee or trustees may vote by proxy.
or in absentia.
True
True

The voting trustee cannot be elected as member of the

Members of the board of directors may vote in person or
board.
by proxy in all meetings of board of directors.
False
False

Stockholders and members may vote in person or by

proxy in all meetings of stockholders or members. Shares of stocks shall be issued only for monetary
consideration.
True
False
Second QUIZ
An undertaking to perform future labor can be a A voting trust agreement must be in writing and duly
consideration for the issuance of shares. notarized to be enforceable.

False True

A director or officer of a corporation who consented to The trustee or trustees shall execute and deliver to the
the issuance of shares below par value (watered stocks) transferors, voting trust certificates, which shall be
is liable to the corporation or corporate creditors next to transferable in the same manner and with the same
the subscriber. effect as certificates of stock.

False True

Holders of subscribed shares not fully paid which are not

delinquent shall have all the rights of a stockholder.

True

Which of the following statement is correct?

Stockholders meeting shall be held in the city or

municipality where the principal address of the
corporation is located.

Notice of meeting to members of the board of directors

must be sent at least 1 week before the regular or special
meeting.

False

Treasury shares shall have no voting right as long as such

shares remain in the Treasury.

True

Proxies shall be in writing and duly notarized to be valid.

False

No proxy shall be valid and effective for a period longer

than ten (10) years at any one time.

False