MCQ on Revised Corporation Code

RA No. 11232: The Code shall be known as the It refers to stocks which contemplates an original issuance
A. REVISED COOPERATIVE CODE OF THE of shares.
PHILIPPINES A. TREASURY SHARES
B. REVISED PARTNERSHIP CODE OF THE PHILIPPINES B. FRACTIONAL SHARES
C. REVISED CORPORATION CODE OF THE C. WATERED STOCKS
PHILIPPINES D. ORDINARY STOCKS
D. REVISED CORPORATION OF THE PHILIPPINES A person with a single stockholder is considered
The following pertains to the characteristics of a A. ONE PERSON CORPORATION
corporation, except: B. SINGLE PERSON CORPORATION
A. CREATED BY OPERATION OF LAW C. LONELY PERSON CORPORATION
B. HAS A RIGHT OF SUCCESSION D. ELECTED PERSON CORPORATION
C. IT IS AN ARTIFICIAL BEING It refers to a corporate term for a specific period
D. IT HAS THE POWERS, ATTRIBUTES AND A. IT SHALL ALWAYS BE FIXED BY AMENDING THE
PROPERTIES NOT ARTICLES OF
EXPRESSLY AUTHORIZED BY LAW OR INCORPORATION.
INCIDENTAL TO ITS B. IT MAY BE EXTENDED OR SHORTENED BY
EXISTENCE AMENDING THE ARTICLES
It refers to a corporation which have capital stock divided OF INCORPORATION.
into shares. C. IT SHALL ALWAYS BE DELIBERATE BY
A. STOCK CORPORATION AMENDING THE ARTICLES
B. NON-STOCK CORPORATION OF INCORPORATION.
C. STOCK COOPERATIVE D. IT MAY BE EXTENDED BUT NOT SHORTENED BY
D. STOCK PARTNERSHIP AMENDING THE
A government corporation is normally created by: ARTICLES OF INCORPORATION.
A. GENERAL LAW Within stock corporations, minimum authorized capital stock
B. SPECIFIC LAW is:
C. CHARTER A. REQUIRED
D. SIGNIFYING LAW B. NOT REQUIRED
This refers to a person who brings about or cause to bring C. FIXED
about the information and organization of a corporation. D. DEFINITE
A. INCORPORATORS Which language shall corporations use in filing articles of
B. UNDERWRITER incorporation with the Commission?
C. CORPORATE OFFICERS A. ANY LANGUAGE
D. PROMOTER B. ANY OFFICIAL LANGUAGE
This must be in the articles of incorporation C. ENGLISH ONLY
A. CLASSIFICATION OF SHARES, THEIR D. TAGALOG AND ENGLISH
CORRESPONDING RIGHTS, The articles of incorporation of all domestic corporation
PRIVILEGES, OR RESTRICTIONS, AND THEIR STATED shall comply substantially with what?
MARKET A. A FORM
VALUE, IF ANY. B. AN AMENDMENT
B. CLASSIFICATION OF SHARES, THEIR C. A RESTRICTION
CORRESPONDING DEMANDS, D. AN AGREEMENT
PRIVILEGES, OR RESTRICTIONS, AND THEIR STATED An amendment must be accompanied by a favorable
MARKET recommendation of the appropriate government agency is
VALUE, IF ANY. cases
C. CLASSIFICATION OF SHARES, THEIR of:
CORRESPONDING RIGHTS, A. PRENEED
PRIVILEGES, OR RESTRICTIONS, AND THEIR B. NASA
STATED PAR VALUE, C. HOSPITALS
IF ANY. D. HOTELS AND RESTAURANTS
D. CLASSIFICATION OF SHARES, THEIR It has the power to disapprove the articles of incorporation
CORRESPONDING RIGHTS, or any amendment thereto if the same is not compliant with
DEMANDS, PRIVILEGES, OR RESTRICTIONS the requirements of this Code.
The exclusive right to vote and be voted for in the election A. GOVERNMENT
of directors, if granted, it must be for a limited period B. COURT
which is: C. SECRETARY
A. PERIOD NOT TO EXCEED 5 YEARS FROM THE D. COMMISSION
DATE OF A corporate name that is not distinguishable is:
CORPORATION A. NOT ALLOWED
B. PERIOD NOT TO EXCEED 5 YEARS FROM THE B. ALLOWED
DATE OF C. SEMI-ALLOWED
INCORPORATION D. UNDER COMPLIANCE
C. PERIOD NOT TO EXCEED 3 YEARS FROM THE It is where a corporation which commences its corporate
DATE OF existence and juridical personality deemed.
CORPORATION A. GOVERNMENT
D. PERIOD NOT TO EXCEED 3C YEARS FROM THE B. COURT
DATE OF C. SOCIETY
INCORPORATION D. COMMISSION
This pertains to shares which are redeemable at a fixed date. It is not a requirement before one can qualify as a de facto
A. REDEEMABLE SHARE corporation.
B. CONVERTIBLE SHARE A. THE EXISTENCE OF A VALID LAW UNDER WHICH
C. SUBSCRIBED SHARE IT MAY BE
D. FRACTIONAL SHARE INCORPORATED.
B. AN ATTEMPT IN GOOD FAITH TO INCORPORATE A. CORPORATE OFFICERS WHO ARE ALSO
C. ASSUMPTION OF CORPORATE POWERS DIRECTORS
D. EXTRAJUDICIAL COURT AGREEMENT B. CORPORATE OFFICERS WHO ARE NOT
It refers to an equivocal and intentional for, when DIRECTORS
misapplied, it can easily become a most convenient and C. CORPORATE DIRECTORS
effective means of injustice. D. ANY CORPORATE OFFICER
A. PREDICATED FRAUD It implies the breach of faith and willful failure to respond
B. DOCTRINE OF ESTOPPEL to plan.
C. DE FACTO OWNERSHIP A. BAD FAITH
D. OSTENSIBLE COMMITMENT B. BREACH OF CONTRACT
It shall happen if a corporation fails to formally organize C. GOOD FAITH
and commence its business within 5 years from the date of its D. BREACH ON MORAL DILEMMA
incorporation. A contract of the corporation with one or more of its
A. CERTIFICATE OF INCORPORATION SHALL BE directors or trustees, officers or their spouses and
DEEMED REVOKE relatives within the fourth civil degree of consanguinity or
B. THE CORPORATION SHALL CONTINUE TO EXIST affinity is considered:
AS DE FACTO A. VOID
C. THE INCORPORATORS SHALL BE PURSUIT FOR B. VOIDABLE
CRIME OF C. AGREED
NEGLIGENCE D. ACCEPTED
D. THE ARTICLES OF INCORPORATION SHALL BE These pertains to members of the board of directors in a
REESTABLISHED certain corporation who are also directors in another
It refers to the governing body of a corporation. corporation.
A. CEO, COO AND CFO A. INTERLOCKING DIRECTORS
B. STOCKHOLDERS B. CROSS DIRECTORS
C. BOARD OF DIRECTORS C. INTERDEPENDENT DIRECTORS
D. MANAGERS D. CROSS-COMPANY DIRECTORS
For the purposes of quorum, a stockholder or member who
participates through remote communication or in absentia His act violating the doctrine of corporate opportunity can
shall be deemed: be ratified.
A. PRESENT A. DIRECTOR
B. ABSENT B. STOCKHOLDER
C. EMANCIPATED C. SHAREHOLDER
D. INCAPACITATED D. MANAGER
It refers to a position that must be expressly mentioned in It is a body created by the by-laws and composed of not less
the by-laws in order to be considered as it is. than three members of the board.
A. CORPORATE OFFICER A. EXECUTIVE COMMITTEE
B. MANAGER B. MANAGERIAL COMMITTEE
C. INCORPORATOR C. BOARD COMMITTEE
D. STOCKHOLDER D. EXECUTORY COMMITTEE
It mandates that all corporations duly organized pursuant It pertains to an action brought by a stockholder on behalf
thereto are required to submit to the SEC the names, of the corporation to enforce corporate rights against the
nationalities, shareholdings, and residences of the corporation’s directors, officers or other insiders.
directors, trustees and officers elected. A. DERIVATIVE SUIT
A. SEC B. CRIMINAL SUIT
B. PENAL CODE C. GOVERNMENTAL SUIT
C. GOVERNMENT AGENCIES D. CORPORATE SUIT
D. CORPORATION CODE It means that a stockholder who dissented and voted against
Disqualifications of a director, trustee or officers includes the proposed corporate action, may choose to get out of the
the following, except: corporation.
A. CONVICTED BY PRELIMINARY JUDGMENT A. DELECTUS PERSONAE
B. CONVICTED BY FINAL JUDGMENT B. APPRAISAL RIGHT
C. FOUND ADMINISTRATIVELY LIABLE FOR ANY C. SHORTENING DECISION
OFFENSE INVOLVING D. CORPORATE RIGHT
FRAUDULENT ACTS It is a long-term indebtedness secured usually by real
D. BY A FOREIGN COURT OF EQUIVALENT FOREIGN property.
REGULATORY A. BOND INDEBTEDNESS
AUTHORITY FOR ACTS, VIOLATIONS OR B. BONDED INDEBTEDNESS
MISCONDUCT C. BONDS INDEBTEDNESS
Removal of directors or trustees may be: D. RESTRICTED INDEBTEDNESS
A. WITH CAUSE ONLY Its purpose is to enable the shareholder to retain his
B. WITH OR WITHOUT CAUSE proportionate control in the corporation.
C. BY A STATED MANAGER A. BOND INDEBTEDNESS
D. BY AN OFFICIAL MEMBER B. APPRAISAL RIGHT
It is when an election be held if the vacancy is due to term C. PRE-EMPTIVE RIGHT
expiration. D. CORPORATE RIGHT
A. NO LATER THAN THE DAY OF SUCH A sale of all or substantially all of the corporation’s
EXPIRATION properties and assets must be authorized by
B. AFTER THE DAY OF EXPIRATION A. MANAGERS’ VOTE
C. AFTER THE ANNULMENT OF DEEDS B. OFFICIATING OFFICIALS’ VOTE
D. ON THE DAY OF CELEBRATION C. STOCKHOLDER AND MEMBER’S VOTE
They are not involve in the provision on compensation of D. CREDITOR AND CEO’S VOTE
directors These refer to shares which are less than one share.
A. SINGLE SHARES
B. CORPORATE SHARES B. ORDINARY STOCK PURCHASED
C. FRACTIONAL SHARES C. WATERED STOCKS
D. MEDIUM SHARES D. SUBSCRIBED SHARES
It is conducted monthly anywhere in or outside of the
Philippines.
It includes any corporate property to be used in furtherance A. SPECIAL MEETING
of business. B. REGULAR MEETING
A. ASSETS C. PRE-EMPTIVE MEETING
B. FUNDS D. REGULAR MEETING
C. PETTY CASH FUND A person that shall preside at meetings.
D. BONDS A. CHAIRMAN
These are corporate profits set aside, declared, and ordered B. VICE PRESIDENT
to be paid by the directors for distribution among C. MANAGER
stockholders at a fixed time. D. PRESIDING MANAGER
A. RETAINED EARNINGS Generally, they have the right to attend and vote at meetings
B. CASH FUNDS of stockholders unless they authorized their pledgee.
C. DIVIDENDS A. MORTGAGOR
D. COMPENSATION B. MORTGAGEE
This pertains to a person which represents the same interest C. ASSIGNEE
of both the managing and the managed corporations. D. CREDITOR
A. INTERLOCKING MANAGERS It shall consent in order to vote in case of shares of stock
B. INTERLOCKING STOCKHOLDERS owned jointly by two or more persons.
C. CROSS MANAGERS A. COURT
D. CROSS STOCK DIRECTORS B. SEC
An act outside or beyond corporate powers. C. CORPORATE MANAGERS
A. ULTRA VIRES ACT D. CO-OWNERS
B. ULTRA VIRUS ACT This pertains to stock with no voting right.
C. ULTRAM VIRES ACT Section 56
D. EXTRAJUDICIAL ACT A. ORDINARY SHARES
Generally, third persons are considered: B. WATERED STOCK
A. BOUND BY BY-LAWS C. FRACTIONAL STOCK
B. NOT BOUND BY BY-LAWS D. TREASURY SHARES
C. BOUND BY THE SEC The following are requirements for validity of a proxy,
D. NOT BOUND BY THE SEC except:
A private corporation ay provide the following in its bylaws, A. SHALL BE IN WRITING, IN ANY FORM
except: AUTHORIZED IN THE
A. THE PENALTIES FOR VIOLATION OF THE BYLAWS BYLAWS
B. THE TIME, PLACE AND MANNER OF CALLING AND B. SHALL BE SIGNED BY SEC
CONDUCTING C. SHALL BE FILED BEFORE THE SCHEDULED
REGULAR OR SPECIAL MEETINGS MEETING WITH THE
C. THE REQUIRED QUORUM IN MEETINGS OF CORPORATE SECRETARY
STOCKHOLDERS OR D. NO PROXY SHALL BE VALID AND EFFECTIVE FOR
MEMBERS A PERIOD
D. THE PROVISION DEMANDING EXECUTORY LONGER THAN 5 YEARS AT ANY ONE TIME.
INVESTMENTS AND It is a trust created by an agreement between a group of the
SHARES stockholders of a corporation and the trustee.
It shall issue the certification for it to be effective upon A. CORPORATE TRUST
its issuance on the amended or new by-laws. B. CIVIL TRUST
A. COURT C. VOTING TRUST
B. GOVERNMENT D. STOCK AND BOND TRUST
C. SEC It is any contract for the acquisition of unissued stock in
D. CORPORATION an existing corporation or a corporation still to be formed.
Meetings of directors, trustees, stockholders, or members may A. CORPORATE CONTRACT
be at a B. PARTNERSHIP CONTRACT
A. REGULAR OR SPECIAL C. SEC CONTRACT
B. FIXED OR PRE-EMPTIVE D. SUBSCRIPTION CONTRACT
C. EARLY OR LATE It pertains to a kind of subscription.
D. REGULAR OR FIXED A. INCORPORATION SUBSCRIPTION
The following are requirements for stockholders’ or members’ B. POST-INCORPORATING SUBSCRIPTION
meetings, except: C. COOPERATING SUBSCRIPTION
A. HELD AT A PROPER PLACE D. PRE-INCORPORATION SUBSCRIPTION
B. HELD AT A STATED DATE AT NO APPOINTED Stock shall not be issued for a consideration at the value
TIME A. MORE THAN THE PAR OR ISSUED PRICE
C. CALLED BY THE PROPER PERSON B. LESS THAN THE PAR OR ISSUED PRICE
D. THERE MUST BE A PREVIOUS NOTICE C. MORE THAN THE MARKET VALUE OR PRICE
This is a kind of meeting wherein at least one week written D. LESS THAN THE MARKET VALUE OR PRICE
notice shall be sent to all stockholders or members. It is an evidence of the holder’s ownership of the stock and
A. REGULAR MEETING of his rights as a shareholder.
B. PRE-EMPTIVE MEETING A. SHARES OF STOCKS
C. SPECIAL MEETING B. CERTIFICATE OF STOCK
D. FIXED MEETING C. CERTIFICATE OF CORPORATE MEMBERSHIP
It is counted as the basis of the presence of a quorum in D. SHARES OF DIVIDENDS
meetings. A certificate of stock shall not be issued to this person
A. OUTSTANDING CAPITAL STOCK until the full amount of subscription, interest and expenses
has been paid. D. MEMBERS
A. SUBSCRIBER This is union whereby one or more existing corporations are
B. STOCKHOLDER absorbed by another corporation that survives and continues
C. BOND HOLDER the combined business.
D. DEBTOR A. INTERLOCKING CORPORATIONS
It is the basis of the solidary liability of directors. B. MOTHER CORPORATION
A. CORPORATE LIABILITY OF THEIR POSITION C. COURT
B. FIDUCIARY CHARACTER OF THEIR POSITION D. MERGER
C. RANKS OF THEIR POSITION A notice of the meeting shall state which of the following:
D. CREDITOR-DEBTOR RELATIONSHIP OF THEIR A. PURPOSE AND SUMMARY OF THE PLAN OR
POSITION MERGER OR
They are held liable to the corporation for interest on all CONSOLIDATION
unpaid subscriptions from the date of the subscription. B. PURPOSE ONLY
A. SHAREHOLDER C. AGENDA ONLY
B. STOCKHOLDER D. NAMES OF ATTENDEE
C. SUBSCRIBER It refers to who shall certify the articles of merger or
D. CREDITOR articles of consolidation.
It is when the payment of unpaid subscription or any A. SECRETARY
percentage thereof shall be made. B. TREASURER
A. DATE STATED IN THE CALL MADE BY THE C. CREDITOR
BOARD D. MANAGER
B. DATE SPECIFIED IN THE CORPORATE CONTRACT It is when a consolidation become effective.
C. DATE THE SUBSCRIBER WANTS TO PAY A. UPON MERE AGREEMENT OF THE MEMBERS
D. DATE OF ISSUANCE OF THE SHARES B. UPON THE ISSUANCE OF THE CERTIFICATE OF
This refers to a bidder who shall offer to pay the full CONSOLIDATION
amount of the balance on the subscription for the smallest C. UPON THE MEETING AGREED
number of shares. D. UPON THE APPROVAL OF PRESIDENT
A. MAXIMUM BIDDER Its approval is needed on the certificate of consolidation.
B. HIGHEST BIDDER A. SEC
C. MINIMUM BIDDER B. GOVERNMENT
D. LOWEST BIDDER C. COMPETITORS
No action shall be maintained unless a complaint is filed D. CREDITORS
from the date of sale, of this long It refers to who may compel the corporation to purchase his
A. AFTER SIX MONTHS shares at their fair value in a close corporation.
B. WITHIN SIX MONTHS A. CREDITOR
C. AFTER TEN MONTHS B. MEMBER
D. WITHIN TEN MONTHS C. MANAGER
A corporation may collect the amount due on any unpaid D. STOCKHOLDER
subscription, with accrued interest, costs and expenses It is when the fair value of the shares of the dissenting
through: stockholder determined.
A. GOVERNMENT CONTRACT A. AS OF THE DAY PRIOR TO THE DATE ON WHICH
B. CORPORATE CREDITORS THE VOTE IS TAKEN
C. CORPORATE FINANCERS B. AS OF THE DAY OF ISSUANCE
D. COURT C. AS OF THE DAY OF COLLABORATION
This pertains to a person who is not included in the D. AS OF THE DAY OF INCORPORATION
determination of quorum because he is not entitled to vote. The voting and dividend rights shall immediately be restored
A. HOLDER OF DELINQUENT STOCK if the dissenting stockholder is not paid the value of the
B. HOLDER OF ORDINARY STOCK said shares within:
C. HOLDER OF TREASURY STOCK A. 40 DAYS
D. HOLDER OF WATERED STOCK B. 30 DAYS
Holders of subscribed shares not fully paid which are not C. 20 DAYS
delinquent shall have: D. 10 DAYS
A. LESS RIGHTS OF A STOCKHOLDER This refers to the person who is no longer allowed to
B. MINIMAL RIGHTS THAN A STOCKHOLDER withdraw from his decision once he demands payments of his
C. MORE RIGHTS THAN A STOCKHOLDER shares.
D. ALL RIGHTS OF A STOCKHOLDER A. DISSENTING STOCKHOLDER
The following pertains to the liabilities of stockholders, B. CORPORATE STOCKHOLDER
except: C. CREDITOR
A. LIABILITIES FOR PAID SUBSCRIPTION D. ANY STOCKHOLDER
B. LIABILITIES FOR WATERED STOCK Generally, it shall bear the costs of appraisal.
C. LIABILITIES FOR DIVIDEND UNLAWFULLY PAID A. SEC
D. LIABILITIES FOR INTEREST ON UNPAID B. CORPORATION
SUBSCRIPTION C. COURT
It pertains to where information relating to the corporation D. CREDITOR
shall be kept and preserved. It is when a dissenting stockholder submit the certificates
a. PRINCIPAL OFFICE of stock representing the shares to the corporation.
B. PRIMARY OFFICE A. AFTER 10 DAYS
C. GENERAL OFFICE B. AFTER 30 DAYS
D. OFFICE OF CUSTOMER SERVICE C. WITHIN 10 DAYS
It shall have no right to inspect or demand reproduction of D. WITHIN 30 DAYS
corporate records. The provisions governing stock corporations, when pertinent,
A. COMPETITOR shall be applicable to
B. BONDED STOCKHOLDER A. PARTNERSHIP
C. SHAREHOLDER B. NONSTOCK CORPORATION
C. COOPERATIVES OF 2/3 OF THE MEMBERS HAVING VOTING RIGHTS
D. SOLE PROPRIETORSHIP PRESENT OR
This refers to the corporation that may be formed or REPRESENTED BY PROXY AT THE MEETING
organized for charitable, religious, educational, B. APPROVAL OF 2/3 OF THE MEMBERS HAVING
professional and fraternal purposes. VOTING RIGHTS
A. STOCK CORPORATION PRESENT OR REPRESENTED BY PROXY AT THE
B. NONSTOCK CORPORATION MEETING
C. VOID CORPORATION C. BY A MAJORITY OF VOTE OF MEMBERS AND
D. ELEEMOSYNARY CORPORATION APPROVAL OF 2/3 OF
This right of the members of any class or classes may be THE BOARD OF TRUSTEES HAVING VOTING RIGHTS
limited, broadened, or denied to the extent specified in the PRESENT OR
articles of incorporation or the bylaws. REPRESENTED BY PROXY AT THE MEETING
A. ATTEND MEETING D. BY A MAJORITY OF VOTE OF BOARD OF
B. SHARE DIVIDENDS TRUSTEES AND APPROVAL
C. VOTE OF 75% OF THE MEMBERS HAVING VOTING RIGHTS
D. SUE AND BE SUED PRESENT OR
The following statements does not define the concept of REPRESENTED BY PROXY AT THE MEETING
membership in a nonstock corporation except The following cannot incorporate as a close corporation,
A. INTERPERSONAL AND UNLIMITED except
B. PERSONAL AND NONTRANSFERABLE A. BANKS
C. TRANSFERABLE AND DETERMINED B. PUBLIC UTILITIES
D. OBSOLETE AND ORGANIZED C. EDUCATIONAL INSTITUTIONS
This pertains to one of the requirements for termination of D. NONSTOCK EXCHANGES
membership The articles of incorporation of a close corporation may
A. OPPORTUNITY TO BE HEARD provide for the following, except:
B. NOTICE TO THE PUBLIC A. A CLASSIFICATION OF VOTING RIGHTS AND
C. MUST BE DONE IN PROXY QUALIFICATIONS OF OWNING OR HOLDING
D. MEMBERS SHOULD PRACTICE JUDGEMENT OF SHARES
THE COURT B. A CLASSIFICATION OF DIRECTORS INTO ONE OR
Trustees shall hold office for MORE CLASSES
A. MORE THAN 2 YEARS C. A GREATER QUORUM OR VOTING REQUIREMENTS
B. NOT MORE THAN 3 YEARS D. THE BUSINESS OF THE CORPORATION SHALL BE
C. NOT MORE THAN 5 YEARS MANAGED BY THE
D. LESS THAN 8 YEARS STOCKHOLDERS OF THE CORPORATION
C It refers to one of the conditions for the validity of
Section 92 restriction on the right to transfer shares.
Prior to any scheduled election, the list of members and A. THEY MUST APPEAR IN THE ARTICLES OF
proxies shall be updated for INCORPORATION AND IN
A. 1 WEEK THE BY-LAWS AS WELL AS IN THE CERTIFICATE
B. 10 DAYS OF STOCK
C. 20 DAYS B. SAID DOCUMENTS SHALL BE MORE THAN
D. 2 WEEKS ONEROUS THAN THE
The assets of a nonstock corporation undergoing the process GRANTING OF NONEXISTING STOCKHOLDERS OR
of dissolution shall be applied and distributed as follows, CORPORATION WITH
except TERMS AND CONDITIONS
A. ASSETS HELD BY THE CORPORATION UPON A C. STOCKHOLDERS MUST APPEAR IN QUORUM IN
CONDITION ALL THE MEETINGS
REQUIRING RETURN, TRANSFER OR CONVEYANCE, TO DISGRANT SHARES OUTSTANDING
AND WHICH D. SAID RESTRICTIONS SHALL BE MORE THAN
CONDITION OCCURS BY REASON OF THE ONEROUS THAN
DISSOLUTION, SHALL BE GRANTING THE EXISTING STOCKHOLDERS OR
RETURNED, TRANSFERRED OR CONVEYED CORPORATIONS WITH
B. ALL LIABILITIES AND OBLIGATIONS OF THE SUCH REASONABLE TERMS
CORPORATION SHALL Stock transfers in violation of the restriction can still be
BE PAID, SATISFIED AND DISCHARGED registered in the books of the Corporation in this case.
C. ASSETS RECEIVED AND HELD BY THE A. IF ALL THE STOCKHOLDERS OF THE CLOSE
CORPORATION SUBJECT TO CORPORATION WILL
LIMITATIONS PERMITTING THEIR USE ONLY FOR NOT CONSENT
CHARITABLE, B. IF ALL THE STOCKHOLDERS OF THE CLOSE
RELIGIOUS, BENEVOLENT, EDUCATIONAL OR CORPORATION CONSENT
SIMILAR PURPOSES C. IF THE CLOSE CORPORATION HAS AMENDED ITS
SHALL BE TRANSFERRED OR CONVEYED TO ONE OR BY-LAWS
MORE D. IF THE CLOSE CORPORATION HAS NOT AMENDED
CORPORATIONS ITS ARTICLES OF
D. ASSETS MAY BE DISTRIBUTED TO SUCH INCORPORATION
PERSONS, SOCIETIES, Agreements duly signed and executed by and among all
ORGANIZATIONS, HOMELESS PERSONS AND stockholders before the formation and organization of a close
CORPORATIONS, corporation shall:
WHETHER OR NOT ORGANIZED FOR PROFIT A. NOT SURVIVE THE INCORPORATION AND SHALL
Within this, the plan of distribution of assets may be BE VOIDABLE
adopted BETWEEN STOCKHOLDERS
A. BY A MAJORITY OF VOTE OF BOARD OF B. SURVIVE THE INCORPORATION BUT SHALL NOT
TRUSTEES AND APPROVAL CONTINUE AND
CONSIDERED UNBINDING BETWEEN C. GOCC
STOCKHOLDERS D. CHURCH
C. SURVIVE THE INCORPORATION AND SHALL A corporation sole may be formed by the chief archbishop,
CONTINUE TO BE VALID bishop, priest, minister, rabbi or other presiding elder of a
AND BINDING BETWEEN STOCKHOLDERS religious denomination for this purpose.
D. NOT SURVIVE THE INCORPORATION ALONE A. ADMINISTERING AND MANAGING THE
It pertains to a person who failed to attend that may ratify AFFAIRS, PROPERTIES AND TEMPORALITIES
an action within his corporate powers taken at a meeting held B. PROVIDING GUIDANCE AS TO THE PURPOSE OF
without proper call or notice. THE SECT
A. PRESIDENT C. EMPOWERING THE RELIGION AND ITS EXISTENCE
B. DIRECTOR D. GOVERNING MEMBERS THROUGH PERSONAL
C. CHAIRPERSON DEVELOPMENT
D. MANAGER This refers to the person who must file with the Commission
This right of stockholders in a close corporation shall the articles of incorporation.
extend to all stock to be issued. A. MEMBERS
A. PRE-EMPTIVE RIGHT B. CHIEF ARCHBISHOP
B. VOTING RIGHT C. GOVERNMENT AGENCY
C. PROPERTY RIGHT D. SEC
D. RIGHTS TO DIVIDEND This is where the articles of incorporation must be verified
As a general rule, amendment of articles of incorporation by affidavit or affirmation with the required documents.
shall be: A. GOVERNMENT AGENCY
A. DISAPPROVED BY AT LEAST TWO-THIRDS OF THE B. CORPORATION
OUTSTANDING C. COURT
CAPITAL STOCK D. SEC
B. APPROVED BY THE AFFIRMATIVE VOTE OF AT A corporation sole may sell or mortgage real property held by
LEAST TWO-THIRDS it by obtaining an order from:
OF THE OUTSTANDING CAPITAL STOCK A. GOVERNMENT AGENCY
C. DISAPPROVED BY AT LEAST THREE-FOURTHS OF B. SEC
THE OUTSTANDING C. CORPORATION
CAPITAL STOCK D. REGIONAL TRIAL COURT
D. APPROVED BY THE AFFIRMATIVE VOTE OF AT They shall become the corporation sole on the accession to
LEAST THREEFOURTHS the office of the chief archbishop.
OF THE OUTSTANDING CAPITAL STOCK A. MEMBERS
It refers to a remedy in case of deadlock. B. SUCCESSORS
A. SEC SHALL HAVE THE POWER TO ARBITRATE C. GOVERNMENT
B. GOVERNMENT SHALL HAVE THE POWER TO D. VICE PRESIDENT
ARBITRATE It is where a verified declaration of dissolution shall be
C. STOCKHOLDER SHALL HAVE THE POWER TO filed for dissolution and voluntary settlement of affairs by
ARBITRATE the corporation sole.
D. COURT SHALL HAVE THE POWER TO ARBITRATE A. GOVERNMENT
In this case, any stockholder of a close corporation may B. COURT
compel the dissolution of corporation. C. SEC
A. ANY OF ACTS OF THE DIRECTORS, OFFICERS D. COMPANY
OR THOSE IN CONTROL OF THE CORPORATION IS It is incorporated by an aggregate of persons.
ILLEGAL A. PARTNERSHIP AGGREGATE
B. ANY ACTS OF THE EMPLOYEES OF THE B. RELIGIOUS SOCIETIES
CORPORATION IS ILLEGAL C. CORPORATION SOLE
C. CORPORATE ASSETS ARE BEING APPLIED OR D. GOCC
WASTED Provisions of the Code shall apply to One Person
D. CORPORATE ASSETS ARE BEING UTILIZED AND Corporations:
DONATED A. SUPPLETORILY
It governs educational corporations. B. FOR CONSULTATION
A. SPECIAL LAWS AND BY THE GENERAL C. MINIMALLY
PROVISIONS OF THE CORPORATION CODE D. EXTENDEDLY
B. GENERAL LAWS AND BY THE GENERAL This cannot be formed as a One Person Corporation.
PROVISIONS OF THE A. BANKS
CORPORATION CODE Section 116 B. COMMERCIAL PRODUCTS
C. SPECIAL LAWS AND GENERAL LAWS C. BANANA PRODUCTION
D. GENERAL LAWS AND GOVERNMENT PROVISIONS D. MAKE-UP MANUFACTURING COMPANIES
It pertains to the number of the board of trustees of a nonstock
educational corporation. A One person Corporation shall not be required to have
A. SHALL BE MORE THAN 5 BUT LESS THAN 15, minimum authorized capital:
MULTIPLES OF 5 A. SHARE PRICE
B. SHALL NOT BE LESS THAN 3 NOR MORE THAN 15, B. REVENUE
MULTIPLES OF 5 C. STOCK
C. SHALL BE MORE THAN 5 BUT LESS THAN 15, D. MEMBERS
MULTIPLES OF 5 The following are included in the articles of incorporation
D. SHALL NOT BE LESS THAN 5 NOR MORE THAN of a One Person Corporation, except:
15, MULTIPLES OF 5 A. RESIDENCE OF TRUSTEE
It refers to a religious corporation formed by the chief B. ADMINISTRATOR
archbishop, bishop, priest, minister, rabbi or other C. EMPLOYEE INFORMATION
presiding elder of a religious denomination. D. RESIDENCE OF NOMINEE
A. CORPORATION SOLE Under the One Person Corporation, articles of incorporation
B. CORPORATION AGGREGATE is needed to be submitted while corporate by laws are:
A. ALSO REQUIRED B. CORPORATION WAS ADEQUATELY FINANCED
B. NOT REQUIRED C. CORPORATION ASSETS ARE RETAINED
C. VOIDABLE D. CORPORATION LIABILITIES ARE CONTROLLED
D. VOID If the One Person Corporation is converted from this type of
“OPC” is indicated in the corporate name of a One Person stock corporation, it shall succeed the latter and be legally
Corporation which is located: responsible for all the latter’s outstanding liabilities as
A. BELOW THE CORPORATE NAME of the date of conversion.
B. AT THE BEGINNING OF A CORPORATE NAME A. TREASURY STOCK
C. BELOW OR AT THE END OR A CORPORATE B. WATERED STOCK
NAME C. ORDINARY STOCK
D. AT THE BEGINNING OR AT THE END OF A D. PREFERRED STOCK
CORPORATE NAME Under the conversion from a One Person Corporation to an
Ordinary Stock Corporation, a notice shall be filed with the
Commission within:
A. 2 WEEKS
This refers to the person who shall be the sole director and B. 20 DAYS
president of the One Person Corporation. C. 40 DAYS
A. MEMBER D. 60 DAYS
B. EMPLOYEE Under the corporation code, dissolution can either be:
C. SOLE STOCKHOLDER A. PERPETUAL OR PERIODIC
D. MANAGER B. AT A FIXED DATE OR AT WILL
This refers to the length of time wherein the appointed C. VOLUNTARY OR INVOLUNTARY
treasurer, secretary and other officers are notified to the D. JUDICIAL OR MANDATORY
Commission. If a voluntary dissolution shall not affect the creditors,
A. 15 DAYS FROM APPOINTMENT the following procedures shall be included, except:
B. 10 DAYS FROM APPOINTMENT A. A MEETING MUST BE HELD UPON CALL OF THE
C. 5 DAYS FROM APPOINTMENT DIRECTORS OR
D. 1 WEEK FROM APPOINTMENT TRUSTEES
It has the power to designate other functions to the B. AT LEAST 10 DAYS PRIOR TO THE MEETING,
corporate secretary. NOTICE SHALL BE GIVEN TO EACH
A. OPC SHAREHOLDER OR MEMBER
B. GOVERNMENT C. A RESOLUTION TO DISSOLVE MUST BE APPROVED
C. SEC BY THE MAJORITY VOTE OF THE BOARD OF
D. COURT DIRECTORS AND VERIFIED BY AT LEAST MAJORITY
This refers to the person who shall designate a nominee and OF THE OUTSTANDING CAPITAL
an alternate nominee. D. A VERIFIED REQUEST FOR DISSOLUTION SHALL
A. SINGLE STOCKHOLDER BE FILED WITH THE COMMISSION
B. GOVERNMENT This shall be filed to the Commission if a voluntary
C. MANAGER dissolution affects creditors.
D. SEC A. ARTICLES OF INCORPORATION
This refers to the person who shall sit as director and B. BYLAWS
manage the affairs of the One Person Corporation until the C. PETITION
stockholder regains the capacity to assume such duties. D. BALANCE SHEET
A. VICE PRESIDENT This is one of the procedures in the dissolution by
B. SECRETARY shortening corporate term.
C. MANAGER A. A VOLUNTARY DISSOLUTION MAY BE AFFECTED
D. NOMINEE BY AMENDING THE BYLAWS
If the nominee and alternate nominee is changed, the articles B. A COPY OF THE AMENDED ARTICLES OF
of incorporation INCORPORATION SHALL BE SUBMITTED TO SEC
A. NEEDS TO BE REVISED C. APPROVAL OF THE SEC ON THE AMENDED
B. NEED NOT TO BE AMENDED BYLAWS
C. RENEWED BY SEC D. MINUTE BOOKS SHALL BE SUBMITTED TO THE
D. SUBMITTED TO THE COURT COURT FOR VERIFICATION
This shall contain all actions, decisions, and resolutions It is the form a withdrawal of the petition for dissolution
taken by the One Person Corporation. shall be verified.
A. COMPANY LEDGER A. IN MOTION
B. MINUTES BOOK B. MAJORITY OF VOTES
C. BUSINESS TRANSACTION DOCUMENTS C. SEC ORDINANCE
D. COMPANY DIARY The following may be grounds for dissolution of the
This person shall sign the written resolution for actions dissolution, except:
needed on any matter. A. NON-USE OF THE CORPORATE CHARTER
A. MANAGERS B. CONTINUOUS INOPERATION OF A CORPORATION
B. SINGLE STOCKHOLDER C. UPON RECEIPT OF A LAWFUL COURT ORDER
C. MEMBERS D. UPON FINDING BY PRELIMINARY JUDGEMENT
D. EMPLOYEE This act shall cover the applicable provisions for banks.
A corporation is placed under delinquent status if they fail A. NEW CENTRAL BANK ACT
to submit reportorial requirements: B. CENTRAL BANK OF THE PHILIPPINE ACT
A. 5 TIMES WITHIN 5 YEARS C. CORPORATION CODE
B. 3 TIMES WITHIN 2 YEARS D. COOPERATIVE CODE
C. 3 TIMES WITHIN 5 YEARS It is formed, organized or existing under any laws other than
D. 5 TIMES WITHIN 10 YEARS those of the Philippines.
It shall be shown by the sole shareholder claiming limited A. DOMESTIC CORPORATION
liability. B. FOREIGN CORPORATION
A. CORPORATION GENERATES ENOUGH PROFIT C. GOCC
D. RELIGIOUS CORPORATION C. NOT BE SUED OR PRECEDED AGAINST BEFORE
Foreign corporations shall continue to do business in the PHILIPPINE COURT
Philippines subject to the: D. ADOPTED TO BE A DOMESTIC CORPORATION
A. PROVISIONS OF FOREIGN CODE AND BYLAWS The Commission may revoke or suspend the license of a
B. PROVISIONS OF THE REVISED CORPORATION foreign
CODE AND OTHER SPECIAL LAWS corporation upon any of the following grounds, except:
C. PROVISIONS OF THE SEC AND REGIONAL TRIAL A. FAILURE TO FILE ITS QUARTERLY REPORT OR
COURT PAY ANY FEES AS
D. PROVISIONS PROVIDED BY THE GOVERNMENT REQUIRED BY THIS CODE
AGENCIES B. FAILURE TO APPOINT AND MAINTAIN A
It is where foreign corporations’ the application for a RESIDENT AGENT IN THE
license to transact business shall be submitted. PHILIPPINES
A. GOVERNMENT C. FAILURE, AFTER CHANGE OF ITS RESIDENT
B. COURT AGENT OR ADDRESS,
C. COMMISSION TO SUBMIT TO THE COMMISSION A STATEMENT OF
D. BUSINESS UNITS SUCH CHANGE
D. ANY OTHER GROUND AS WOULD RENDER UNFIT
Foreign corporations shall submit to the SEC the copy of TO TRANSACT
these documents. BUSINESS IN THE PHILIPPINES
A. ARTICLES OF INCORPORATION AND BYLAWS This is a document issued by the Commission upon the
B. FINANCIAL POSITION AND BUSINESS PURPOSES revocation of the foreign corporation’s license.
C. BUSINESS PLAN A. CERTIFICATE OF INCORPORATION
D. LICENSE UNDER MOTHER COUNTRY AND NAME B. CERTIFICATE OF REVOCATION
OF EMPLOYEES C. ANNULMENT OF RIGHTS
It refers to an individual residing in the Philippines and he D. CERTIFICATE OF WITHDRAWAL
must be of good moral character and of sound financial No certificate of withdrawal shall be issued by the
standing. Commission unless the following requirements are met,
A. RESIDENT AGENT except:
B. PRESIDENT A. ALL CLAIMS WHICH HAVE ACCRUED IN THE
C. MANAGER PHILIPPINES HAVE BEEN PAID, COMPROMISED OR
D. MEMBER SETTLED
Its purpose is not only to acquire jurisdiction over the B. ALL TAXES, IMPOSTS, ASSESSMENTS, AND
person of the defendant, but also to give notice to the PENALTIES, IF ANY, LAWFULLY DUE TO THE
defendant that an action has been commenced against it. PHILIPPINE GOVERNMENT OR ANY OF ITS AGENCIES
A. MANAGER OR POLITICAL SUBDIVISIONS, HAS BEEN PAID
B. SUMMON C. THE PETITION FOR WITHDRAWAL OF LICENSE
C. PRESIDENT HAS BEEN PUBLISHED ONCE A WEEK FOR THREE
D. MEMBER CONSECUTIVE WEEKS IN A NEWSPAPER OF
A foreign corporation lawfully doing business in the GENERAL CIRCULATION IN THE PHILIPPINES
Philippines shall be bound by all laws, rules and regulations D. DONATIONS AND EMPLOYEE INTEREST MUST
applicable to: BE COMPLIED AS PER
A. MOTHER COUNTRY REQUEST
B. DOMESTIC CORPORATIONS OF ALL CLASS This pertains to the agency that investigates an alleged
C. DOMESTIC CORPORATIONS OF THE SAME violation of the Revised Corporation Code
CLASS Section 154 A. NATIONAL ELECTRIFICATION
D. GOVERNMENT AGENCY PROVISIONS ADMINISTRATION
Filing the articles of incorporation or bylaws of a foreign B. COMMISSION
corporation shall not itself enlarge or alter: C. GOVERNMENT
A. AUTHORIZED BUSINESS PURPOSES D. PHILIPPINE NATIONAL POLICE
B. MODE OF BUSINESS TRANSACTIONS The SEC, through its designated officer, may do the
C. CONTENTS ABOUT THE CORPORATION following, except:
D. NAME OF THE CORPORATION A. ADMINISTER OATHS AND COMPETITIONS
At this case, a foreign corporation shall obtain an amended B. ISSUE SUBPOENA AND SUBPOENA DUCES TECUM
license. C. TAKE TESTIMONY IN ANY INQUIRY OR
A. DESIRES TO PURSUE OTHER OR ADDITIONAL INVESTIGATION
PURPOSES IN THE PHILIPPINES D. MAY PERFORM OTHER ACTS NECESSARY TO THE
B. IT CHANGES LOCATION PROCEEDINGS OR
C. IT ADDS EMPLOYMENT RATE TO THE INVESTIGATION
D. IT DECLARES REVENUE INCOME It refers to the length of time the ex parte order is
These laws shall permit a foreign corporation and a domestic considered valid.
corporation for it to merge or consolidate. A. MINIMUM OF 2 WEEKS
A. PROVISIONS OF THE COURT B. MAXIMUM OF 20 DAYS
B. GOVERNMENT AGENCY DECLARATIONS C. MINIMUM OF 25 DAYS
C. PHILIPPINE LAWS AND BY THE LAWS OF ITS D. MAXIMUM OF 30 DAYS
INCORPORATION When the refusal amounts to clear and open defiance of the
D. PROVISIONS SET BY THE REGIONAL TRIAL COURT Commission’s order, decision, or subpoena, the Commission
AND SEC may
Foreign corporations transacting in the Philippines without impose a daily fine that amounts to:
license shall be: A. 2,000 PESOS
A. ALLOWED TO MAINTAIN OR INTERVENE IN ANY B. 1,500 PESOS
ACTION, SUIT OR PROCEEDING IN ANY COURT C. 1,000 PESOS
B. PERMITTED TO MAINTAIN OR INTERVENE IN D. 500 PESOS
ANY ACTION, SUIT OR PROCEEDING IN ANY The following sanctions may be impose by the Commission if
COURT OR ADMINISTRATIVE AGENCY the provision of the Corporation Code has been violated,
except: D. RETALIATION AGAINST WHISTLE BLOWERS
A. IMPOSITION OF FINE RANGING FROM 3,000 TO It refers to an act punished with a fine ranging from 100,000
2,000,000 PESOS to 1,000,000 pesos.
B. ISSUANCE OF A PERMANENT CEASE AND DESIST A. ENGAGING INTERMEDIARIES FOR GRAFT AND
ORDER CORRUPT PRACTICES
C. SUSPENSION OR REVOCATION OF THE B. COLLUSION OF INDEPENDENT DIRECTOR
CERTIFICATE OF C. CERTIFICATION OF INCOMPLETE REPORTS
INCORPORATION D. ACTING AS INTERMEDIARIES FOR GRAFT AND
D. DISSOLUTION OF THE CORPORATION AND CORRUPT PRACTICES
FORFEITURE OF ITS It refers to an act punished with a fine of ranging from
ASSETS 500,000 to 1,000,000 pesos.
The unauthorized use of corporate name shall be punished A. TOLERATING GRAFT AND CORRUPTION
with B. FRAUDULENT CONDUCT OF BUSINESS
this amount. C. COLLUSION OF INDEPENDENT DIRECTOR
A. 20,000 TO 250,000 PESOS D. ACTING AS INTERMEDIARIES FOR GRAFT AND
B. 15,000 TO 230,000 PESOS CORRUPT PRACTICES
C. 10,000 TO 200,000 PESOS This refers to a person who provides truthful information
D. 5,000 TO 150,000 PESOS relating to the commission of any offense or violation.
A. AGENT
These refers to people who wilfully holds office, or wilfully B. SECURITY COMMISSIONER
conceals disqualification that shall be punished with a fine C. WHISTLE BLOWER
of 10,000 to 200,000 pesos, and shall be permanently D. MANAGER
disqualified. Liability for any of the foregoing offenses and the other
A. DIRECTOR, MANAGER AND EMPLOYEE administrative, civil, or criminal liability under the
B. MANAGER, SECRETARY AND TREASURER Revised Corporation Code shall be:
C. DIRECTOR, TRUSTEE AND OFFICER A. JOINT
D. OFFICER, PRESIDENT AND EMPLOYEE B. SOLIDARY
This action shall be punishable with a fine ranging from C. SEPARATE
10,000 to 200,000 pesos or 20,000 to 400,000 if detrimental D. ADJUSTED
to the public. The following may be held liable if the offender is a
A. UNJUSTIFIED FAILURE OR REFUSAL BY THE corporation, except:
CORPORATION, OR BY THOSE RESPONSIBLE FOR A. DIRECTORS
KEEPING AND MAINTAINING CORPORATE B. OFFICERS
RECORDS C. EMPLOYEES
B. FAILURE TO COMPLY WITH THE PROCEDURES D. SHAREHOLDERS
GIVEN BY THE PROVISIONS OF THIS CODE These pertains to people punished with a fine not exceeding
C. FAILURE TO USE SPECIFIC DOCUMENT TYPE that imposed was imposed on the principal offenders.
THAT SHALL BE SUBMITTED AND VERIFIED BY THE A. CRIMINAL COURT
COMMISSION B. COMMISSION
D. FAILURE TO PAY TAXES IMPOSED BY THE C. GOVERNMENT
GOVERNMENT THROUGH ITS REPRESENTATIVES D. AIDERS AND ABETTORS
This person shall be punish with a fine if a wrongful It means the total shares of stock issued under binding
certification is detrimental to the public. subscription agreements to subscribers or stockholders.
A. EVERY EMPLOYEE A. OUTSTANDING CAPITAL STOCK
B. AUDITOR B. REVENUE
C. SECRETARY C. ASSETS
D. MANAGER D. SUBSCRIBED SHARES
If this person, in collusion with the corporation’s directors Their name can be designated other than as board of trustees.
or representatives, certifies the financial statements A. CHIEF OFFICERS
despite of incompleteness or inaccuracy, he shall be fined B. MANAGERS
with 80,000 to 500,000 pesos. C. OFFICERS
A. TREASURER D. GOVERNING BOARDS
B. INDEPENDENT DIRECTOR They are authorized to collect, retain, and use fees, fines,
C. MANAGER and other charges pursuant to the Revised Corporation Code.
D. INDEPENDENT AUDITOR A. COURT
It refers to the amount fined if a corporation obtains a B. COMMISSION
corporate registration through fraud. C. NATIONAL ECONOMIC AND DEVELOPMENT
A. 50,000 TO 500,000 AUTHORITY
B. 100,000 TO 1,000,000 D. AUTHORITY
C. 150,000 TO 1,500,000 They shall determine if the corporate vehicle has been used
D. 200,000 TO 2,000,000 by any corporation, business r industry to frustrate the
It refers to an act punished with a fine ranging from 200,000 provisions of the Revised Corporation Code.
to 2,000,000 pesos. A. NATIONAL ECONOMIC AND DEVELOPMENT
A. FRAUDULENT CONDUCT OF BUSINESS AUTHORITY
B. VIOLATION OF THE CODE B. COMMISSION
C. TOLERATING GRAFT AND CORRUPTION C. COURT
D. RETALIATION OF WHISTLE BLOWERS D. AUTHORITY
It refers to an act punished with a fine ranging from 100,000 These are submitted annually and within such period as may
to 5,000,000 pesos. prescribed by the Commission.
A. ACTING AS INTERMEDIARIES FOR GRAFT AND A. BANK STATEMENTS
CORRUPT PRACTICES B. ARTICLES OF INCORPORATION
B. FRAUDULENT CONDUCT OF BUSINESS C. BYLAWS
C. ENGAGING INTERMEDIARIES FOR GRAFT AND D. REPORTORIAL REQUIREMENTS
CORRUPT PRACTICES This has the power to visit over all corporations.
A. COURT
B. NATIONAL ECONOMIC AND DEVELOPMENT
AUTHORITY
C. COMMISSION
D. AUTHORITY
This has jurisdiction to issue a restraining order,
preliminary injunction, or preliminary mandatory injunction
in any case directly or indirectly interfering with the
powers, duties and responsibilities of SEC.
A. COURT OF APPEALS
B. GOVERNMENT
C. BARANGAY CHIEFS
D. NATIONAL ECONOMIC AND DEVELOPMENT
AUTHORITY
They are to develop and implement an electronic filing and
monitoring system.
A. NEDA
B. COURT OF APPEALS
C. DOST
D. SEC

The following are bound by the arbitration agreement, except:

A. DIRECTORS
B. OFFICERS
C. CREDITORS
D. MANAGERS
The powers, authorities, and responsibilities of this agency
involving party-list organizations are transferred to the
Commission on Elections.
A. NATIONAL ECONOMIC AND DEVELOPMENT
AUTHORITY
B. AUTHORITY
C. NATIONAL ELECTRIFICATION AUTHORITY
D. COMMISSION
This exercises primary authority over corporations such as
banks, nonbank financial institutions, and insurance
companies under their supervision and regulation.
A. BANGKO SENTRAL NG PILIPINAS
B. CHINA BANK
C. COMMISSION ON AUDIT
D. NATIONAL ECONOMIC AND DEVELOPMENT
AUTHORITY
No right or remedy in favour of or against any corporation,
its stockholders, members, directors, trustees, or officers
shall be:
A. REMOVED OR IMPAIRED
B. SATISFIED
C. REVISITED
D. RENEWED
It is period to comply given to a corporation lawfully
existing and doing business in the Philippines affected by
the requirements of the Revised Corporation Code.
A. NOT MORE THAN 1 YEAR
B. NOT MORE THAN 2 YEARS
C. LESS THAN 3 YEARS
D. LESS THAN 4 YEARS
Provisions of the Revised Corporation Code which are not
affected by invalid or unconstitutional provisions of the Act
shall:
A. BE VOIDED
B. CONTINUE IN FULL FORCE AND EFFECT
C. DISCONTINUE WITH ADJUSTMENTS
D. BE REVISITED AND RENEWED
Regulation contrary to the provisions of the Revised
Corporation Code is now:
A. MANDATED TO BE FOLLOWED
B. HELD IN JURISDICTION OF THE COURT
C. ADJUSTED TO THE ARTICLES OF INCORPORATION
D. REPEALED
This is where the Act shall be published.
A. BARANGAY ORDINANCES
B. OFFICIAL GAZETTE
C. INTERNATIONAL NEWSPAPERS
D. COMPANY