C 1 It is a corporation that is not required to

submit corporate bylaws.

A.STOCK CORPORATION
B.NON-STOCK CORPORATION
C.ONE PERSON CORPORATION
D.PRIVATE CORPORATION
C 2 Which of the following statements is not true
about a nonstock corporation?
A.THE RIGHT OF THE MEMBERS OF ANY CLASS OR
CLASSES TO VOTE MAY BE LIMITED,
BROADENED, OR DENIED TO THE EXTENT
SPECIFIED IN THE ARTICLES OF
INCORPORATION OR THE BYLAWS.
B.TERMINATION OF MEMBERSHIP SHALL
EXTINGUISH ALL RIGHTS OF A MEMBER IN THE
CORPORATION OR IN ITS PROPERTY, UNLESS
OTHERWISE PROVIDED IN THE ARTICLES OF
INCORPORATION OR THE BYLAWS.
C.GENERAL RULE IS: MEMBERSHIP IN A NONSTOCK
CORPORATION AND ALL RIGHTS ARISING
THEREFROM ARE TRANSFERABLE.
D.A NONSTOCK CORPORATION IS ONE WHERE NO
PART OF ITS INCOME IS DISTRIBUTABLE AS
DIVIDENDS TO ITS MEMBERS, TRUSTEES.
A 3 In a nonstock corporation, the number of this
component of a corporation may or may not be
more than fifteen (15) and shall hold office
for not more than three (3) years until their
successors are elected and qualified.
A.TRUSTEES
B.EXECUTIVE COMMITTEE
C.DIRECTORS
D.STOCKHOLDERS
D 4 Which of the following statements is not true
about the place of meetings of a nonstock
corporation?
A.REGULAR OR SPECIAL MEETINGS MAY BE HELD
 EVEN OUTSIDE THE PRINCIPLE OFFICE OF THE
CORPORATION IS LOCATED.
B.A PROPER NOTICE IS SENT TO ALL MEMBERS
INDICATING THE DATE, TIME, AND PLACE OF
MEETING.
C.THE PLACE OF MEETING SHALL BE WITHIN THE
PHILIPPINE TERRITORY.
D.THE PLACE OF MEETING MAY BE HELD EVEN
OUTSIDE THE PHILIPPINE TERRITORY.
C 5 It is not an effect of a dissolution of a
nonstock corporation.
A.LEGAL TITLE OF CORPORATE PROPERTIES SHALL
BE TRANSFERRED TO THE S/HS WHO WILL
BECOME CO-OWNERS THEREOF.
B.THE CORPORATION CEASES AS A BODY
CORPORATE TO CONTINUE THE BUSINESS FOR
WHICH IT WAS ESTABLISHED.
C.THE CORPORATION CONTINUES AS A BODY
CORPORATE FOR 5 YEARS FOR PURPOSES OF
WINDING UP OR LIQUIDATION.
D.A DISSOLVED CORPORATION CANNOT BE
REVIVED, HOWEVER, THOSE INTERESTED MAY
RE-INCORPORATE BY RE-FILING THE NEW
ARTICLES OF INCORPORATION.
B 6 This corporation may be incorporated as a
close corporation.
A.EDUCATIONAL INSTITUTIONS
B.MANUFACTURING INDUSTRIES
C.BANKS
D.MINING COMPANIES
D 7 The statement that describes a close
corporation.
A.IT IS A CORPORATION WHICH EXERCISES ITS
POWER FOR AN INDEFINITE PERIOD WITHOUT
STATE INTERFERENCE AND IS GIVEN THE
 STATUS OF A CORPORATION.
B.IT IS A COMMERCIAL CORPORATION ENGAGED IN
BUYING AND SELLING.
C.IT IS A CORPORATION WHERE THE
INCORPORATOR IS A NATURAL PERSON, TRUST
OR AN ESTATE.
D.IT IS A CORPORATION WHOSE MEMBERSHIP IS
LIMITED TO SELECTED PERSONS OR MEMBERS OF
THE FAMILY, NOT EXCEEDING 20 AND ITS
ISSUED SHARES OF STOCKS CAN ONLY BE
RESTRICTIVELY TRANSFERRED AND NOT LISTED
IN STOCK EXCHANGES HENCE NOT OFFERED TO
THE PUBLIC.
B 8 WHICH IS NOT INCLUDED IN THE ARTICLES OF
CORPORATION OF A CLOSE CORPORATION?
A.GREATER QUORUM OR VOTING REQUIREMENTS IN
THE MEETINGS OF STOCKHOLDERS OR DIRECTORS
THAN THOSE PROVIDED IN THIS CODE.
B.LESSER QUORUM OR VOTING REQUIREMENTS IN
THE MEETINGS OF STOCKHOLDERS OR DIRECTORS
THAN THOSE PROVIDED IN THIS CODE.
C.A CLASSIFICATION OF SHARES OR RIGHTS, THE
QUALIFICATIONS FOR OWNING OR HOLDING THE
SAME, AND RESTRICTIONS ON THEIR
TRANSFERS, SUBJECT TO THE PROVISIONS OF
THE FOLLOWING SECTION.
D.A CLASSIFICATION OF DIRECTOR INTO ONE (1)
OR MORE CLASSES, EACH OF WHOM MAY BE
VOTED FOR AND ELECTED SOLELY BY A
PARTICULAR CLASS OF STOCK.
B 9 The validity of stocks on transfer shares in
a close corporation is seen in the following,
except:
A.CERTIFICATE OF STOCK
B.MINUTE BOOK
C.BYLAWS
 D.ARTICLES OF INCORPORATION
C 10 The trustees of this type of corporation
shall not be less than five (5) nor more than
fifteen (15) and the number of trustees shall
be in multiples of five (5).
A.CLOSE CORPORATION
B.STOCK CORPORATION
C.EDUCATIONAL CORPORATION
D.NONSTOCK CORPORATION