MCQ on Revised Corporation Code

Sections 1-188

C 102
102 RA No.
No. 1112
1232
32:
: T The
he Code
Code shal
shall
l bbe
e kno
known
wn as the
the
A. REVI
REVISED
SED COOPERATI
COOPERATIVE VE CODE OF THE PHIL
PHILIPPI
IPPINES
NES
Section 1 B. REVI
REVISED
SED PARTNERSH
PARTNERSHIP IP CODE OF THE PHIL
PHILIPPI
IPPINES
NES
C. REVI
REVISED
SED CORPORATI
CORPORATION ON CODE OF THE PHIL
PHILIPPI
IPPINES
NES
D. REVI
REVISED
SED CORPORATI
CORPORATION ON OF THE PHILI
PHILIPPINE
PPINESS
D 103 The follow
following
ing pertai
pertains
ns to the charac
character
terist
istics
ics of a
corporation, except:
Section 2 A. CREA
CREATED
TED BYBY OPER
OPERATION
ATION OF LAW
LAW
B. HAS A RIGHT
RIGHT OF SUCCESSION
SUCCESSION
C. IT IIS
S AN ARTIF
ARTIFICIA
ICIALL BEING
BEING
D. IT HAS THE POWE
POWERS,
RS, ATTR
ATTRIBUTE
IBUTESS AND PROPER
PROPERTIES
TIES
NOT EXPRESSLY AUTHORIZED BY LAW OR INCIDENTAL
TO ITS EXISTENCE
A 104 It refers
refers to a corpcorpora
oratio
tionn whic
which
h have
have capita
capitall sstoc
tockk
divided into shares.
Section 3 A. STOCK
STOCK CORPOR
CORPORATIATION
ON
B. NON-
NON-STOCK
STOCK CORPORATIO
CORPORATION N
C. STOCK
STOCK COOPER
COOPERATIATIVE
VE
D. STOCK
STOCK PARTNE
PARTNERSHRSHIP
IP
C 105
105 A gove
govern
rnme
ment
nt ccor
orpo
pora
rati
tion
on iis
s norm
normal
ally
ly ccre
reat
ated
ed bby:
y:
A. GENE
GENERA
RAL
L LLAW
AW
Section 4 B. SPEC
SPECIF
IFIC
IC L LAW
AW
C. CH
CHAR
ARTE
TER
R
D. SIGNIF
SIGNIFYIN
YING G LAW
LAW
D 106
106 This
This r
ref
efer
erss to a pers
person
on wwho
ho bri
bring
ngss ab
abou
out
t or c cau
ause
se
to bring about the information and organization of
Section 5 a corporation.
A. INCORP
INCORPORA
ORATOR
TORSS
B. UNDE
UNDERW
RWRI
RITE
TERR
C. CORPOR
CORPORATE
ATE OFFIC
OFFICERS
ERS
D. PR
PROM
OMOT
OTER
ER
C 107
107 This
This m
mus
ust
t bbe
e in ththee ar
arti
ticl
cles
es oof
f inc
incor
orpo
pora
rati
tion
on
A. CLAS
CLASSIFIC
SIFICATION
ATION OF SHARES, THEIR CORRECORRESPOND
SPONDING
ING
Section 6 RIGHTS, PRIVILEGES, OR RESTRICTIONS, AND THEIR
STATED MARKET VALUE, IF ANY.
B. CLAS
CLASSIFIC
SIFICATION
ATION OF SHARES, THEIR CORRECORRESPOND
SPONDING
ING
DEMANDS, PRIVILEGES, OR RESTRICTIONS, AND
THEIR STATED MARKET VALUE, IF ANY.
C. CLAS
CLASSIFIC
SIFICATION
ATION OF SHARES, THEIR CORRECORRESPOND
SPONDING
ING
RIGHTS, PRIVILEGES, OR RESTRICTIONS, AND THEIR
STATED PAR VALUE, IF ANY.
D. CLAS
CLASSIFIC
SIFICATION
ATION OF SHARES, THEIR CORRECORRESPOND
SPONDING
ING
RIGHTS, DEMANDS, PRIVILEGES, OR RESTRICTIONS
B 108
108 The
The ex
excl
clus
usiv
ive
e ririgh
ghtt to vvot
ote
e an
and
d be vot
voted
ed ffor
or in
in the
the
election of directors, if granted, it must be for a
Section 7 limited period which is:
A. PERI
PERIOD
OD NOT TO EXCEED
EXCEED 5 YEARS FROMFROM THE DATE OF
CORPORATION
 

B. PERI
PERIOD
OD NOT TO EXCEED
EXCEED 5 YEARS
YEARS FROM THE DATE OF
INCORPORATION
C. PERI
PERIOD
OD NOT TO EXCEED
EXCEED 3 YEARS FROMFROM THE DATE OF
CORPORATION
D. PERI
PERIOD
OD NOT TO EXCEED
EXCEED 3C YEARS FROM FROM THE DATE OFOF
INCORPORATION
A 109
109 This
This p
per
erta
tain
inss to s sha
hare
res
s wh
whic
ich
h ar
are
e rede
redeem
emab
able
le aat
t a
fixed date.
Section 8 A. REDEEM
REDEEMABL
ABLEE SHARE
SHARE
B. CONVER
CONVERTIB
TIBLE
LE SHARE
SHARE
C. SUBSCR
SUBSCRIBE
IBEDD SHARE
SHARE
D. FRACTI
FRACTIONA
ONALL SHARE
SHARE
C 110 It refers
refers to stocks
stocks which
which contem
contempla
plates
tes an origin
original
al
issuance of shares.
Section 9 A. TREASU
TREASURYRY SHARES
SHARES
B. FRACTI
FRACTIONA
ONALL SHARES
SHARES
C. WATERE
WATERED D STOC
STOCKS
KS
D. ORDINA
ORDINARYRY STOCKS
STOCKS
A 111
111 A pers
person
on wwit
ithh a sising
ngle
le ssto
tock
ckho
hold
lder
er iis
s cons
consid
ider
ered
ed
A. ONE PERSON
PERSON C CORPOR
ORPORATIO
ATIONN
Section B. SING
SINGLE
LE PERSON
PERSON CORP
CORPORATI
ORATION
ON
10 C. LONE
LONELY
LY PERSON
PERSON CORP
CORPORATI
ORATION
ON
D. ELEC
ELECTED
TED PERSON
PERSON CORPORATIO
CORPORATION N
B 112
112 It ref
refer
ers
s to a corp
corpororat
atee te
term
rm for
for a spe
speci
cifi
fic
c pe
peri
riod
od
A. IT SHAL
SHALLL ALWAYS BE FIXEDFIXED BY AMENDIN
AMENDINGG THE
Section ARTICLES OF INCORPORATION.
11 B. IT MAY BE EXTEXTENDED
ENDED OROR SHORTENED
SHORTENED BY AMENDING
AMENDING
THE ARTICLES OF INCORPORATION.
C. IT SHALL ALWAYS BE DELIBERATE BY AMENDING AMENDING THE
ARTICLES OF INCORPORATION.
D. IT MAY BE E EXTEN
XTENDED
DED BUT NOTNOT SHORTENE
SHORTENED D BY
AMENDING THE ARTICLES OF INCORPORATION.
B 113 Within
Within stock
stock corpor
corporatiations
ons, , min
minimu
imum
m aut
author
horize
ized
d
capital stock is:
Section A. RE
REQU
QUIR
IRED
ED
12 B. NO
NOTT REQ
REQUI
UIRE
REDD
C. FIXED
D. DE
DEFI
FINI
NITE
TE
B 114 Which language shall corporations use in filing
Sec. articles of incorporation with the Commission?
Section 13 A. AN
ANYY LAN
LANGU
GUAG
AGEE
13 B. ANY OFFICIAL
OFFICIAL LANGUAGE
LANGUAGE
C. EN
ENGL
GLIS
ISHH ON
ONLY
LY
D. TAG
TAGALO
ALOGG AND ENGLI
ENGLISH
SH
A 115 The articles of incorporation of all domestic
Sec. corporation shall comply substantially with what?
Section 14 A. A FFO
ORM
14 B. AN AAME
MEND
NDME
MENT
NT
C. A RES
RESTRI
TRICTI
CTION
ON
D. AN AAGR
GREE
EEME
MENT
NT
A 116 An amendment must be accompanied by a favorable
 

Sec. recommendation of the appropriate government agency

Section 15 is cases of:
15 A. PRENEED
B. NASA
C. HOSP
HOSPIITALS
TALS
D. HOTELS
HOTELS AND RESTAU
RESTAURAN
RANTS
TS
D 117 It has the power to disapprove the articles of
Sec. incorporation or any amendment thereto if the same
Section 16 is not compliant with the requirements of this
16 Code.
A. GOVE
GOVERN
RNME
MENT
NT
B. COURT
C. SECR
SECREETARY
TARY
D. COMM
COMMIS
ISSI
SION
ON
A 118 A corporate name that is not distinguishable is:
Sec. A. NOT
NOT AL
ALLO
LOWE
WEDD
Section 17 B. ALLOWED
17 C. SEMI
SEMI-A
-ALL
LLOW
OWED
ED
D. UNDE
UNDERR C
COM
OMPL
PLIA
IANC
NCE
E
D 119 It is where a corporation which commences its
Sec. corporate existence and juridical personality
Section 18 deemed.
18 A. GOVE
GOVERN
RNME
MENT
NT
B. COURT
C. SOCIETY
D. COMM
COMMIS
ISSI
SION
ON
D 120 It is not a requirement before one can qualify as a
Sec. de facto corporation.
Section 19 A. THE EXISTE
EXISTENCE
NCE OF A VALID LAW UNDER
UNDER WHICH
WHICH IT
19 MAY BE INCORPORATED.
B. AN ATTEMPT
ATTEMPT IN GOOD
GOOD FAITH
FAITH TO INCORPORA
INCORPORATE
TE
C. ASSUMPTION
ASSUMPTION OF CORPORATE
CORPORATE POWERS
POWERS
D. EXTRAJUDIC
EXTRAJUDICIAL
IAL COURT
COURT AGRE
AGREEMENT
EMENT
B 121 It refers to an equivocal and intentional for, when
Sec. misapplied, it can easily become a most convenient
Section 20 and effective means of injustice.
20 A. PRED
PREDIC
ICAT
ATED
ED F FRA
RAUD
UD
B. DOCTRI
DOCTRINE
NE OF ESTOPP
ESTOPPEL
EL
C. DE FAC
FACTO
TO OOWN
WNER
ERSH
SHIP
IP
D. OSTENS
OSTENSIBL
IBLE
E COMM
COMMITM
ITMENT
ENT
A 122 It shall happen if a corporation fails to formally
Sec. organize and commence its business within 5 years
Section 21 from the date of its incorporation.
21 A. CERTIFICAT
CERTIFICATE E OF INCO
INCORPORA
RPORATION
TION SH
SHALL
ALL BE DEEMED
DEEMED
REVOKE
B. THE CORPOR
CORPORATION
ATION SHALL CONTINUE
CONTINUE TO EEXIST
XIST AAS
S DE
FACTO
C. THE INCORP
INCORPORATO
ORATORS
RS SHA
SHALL
LL BE PURSUIT
PURSUIT FOR CRIME
CRIME
OF NEGLIGENCE
D. THE ARTICL
ARTICLES
ES OF INCORPORAT
INCORPORATION
ION SSHALL
HALL BE
REESTABLISHED
 

C 123 It refers to the governing body of a corporation.

Sec. A. CEO,
CEO, COO
COO AAND
ND CFO
CFO
Section 22 B. STOC
STOCKH
KHOL
OLDE
DERS
RS
22 C. BOAR
BOARDD OF D DIR
IREC
ECTO
TORS
RS
D. MANA
MANAGGERS
ERS
A 124 For the purposes of quorum, a stockholder or member
Sec. who participates through remote communication or in
Section 23 absentia shall be deemed:
23 A. PRESENT
B. ABSENT
C. EMAN
EMANCI
CIPA
PATE
TEDD
D. INCA
INCAPA
PACI
CITA
TATE
TEDD
A 125
125 It ref
refer
ers
s t to
o a pos
posit
itio
ionn th
that
at mus
mustt be ex
exprpres
essl
sly
y
mentioned in the by-laws in order to be considered
Section as it is.
24 A. CORP
CORPOR
ORAT
ATE
E OFF
OFFIC
ICER
ER
B. MANAGER
C. INCO
INCORP
RPOR
ORAT
ATOR
OR
D. STOC
STOCKH
KHOL
OLDE
DERR
D 126 It mandat
mandates
es that
that all corpor
corporati
ations
ons duly
duly org
organi
anized
zed
pursuant thereto are required to submit to the SEC
Section the names, nationalities, shareholdings, and
25 residences of the directors, trustees and officers
elected.
A. SEC
B. PENA
PENALL CCOD
ODEE
C. GOVERN
GOVERNMEN
MENTT AGE
AGENCI
NCIES
ES
D. CORP
CORPOR
ORAT
ATIO
IONN CO
CODE
DE
A 127
127 Disq
Disqua
uali
lifi
fica
cati
tion
onss of a dire
direct
ctor
or,, tr
trus
uste
tee e or
officers includes the following, except:
Section A. CONVICTED
CONVICTED BY P PRELI
RELIMINAR
MINARYY JU
JUDGMEN
DGMENT T
26 B. CONVIC
CONVICTED
TED BYBY FIN
FINAL
AL JUDGM
JUDGMENT
ENT
C. FOUND ADMINI
ADMINISTRA
STRATIVEL
TIVELY Y LIABL
LIABLEE FOR ANY OFFEN
OFFENSE
SE
INVOLVING FRAUDULENT ACTS
D. BY A FOREI
FOREIGN
GN COURT
COURT OF EQUIVALENT
EQUIVALENT FOREIGN
FOREIGN
REGULATORY AUTHORITY FOR ACTS, VIOLATIONS OR
MISCONDUCT
B 128
128 Remo
Remova
val
l oof
f dir
direc
ecto
tors
rs or trus
truste
tees
es may
may b be:
e:
A. WITH
WITH CAUS
CAUSEE ON
ONLY
LY
Section B. WITH
WITH OROR WITH
WITHOUT
OUT CAUSE
CAUSE
27 C. BY A STA
STATE
TEDD MA
MANA
NAGE
GERR
D. BY AN OFFICI
OFFICIALAL MEMBER
MEMBER
A 129
129 It is
is when
when an eleelect
ctio
ion
n be heheld
ld iif
f the
the vaca
vacanc
ncy
y is
due to term expiration.
Section A. NO LATER
LATER T THAN
HAN THTHE
E DAY OF SUCH
SUCH EXEXPIRAT
PIRATION
ION
28 B. AFTER
AFTER THE
THE DAY
DAY OF E EXPI
XPIRAT
RATION
ION
C. AFTER
AFTER THE
THE ANN
ANNULM
ULMENT
ENT OFOF DEE
DEEDS
DS
D. ON THE
THE DAY
DAY OFOF CELEB
CELEBRAT
RATION
ION
B 130
130 They
They are
are nnot
ot invo
involvlvee i
inn t
the
he prov
provis
isio
ion
n oonn
compensation of directors
Section A. CORPORATE
CORPORATE O OFFICE
FFICERS
RS WHO ARE
ARE ALS
ALSOO DIRECTOR
DIRECTORSS
 

29 B. CORPORATE OFFICERS WHO ARE NOT DIRECTORS

C. CORPOR
CORPORATE
ATE DIRECT
DIRECTORS
ORS
D. ANY CORPOR
CORPORATE
ATE OFFICE
OFFICER R
A 131 It implie
impliess the
the breach
breach of faith
faith and willfu
willful l fail
failure
ure
to respond to plan.
Section A. BAD
BAD FAITH
AITH
30 B. BREA
BREACH
CH OOFF CONT
CONTRA
RACT
CT
C. GOOD
GOOD FAIT
FAITH H
D. BREACH
BREACH ON MORA
MORAL
L DILEM
DILEMMA
MA
B 132
132 A cont
contra
ract
ct oof
f the
the corp
corpor
orat
atio
ionn wi
with
th one
one or
or more
more of
of
its directors or trustees, officers or their
Section spouses and relatives within the fourth civil
31 degree of consanguinity or affinity is considered:
A. VOID
B. VOID
VOIDA
ABLE
BLE
C. AGREED
D. ACCE
ACCEP
PTED
TED
A 133 These
These pertai
pertains
ns to member
members s of
of the
the board
board of direct
directors
ors
in a certain corporation who are also directors in
Section another corporation.
32 A. INTERL
INTERLOCK
OCKING
ING DIRECT
DIRECTORS
ORS
B. CROS
CROSS
S DDIR
IREC
ECTO
TORS
RS
C. INTERD
INTERDEPE
EPENDE
NDENT
NT DIRECT
DIRECTORS
ORS
D. CROSS-
CROSS-COM
COMPAN
PANYY DIRECT
DIRECTORS
ORS
A 134
134 His
His ac
act
t viol
violat
atin
ingg th
thee doct
doctri
rine
ne o
of
f corp
corpor
orat
ate
e
opportunity can be ratified.
Section A. DIRE
DIREC
CTOR
TOR
33 B. STOC
STOCKH
KHOL
OLDE
DER
R
C. SHAR
SHAREH
EHOL
OLDE
DER
R
D. MANAGER
A 135
135 It is
is a body
body cre
creat
ated
ed bby
y the
the by-l
by-law
awss an
and
d comp
compos
osed
ed oof
f
not less than three members of the board.
Section A. EXECUT
EXECUTIVE
IVE COMMIT
COMMITTEE
TEE
34 B. MANAGE
MANAGERIA
RIALL COM
COMMIT
MITTEE
TEE
C. BOAR
BOARD
D CCOM
OMMI
MITT
TTEE
EE
D. EXECUT
EXECUTORY
ORY COMMIT
COMMITTEE
TEE
A 136
136 It per
perta
tain
ins
s to a ann acti
action
on bbro
roug
ught
ht bby
y a stoc
stockh
khol
olde
der
r
on behalf of the corporation to enforce corporate
Section rights against the corporation’s directors,
35 officers or other insiders.
A. DERI
DERIVA
VATI
TIVE
VE SUIT
SUIT
B. CRIM
CRIMIN
INAL
AL SSUI
UITT
C. GOVE
GOVERN
RNME
MENT
NTAL
AL SU
SUIT
IT
D. CORP
CORPOR
ORAT
ATEE SU
SUIT
IT
B 137 It means
means that
that a stockh
stockhold
older
er who dissen
dissented
ted and voted
voted
against the proposed corporate action, may choose
Section to get out of the corporation.
36 A. DELE
DELECT
CTUS
US PE
PERS
RSON
ONAE
AE
B. APPR
APPRAI
AISA
SALL RRIG
IGHT
HT
C. SHORTE
SHORTENIN
NINGG DEC
DECISI
ISION
ON
D. CORP
CORPOR
ORAT
ATEE RRIG
IGHT
HT
 

B 138
138 It is
is a long
long-t
-ter
ermm in
inde
debt
bted
edne
ness
ss ssec
ecur
ured
ed uusu
sual
ally
ly b
by
y
real property.
Section A. BOND
BOND IN
INDE
DEBT
BTED
EDNE
NESS
SS
37 B. BONDED
BONDED INDEBT
INDEBTEDN
EDNESS
ESS
C. BOND
BONDS
S INDE
INDEBTBTED
EDNE
NESS
SS
D. RESTRI
RESTRICTE
CTEDD INDEBT
INDEBTEDN
EDNESS
ESS
C 139 Its purpos
purposee is
is to
to enab
enable
le the shareh
sharehold
older
er to ret
retain
ain
his proportionate control in the corporation.
Section A. BOND
BOND IN
INDE
DEBT
BTED
EDNE
NESS
SS
38 B. APPR
APPRAI
AISA
SALL RRIG
IGHT
HT
C. PRE-
PRE-EM
EMPT
PTIV
IVEE RIG
RIGHT
HT
D. CORP
CORPOR
ORAT
ATEE RRIG
IGHT
HT
C 140
140 A sal
sale
e oof
f all
all or subs
substatant
ntia
iall
lly
y aall
ll of the
the
corporation’s properties and assets must be
Section authorized by
39 A. MANA
MANAGE
GERS
RS’’ VO
VOTE
TE
B. OFFICI
OFFICIATI
ATING
NG OFFICI
OFFICIALS
ALS’’ VOTE
C. STOCKH
STOCKHOLD
OLDER
ER AND MEMBE
MEMBER’S
R’S VOTE
VOTE
D. CREDIT
CREDITOR
OR AND
AND CEO’
CEO’SS VOTE
VOTE
C 141
141 Thes
These
e re
refe
fer
r to sh
shar
ares
es wh
whic
ich
h ar
are
e les
less
s th
than
an one
one
share.
Section A. SING
SINGLE
LE SSHA
HARE
RES
S
40 B. CORP
CORPOR
ORAT
ATEE SH
SHAR
ARES
ES
C. FRAC
FRACTI
TION
ONAL
AL SH
SHAR
ARES
ES
D. MEDI
MEDIUM
UM SSHA
HARE
RES
S
B 142
142 It inc
inclu
lude
des
s an
any
y corp
corpor
orat
atee pr
prop
oper
erty
ty t
to
o be use
used
d in
furtherance of business.
Section A. ASSETS
41 B. FUNDS
C. PETT
PETTY
Y CA
CASH
SH FUND
FUND
D. BONDS
C 143 These
These are corpor
corporate
ate profit
profits s set aside,
aside, declar
declared,
ed,
and ordered to be paid by the directors for
Section distribution among stockholders at a fixed time.
42 A. RETA
RETAIN
INED
ED EA
EARN
RNIN
INGS
GS
B. CASH
CASH FUND
FUNDSS
C. DIVI
DIVID
DENDS
ENDS
D. COMP
COMPEN
ENSA
SATI
TION
ON
B 144 This
This pert
pertain
ainss to
to a person
person which
which repres
represent
ents
s the
the same
same
interest of both the managing and the managed
Section corporations.
43 A. INTERL
INTERLOCK
OCKING
ING MANAGE
MANAGERSRS
B. INTERL
INTERLOCK
OCKING
ING STOCKH
STOCKHOLD
OLDERS
ERS
C. CROS
CROSS
S MA
MANA
NAGE
GERS
RS
D. CROSS
CROSS STOCK
STOCK DIRECT
DIRECTORS
ORS
A 145
145 An act
act oout
utsi
side
de or beyo
beyond
nd corp
corpor
orat
ate
e p
pow
ower
ers.
s.
A. ULTR
ULTRA
A V
VIR
IRES
ES AC
Section B. ULTR
ULTRA
A VI
VIRU
RUSS AACT
CT
44 C. ULTR
ULTRAM
AM VI
VIRE
RESS AACT
CT
D. EXTR
EXTRAJ
AJUD
UDIC
ICIA
IAL
L ACT
B 146 Generally, third persons are considered:
 

A. BOUN
BOUND
D BBY
Y BBY-
Y-LA
LAWS
WS
Section B. NOT
NOT BO
BOUN
UND
D BY B BY-
Y-LA
LAWS
WS
45 C. BOUN
BOUND
D BBY
Y TTHE
HE SEC
SEC
D. NOT
NOT BO
BOUN
UND
D BY THTHEE SSEC
EC
D 147 A priv
private
ate corpor
corporatiation
on ay provid
providee the
the follow
following
ing in
its bylaws, except:
Section A. THE PENALT
PENALTIES
IES FOFOR
R VIOLATIO
VIOLATION N OF TTHE
HE BYLAWS
BYLAWS
46 B. THE TIME,
TIME, PLACE AND MANNERMANNER OF CALLING
CALLING AND
CONDUCTING REGULAR OR SPECIAL MEETINGS
C. THE REQUIR
REQUIREDED QUQUORUM
ORUM IN M MEETIN
EETINGSGS OF
STOCKHOLDERS OR MEMBERS
D. THE PROVISIO
PROVISION N DEMA
DEMANDING
NDING EXECU
EXECUTORY
TORY INVEST
INVESTMENTS
MENTS
AND SHARES
C 148
148 It sha
shall
ll i
iss
ssue
ue tthe
he cer
certi
tifi
fica
cati
tion
on for
for it to b be
e
effective upon its issuance on the amended or new
Section by-laws.
47 A. COURT
B. GOVE
GOVERN
RNME
MENT
NT
C. SEC
D. CORP
CORPOR
ORAT
ATIO
IONN
A 149 Meetin
Meetings
gs of direct
directors
ors,, trus
trustee
tees,
s, stockh
stockhold
olders
ers,
, or
or
members may be at a
Section A. REGU
REGULA
LARR OR S SPE
PECI
CIAL
AL
48 B. FIXED
FIXED OR PRE-EM
PRE-EMPTI
PTIVE
VE
C. EARL
EARLY
Y OOR
R LLAT
ATEE
D. REGU
REGULA
LARR OOR
R FIX
FIXED
ED
B 150 The follow
following
ing are requir
requireme
ements
nts for stockh
stockhold
olders
ers’’ or
or
members’ meetings, except:
Section A. HELD
HELD AT
AT A PROPER
PROPER PLACE
PLACE
49 B. HELD AT A S STATED
TATED DATE AT NO APPOINTED
APPOINTED TIME
C. CALLED
CALLED BY THETHE PR
PROPE
OPERR PERSON
PERSON
D. THERE
THERE MUST
MUST BE A P PREV
REVIOU
IOUS
S NOTICE
NOTICE
C 151
151 This
This iis
s a kind
kind ofof meet
meetining
g wh
wher
erei
ein
n at llea
east
st o
one
ne wee
weekk
written notice shall be sent to all stockholders or
Section members.
50 A. REGU
REGULA
LARR MMEE
EETI
TING
NG
B. PRE-EM
PRE-EMPTI
PTIVE
VE MEETIN
MEETING G
C. SPEC
SPECIA
IALL MMEE
EETI
TING
NG
D. FIXE
FIXED
D ME
MEET
ETIN
INGG
A 152
152 It is
is coun
counte
tedd as ththee b
bas
asis
is oof
f the
the pres
presen
ence
ce o
of
f a
quorum in meetings.
Section A. OUTSTA
OUTSTANDI
NDING
NG CAPIT
CAPITALAL STOCK
STOCK
51 B. ORDINA
ORDINARY
RY STOC
STOCKK PURCHA
PURCHASED
SED
C. WATE
WATERE
REDD ST
STOC
OCKS
KS
D. SUBS
SUBSCR
CRIB
IBED
ED SHSHAR
ARES
ES
B 153
153 It is
is cond
conduc
ucte
tedd mo
mont
nthl
hlyy an
anyw
ywhe
here
re iin
n or out
outsi
side
de oof
f
the Philippines.
Section A. SPEC
SPECIA
IALL MMEE
EETI
TING
NG
52 B. REGU
REGULA
LARR MMEE
EETI
TING
NG
C. PRE-EM
PRE-EMPTI
PTIVE
VE MEETIN
MEETING G
D. REGU
REGULA
LARR MMEE
EETI
TING
NG
 

A 154
154 A per
perso
son
n ttha
hat
t ssha
hall
ll pres
presid
idee a
at
t mee
meeti
ting
ngs.
s.
A. CHAI
CHAIRRMAN
MAN
Section B. VICE
VICE PRES
PRESID
IDEN
ENTT
53 C. MANAGER
D. PRES
PRESID
IDIN
ING
G MAN
MANAG
AGER
ER
A 155
155 Gene
Genera
rall
lly,
y, tthe
heyy ha
have
ve the
the rig
right
ht tto
o atte
attend
nd aand
nd vot
vote
e
at meetings of stockholders unless they authorized
Section their pledgee.
54 A. MORT
MORTGGAGOR
AGOR
B. MORT
MORTGGAGEE
AGEE
C. ASSI
ASSIGGNEE
NEE
D. CRED
CREDIITOR
TOR
D 156
156 It sha
shall
ll ccon
onse
sent
nt iin
n orde
orderr to v vot
ote
e in ccas
ase
e of s sha
hare
res
s
of stock owned jointly by two or more persons.
Section A. COURT
55 B. SEC
C. CORP
CORPOR
ORAT
ATE
E MANA
MANAGEGERS
RS
D. CO-O
CO-OWWNERS
NERS
D 157
157 This
This pert
pertai
ains
ns to stoc
stockk wwit
ithh n
no
o vot
votin
ingg r
rig
ight
ht..
A. ORDI
ORDINA
NARY
RY SHAR
SHARES
ES
Section B. WATE
WATERE
RED
D ST
STOC
OCKK
56 C. FRAC
FRACTI
TION
ONAL
AL S STO
TOCK
CK
D. TREA
TREASU
SURY
RY SHAR
SHARES
ES
B 158
158 The
The fo
foll
llow
owin
ing
g ar
are
e requ
requirirem
emen
ents
ts ffor
or val
valid
idit
ityy of a
proxy, except:
Section A. SHALL BE IN WRITIN
WRITING,G, IN ANY
ANY FORM AUTHORIZED
AUTHORIZED IN
57 THE BYLAWS
B. SHALL
SHALL BE SIGNED
SIGNED BY SEC
C. SHALL BE FILED
FILED BEFORE
BEFORE THE
THE SCHEDULED
SCHEDULED MEETING
MEETING
WITH THE CORPORATE SECRETARY
D. NO PROXY
PROXY SHALL
SHALL BE VALID
VALID AND
AND EFFECTI
EFFECTIVE
VE FOR A
PERIOD LONGER THAN 5 YEARS AT ANY ONE TIME.
C 159
159 It is
is a tru
trust
st ccre
reat
ated
ed by aann agre
agreem
emen
entt be
betw
twee
een
n a
group of the stockholders of a corporation and the
Section trustee.
58 A. CORP
CORPOR
ORAT
ATE
E TTRU
RUST
ST
B. CIVI
CIVILL TR
TRUS
USTT
C. VOTI
VOTING
NG TR
TRUS
UST
T
D. STOC
STOCKK AN
AND
D BOND
BOND TRU
TRUST
ST
D 160 It is any contra
contract
ct for the acquis
acquisiti
ition
on of unissu
unissued
ed
stock in an existing corporation or a corporation
Section still to be formed.
59 A. CORP
CORPOR
ORAT
ATE
E CONT
CONTRARACT
CT
B. PARTNE
PARTNERSH
RSHIP
IP CONTRA
CONTRACTCT
C. SEC
SEC CCON
ONTR
TRAC
ACT
T
D. SUBSCR
SUBSCRIPT
IPTION
ION CONTRA
CONTRACTCT
D 161
161 It pert
pertai
ains
ns to a kin
kindd oof
f sub
subsc
scri
ript
ptio
ion.
n.
A. INCORP
INCORPORA
ORATIO
TIONN SUB
SUBSCR
SCRIPT
IPTION
ION
Section B. POST-INCOR
POST-INCORPORAT
PORATING
ING SUBSCRIPTI
SUBSCRIPTIONON
60 C. COOPER
COOPERATI
ATING
NG SUBSCR
SUBSCRIPT
IPTION
ION
D. PRE-INCORP
PRE-INCORPORATI
ORATIONON SUBSC
SUBSCRIPT
RIPTION
ION
 

B 162
162 Stoc
Stock
k sh
shal
all
l no
not
t be ississue
ued
d fo
for
r a cons
considider
erat
atio
ion
n at
the value
Section A. MORE
MORE THAN
THAN THE P PAR
AR OR ISSU
ISSUED
ED PRICE
PRICE
61 B. LESS
LESS THAN
THAN THE P PAR
AR OR ISSU
ISSUED
ED PRICE
PRICE
C. MORE THAN THE M MARKE
ARKETT VALUE
VALUE OR PRICE
D. LESS THAN THE M MARKE
ARKETT VALUE
VALUE OR PRICE
B 163
163 It is
is an evi
evide
denc
ncee of t the
he hol
holde
der’
r’s
s ow
owne
ners
rshi
hipp of tthe
he
stock and of his rights as a shareholder.
Section A. SHAR
SHARES
ES OF STOC
STOCKSKS
62 B. CERTIF
CERTIFICA
ICATE
TE OF STOCK
STOCK
C. CERTIFICAT
CERTIFICATE E OF CORP
CORPORATE
ORATE MEMBERSHI
MEMBERSHIP P
D. SHAR
SHARES
ES OOF
F DIVID
DIVIDENENDS
DS
A 164
164 A cert
certif
ific
icat
atee of s sto
tock
ck ssha
hall
ll nnot
ot be
be issu
issued
ed tto
o this
this
person until the full amount of subscription,
Section interest and expenses has been paid.
63 A. SUBS
SUBSCR
CRIB
IBER
ER
B. STOC
STOCKH
KHOL
OLDE
DERR
C. BOND
BOND HOLD
HOLDER
ER
D. DEBTOR
B 165
165 It is the
the b
bas
asis
is of thethe ssol
olid
idar
aryy l
lia
iabi
bili
lity
ty of
directors.
Section A. CORPORATE
CORPORATE LIABI
LIABILITY
LITY OF T THEIR
HEIR POSIT
POSITION
ION
64 B. FIDUCIARY
FIDUCIARY CHARA
CHARACTER
CTER OF T THEIR
HEIR POSIT
POSITION
ION
C. RANKS
RANKS OF
OF THEIR
THEIR POSITI
POSITIONON
D. CREDITOR-D
CREDITOR-DEBTOR
EBTOR R RELAT
ELATIONSH
IONSHIP
IP OF THE
THEIR
IR POSITION
POSITION
C 166
166 They
They are
are hhel
eldd l
lia
iabl
blee t
too t
the
he corp
corpor
orat
atio
ion
n ffor
or
interest on all unpaid subscriptions from the date
Section of the subscription.
65 A. SHAR
SHAREH
EHOL
OLDE
DERR
B. STOC
STOCKH
KHOL
OLDE
DERR
C. SUBS
SUBSC
CRIBE
RIBE
D. CRED
CREDI
ITOR
TOR
A 167
167 It is
is when
when the
the pay
payme
ment
nt oof
f unpa
unpaid
id ssub
ubsc
scri
ript
ptio
ion
n or
any percentage thereof shall be made.
Section A. DATE STATE
STATED D IN T THE
HE CALL
CALL MAD
MADE
E BY THE
THE BOARD
BOARD
66 B. DATE SPECI
SPECIFIED
FIED I IN
N THE CORPORATE
CORPORATE CONTR
CONTRACT
ACT
C. DATE
DATE THE SUBSC
SUBSCRIB
RIBER
ER WANTS
WANTS TTO
O PAY
D. DATE
DATE OF ISSUA
ISSUANCE
NCE OFOF THE SHAR
SHARES
ES
B 168
168 This
This rref
efer
ers
s to a bidd
bidder
er wwho
ho sha
shall
ll ooff
ffer
er ttoo pay
pay the
the
full amount of the balance on the subscription for
Section the smallest number of shares.
67 A. MAXI
MAXIMU
MUMM BI
BIDD
DDER
ER
B. HIGH
HIGHES
ESTT BI
BIDD
DDER
ER
C. MINI
MINIMU
MUMM BI
BIDD
DDER
ER
D. LOWE
LOWEST
ST BBID
IDDE
DERR
B 169 No action
action shall
shall be mainta
maintaine
ined
d unle
unless
ss a comp
complai
laint
nt is
filed from the date of sale, of this long
Section A. AFTE
AFTER
R SSIX
IX MONT
MONTHSHS
68 B. WITH
WITHIN
IN SI
SIX
X MOMONT
NTHS
HS
C. AFTE
AFTER
R TTEN
EN MONT
MONTHSHS
D. WITH
WITHIN
IN TE
TEN
N MOMONT
NTHS
HS
 

D 170
170 A corp
corpororat
atio
ionn ma
may
y coll
collec
ectt th
the
e amou
amount
nt ddue
ue on
on any
any
unpaid subscription, with accrued interest, costs
Section and expenses through:
69 A. GOVERN
GOVERNMEN
MENTT CON
CONTRA
TRACT
CT
B. CORPOR
CORPORATE
ATE CREDIT
CREDITORSORS
C. CORPOR
CORPORATE
ATE FINANC
FINANCERSERS
D. COURT
A 171
171 This
This pper
erta
tain
inss to a pe pers
rson
on w who
ho is
is not
not incl
includ
uded
ed iin
n
the determination of quorum because he is not
Section entitled to vote.
70 A. HOLDER
HOLDER OF DELIN
DELINQUEQUENT
NT ST
STOCK
OCK
B. HOLDER
HOLDER OF ORDI
ORDINAR
NARYY STOCK
STOCK
C. HOLDER
HOLDER OF TREA
TREASUR
SURYY STOCK
STOCK
D. HOLDER
HOLDER OF WATE
WATERED
RED STOCK
STOCK
D 172
172 Hold
Holder
erss of ssub
ubsc
scri
ribebedd sh
shar
ares
es nnot
ot ful
fully
ly p pai
aid
d wh
whic
ich
h
are not delinquent shall have:
Section A. LESS
LESS RIGHTS
RIGHTS O OF
F A STO
STOCKH
CKHOLD
OLDER
ER
71 B. MINIMAL
MINIMAL R RIGHT
IGHTS S THAN
THAN A STOCK
STOCKHOLDE
HOLDER R
C. MORE
MORE RIGHTS
RIGHTS T THAN
HAN A STSTOCK
OCKHOL
HOLDER
DER
D. ALL RIGH
RIGHTS
TS OF A STOCK
STOCKHOL
HOLDER
DER
A 173
173 The
The fo
foll
llow
owin
ingg pe
pert
rtaiains
ns tto
o the
the liab
liabil
ilit
itie
iess of
stockholders, except:
Section A. LIABILITIE
LIABILITIES S FOFOR
R PAID
PAID SUBSCR
SUBSCRIPTIO
IPTION N
72 B. LIABIL
LIABILITI
ITIES
ES FOR WATER
WATEREDED STOCK
STOCK
C. LIABILITIE
LIABILITIES S FOR DIVIDEND
DIVIDEND UN UNLAWFU
LAWFULLY
LLY PA
PAID
ID
D. LIABILITIE
LIABILITIES S FOR INTEREST
INTEREST O ON
N UN
UNPAID
PAID
SUBSCRIPTION
A 174
174 It per
perta
tain
ins
s to w whe
here
re iinf
nfor
orma
mati
tion
on rrel
elat
atin
ingg to t
the
he
corporation shall be kept and preserved.
Section a. PRINCIPAL OFFICE
73 B. PRIMARY OFFICE
C. GENERAL OFFICE
D. OFFICE OFOF CU
CUSTOMER SE SERVICE
A 175
175 It shal
shalll h
hav
avee nno
o rig
rightht to insp
inspec
ect
t oor
r dem
deman
and
d
reproduction of corporate records.
Section A. COMP
COMPET
ETIT
ITOR
OR
74 B. BOND
BONDED
ED STO
STOCK
CKHO
HOLD
LDER
ER
C. SHAR
SHAREH
EHOL
OLDE
DERR
D. MEMBERS
D 176
176 This
This is unio
unionn wwhe
here
reby
by on
onee oor
r mor
more
e eexi
xist
stin
ing
g
corporations are absorbed by another corporation
Section that survives and continues the combined business.
75 A. INTERL
INTERLOCK
OCKING
ING CORPOR
CORPORATI
ATIONS
ONS
B. MOTH
MOTHER
ER COR
CORPO
PORA
RATI
TION
ON
C. COURT
D. MERGER
A 177
177 A noti
notice
ce o
of
f the
the meet
meetining
g sh
shal
all
l st
stat
atee wh
whic
ichh of th
thee
following:
Section A. PURPOSE
PURPOSE AND S SUMMAR
UMMARY Y OF THE PLAN OR OR MERGER
MERGER OR
76 CONSOLIDATION
B. PURP
PURPOS
OSEE O
ONL
NLYY
 

C. AGEN
AGENDA
DA ON
ONLY
LY
D. NAME
NAMES
S OOF
F AT
ATTE
TEND
NDEE
EE
A 178
178 It ref
refer
ers
s t
too who
who shal
shalll ce
cert
rtif
ifyy th
the
e arti
articl
cles
es of
merger or articles of consolidation.
Section A. SECR
SECRE
ETARY
TARY
77 B. TREA
TREAS
SURER
URER
C. CRED
CREDI
ITOR
TOR
D. MANAGER
B 179
179 It is
is when
when a cons
consololid
idat
atio
ion
n be
beco
come
me eeff
ffec
ecti
tive
ve.
.
A. UPON MERE AGREE
AGREEMENT
MENT OF T THE
HE MEMBERS
MEMBERS
Section B. UPON THE I ISSUAN
SSUANCE
CE OF THE CERTIFI
CERTIFICATE
CATE O
OF
F
78 CONSOLIDATION
C. UPON
UPON THE
THE MEETI
MEETINGNG AGRE
AGREED
ED
D. UPON
UPON THE APPRO
APPROVAL
VAL OF
OF PRE
PRESID
SIDENT
ENT
A 180
180 Its
Its ap
appr
prov
oval
al i is
s need
needed
ed oon
n the
the cert
certif
ific
icat
ate
e of
consolidation.
Section A. SEC
79 B. GOVE
GOVERN
RNME
MENT
NT
C. COMP
COMPET
ETIT
ITOR
ORSS
D. CRED
CREDI
ITORS
TORS
D 181
181 It ref
refer
ers
s t
too who
who may
may com
compe
pell th
thee cor
corpo
pora
rati
tion
on to
purchase his shares at their fair value in a close
Section corporation.
80 A. CRED
CREDI
ITOR
TOR
B. MEMBER
C. MANAGER
D. STOC
STOCKH
KHOL
OLDE
DERR
A 182
182 It is when
when the
the f fai
airr v
val
alue
ue of the
the ssha
hare
res
s o
of
f the
the
dissenting stockholder determined.
Section A. AS OF THE
THE DAY PRIOR
PRIOR TOTO THE DATE
DATE ON WH
WHICH
ICH THE
THE
81 VOTE IS TAKEN
B. AS OF
OF THE
THE D DAY
AY OF
OF ISSU
ISSUANC
ANCEE
C. AS OF THE
THE DAY
DAY OF COCOLLA
LLABOR
BORATI
ATION
ON
D. AS OF THE
THE DAY
DAY OF ININCOR
CORPOR
PORATI
ATION
ON
B 183 The voting
voting and divide
dividend nd rights
rights shall
shall immedi
immediate
ately
ly be
restored if the dissenting stockholder is not paid
Section the value of the said shares within:
82 A. 40 DAYS
B. 30 DAYS
C. 20 DAYS
D. 10 DAYS
A 184 This
This refe
refers
rs to the person
person who is no longer
longer allowe
allowedd
to withdraw from his decision once he demands
Section payments of his shares.
83 A. DISSEN
DISSENTIN
TINGG STOCK
STOCKHOL
HOLDER
DER
B. CORPOR
CORPORATE
ATE STOCKH
STOCKHOLD
OLDER
ER
C. CRED
CREDI
ITOR
TOR
D. ANY
ANY S
STO
TOCK
CKHO
HOLD
LDER
ER
B 185
185 Gene
Genera
rall
lly,
y, iit
t shal
shall l be
bear
ar the
the cos
costs
ts oof
f appr
apprai
aisa
sal.
l.
A. SEC
Section B. CORP
CORPOR
ORAT
ATIO
IONN
 

84 C. COURT
D. CRED
CREDIITOR
TOR
C 186
186 It is
is when
when a disdisse
sent
ntiningg st
stoc
ockh
khol
olde
der
r su
subm
bmit
it tthe
he
certificates of stock representing the shares to
Section the corporation.
85 A. AFTE
AFTERR 110
0 DDAY
AYSS
B. AFTE
AFTERR 330
0 DDAY
AYSS
C. WITH
WITHIN
IN 10 DAYS
DAYS
D. WITH
WITHIN
IN 30 DAYS
DAYS
B 187 The provis
provision
ions s gove
governi
rningng stock
stock corpor
corporati
ations
ons,, when
when
pertinent, shall be applicable to
Section A. PART
PARTNE
NERS
RSHI
HIPP
86 B. NONS
NONSTOCK
TOCK CORPO
CORPORATIRATIONON
C. COOPER
COOPERATI
ATIVES
VES
D. SOLE PROPRIETO
PROPRIETORSHI RSHIP P
C 188
188 This
This rref
efer
ers
s to t the
he corcorpo
pora
rati
tion
on ttha
hat
t ma
may
y be for
forme
med
d
or organized for charitable, religious,
Section educational, professional and fraternal purposes.
87 A. STOCK
STOCK CORPOR
CORPORATIATION ON
B. NONS
NONSTOCK
TOCK CORPO
CORPORATIRATIONON
C. VOID
VOID CORPOR
CORPORATIATIONON
D. ELEE
ELEEMOSYN
MOSYNARY
ARY CORPORATIO
CORPORATION N
C 189
189 This
This rrig
ight
ht oof
f the
the memb
membererss of aany
ny cla
class
ss oor
r clas
classe
ses
s
may be limited, broadened, or denied to the extent
Section specified in the articles of incorporation or the
88 bylaws.
A. ATTEND
ATTEND MEETIN
MEETING G
B. SHARE
SHARE DIVI
DIVIDEN
DENDSDS
C. VOTE
D. SUE AND BE SUED SUED
B 190
190 The
The fo
foll
llow
owin
ingg st
stat
atememen
ents
ts ddoe
oess no
nott defi
define
ne t the
he
concept of membership in a nonstock corporation
Section except
89 A. INTE
INTERPERS
RPERSONAL
ONAL A AND
ND UNLIMITE
UNLIMITED D
B. PERS
PERSONAL
ONAL ANDAND NONTRAN
NONTRANSFERA
SFERABLE
BLE
C. TRAN
TRANSFERA
SFERABLE
BLE AN ANDD DETERMINE
DETERMINED D
D. OBSO
OBSOLETE
LETE AND ORGANIZED
ORGANIZED
A 191
191 This
This pper
erta
tain
inss to on onee o of
f th
the
e requ
requir
irem
emen
ents
ts f for
or
termination of membership
Section A. OPPO
OPPORTUNI
RTUNITYTY T TO
O BE HEARD
90 B. NOTICE
NOTICE TO TO THE P PUBL
UBLIC
IC
C. MUST
MUST BE DONE
DONE IN PROX PROXY
Y
D. MEMB
MEMBERS
ERS SHOULD
SHOULD PRACTICE
PRACTICE JUDGE
JUDGEMENT
MENT OF THE COURT
COURT
B 192
192 Trus
Truste
tees
es shal
shall l hhol
old d o off
ffic
ice
e ffor
or
A. MORE
MORE THAN
THAN 2 YEARS
YEARS
Section B. NOT MORE
MORE THAN
THAN 3 Y YEAR
EARS
S
91 C. NOT MORE
MORE THAN
THAN 5 Y YEAR
EARS
S
D. LESS
LESS THAN
THAN 8 YEARS
YEARS
C 193
193 Prio
Priorr to an
anyy sc
sche
hedu
dule
led d el
elec
ecti
tion
on,, th
thee list
list ofof
members and proxies shall be updated for
Section A. 1 WWE
EEK
 

92 B. 10 DAYS
C. 20 DAY
DAYS
S
D. 2 WE
WEEKS
EKS
D 194 The assets
assets of a nonsnonstoc
tockk corp
corpora
oratio
tionn unde
undergo
rgoing
ing the
process of dissolution shall be applied and
Section distributed as follows, except
93 A. ASSE
ASSETS
TS HELD BY BY THE CORPORA
CORPORATION
TION UPON
UPON A
CONDITION REQUIRING RETURN, TRANSFER OR
CONVEYANCE, AND WHICH CONDITION OCCURS BY
REASON OF THE DISSOLUTION, SHALL BE RETURNED,
TRANSFERRED OR CONVEYED
B. ALL LIA
LIABILIT
BILITIES
IES AND OBLIGATI
OBLIGATIONS
ONS OF THE
CORPORATION SHALL BE PAID, SATISFIED AND
DISCHARGED
C. ASSE
ASSETS
TS RECEIVED
RECEIVED AND HELD BY THE CORPORAT
CORPORATION
ION
SUBJECT TO LIMITATIONS PERMITTING THEIR USE
ONLY FOR CHARITABLE, RELIGIOUS, BENEVOLENT,
EDUCATIONAL OR SIMILAR PURPOSES SHALL BE
TRANSFERRED OR CONVEYED TO ONE OR MORE
CORPORATIONS
D. ASSE
ASSETS
TS MAY BE DISTRIBUT
DISTRIBUTEDED TO SUCH PER
PERSONS,
SONS,
SOCIETIES, ORGANIZATIONS, HOMELESS PERSONS AND
CORPORATIONS, WHETHER OR NOT ORGANIZED FOR
PROFIT
A 195 Within
Within this,
this, the plan
plan ofof dist
distrib
ributi
ution
on of assets
assets may
be adopted
Section A. BY A MAJOR
MAJORITY
ITY OF VOTE
VOTE OF BOARD OF TRUSTEES
TRUSTEES ANAND
D
94 APPROVAL OF 2/3 OF THE MEMBERS HAVING VOTING
RIGHTS PRESENT OR REPRESENTED BY PROXY AT THE
MEETING
B. APPR
APPROVAL
OVAL OF 2/3 OF THE THE MEMBERS
MEMBERS HAVING
HAVING VOTING
VOTING
RIGHTS PRESENT OR REPRESENTED BY PROXY AT THE
MEETING
C. BY A MAJORITY OF OF VOTE OF MEMBERS AND APPROVAL
APPROVAL
OF 2/3 OF THE BOARD OF TRUSTEES HAVING VOTING
RIGHTS PRESENT OR REPRESENTED BY PROXY AT THE
MEETING
D. BY A MAJOR
MAJORITY
ITY OF VOTE
VOTE OF BOARD OF TRUSTEES
TRUSTEES ANAND
D
APPROVAL OF 75% OF THE MEMBERS HAVING VOTING
RIGHTS PRESENT OR REPRESENTED BY PROXY AT THE
MEETING
D 196
196 The
The fo
foll
llow
owin
ing
g ca
cann
nnot
ot i inc
ncor
orpo
pora
rate
te as a clclos
ose
e
corporation, except
Section A. BANKS
95 B. PUBLIC
PUBLIC UTIL
UTILITI
ITIES
ES
C. EDUC
EDUCATION
ATIONAL
AL I INSTIT
NSTITUTION
UTIONSS
D. NONSTO
NONSTOCK
CK EXCHAN
EXCHANGESGES
A 197
197 The
The a
art
rtic
icle
les
s oof
f inc
incor
orpo
pora
rati
tion
on of a clo
close
se
corporation may provide for the following, except:
Section A. A CLASS
CLASSIFICA
IFICATION
TION OF VOTING
VOTING RIGHTS
RIGHTS AND
96 QUALIFICATIONS OF OWNING OR HOLDING SHARES
 

B. A CLASSIF
CLASSIFICATION
ICATION OF DIRECTORS INTO INTO ONE OR MORE
CLASSES
C. A GREAT
GREATERER QUORUM
QUORUM OR VOTING REQUIRE
REQUIREMENTS
MENTS
D. THE BUS
BUSINESS
INESS OF THETHE CORPORATION
CORPORATION SH SHALL
ALL BE
MANAGED BY THE STOCKHOLDERS OF THE CORPORATION
A 198
198 It ref
refer
ers
s to o one
ne of
of the
the cond
condit
itio
ions
ns f for
or the
the val
valid
idit
ity
y
of restriction on the right to transfer shares.
Section A. THEY MUMUST
ST APPEAR
APPEAR IN THE ARTIC
ARTICLES
LES OF
97 INCORPORATION AND IN THE BY-LAWS AS WELL AS IN
THE CERTIFICATE OF STOCK
B. SAID DOC
DOCUMEN
UMENTS
TS SHALL BE MORE THAN THAN ONEROUS
ONEROUS THAN
THE GRANTING OF NONEXISTING STOCKHOLDERS OR
CORPORATION WITH TERMS AND CONDITIONS
C. STOCKHOLDERS MUST APPEARAPPEAR IN QUORUM
QUORUM IN ALL THE
MEETINGS TO DISGRANT SHARES OUTSTANDING
D. SAID RES
RESTRIC
TRICTIONS
TIONS SHALL
SHALL BE MORE THAN ONE ONEROUS
ROUS
THAN GRANTING THE EXISTING STOCKHOLDERS OR
CORPORATIONS WITH SUCH REASONABLE TERMS
B 199 Stock
Stock transf
transfers
ers in violat
violation
ion of the restri
restricti
ction
on can
still be registered in the books of the Corporation
Section in this case.
98 A. IF ALL TH THE
E STOCKHOLD
STOCKHOLDERS
ERS OF THE
THE CLOSE
CORPORATION WILL NOT CONSENT
B. IF ALL TH THE
E STOCKHOLD
STOCKHOLDERS
ERS OF THE
THE CLOSE
CORPORATION CONSENT
C. IF THE CLOCLOSE
SE CORPORATIO
CORPORATION N HAS AMEND
AMENDEDED ITS BY-
LAWS
D. IF THE CLOCLOSE
SE CORPORATIO
CORPORATION N HAS NOT AMENAMENDED
DED ITS
ARTICLES OF INCORPORATION
C 200
200 Agre
Agreem
emen
ents
ts d dul
ulyy si
sign
gned
ed aand
nd exe
execu
cute
tedd by a and
nd amo
among
ng
all stockholders before the formation and
Section organization of a close corporation shall:
99 A. NOT SUR
SURVIVE
VIVE THE INCORPO
INCORPORATIO
RATION N AND SHAL
SHALLL BE
VOIDABLE BETWEEN STOCKHOLDERS
B. SURV
SURVIVE
IVE THE INCORPOR
INCORPORATION
ATION BU
BUTT SHALL NOTNOT
CONTINUE AND CONSIDERED UNBINDING BETWEEN
STOCKHOLDERS
C. SURV
SURVIVE
IVE THE INCORPORATI
INCORPORATIONON AND SHALL CONTICONTINUE
NUE
TO BE VALID AND BINDING BETWEEN STOCKHOLDERS
D. NOT SUR
SURVIVE
VIVE THE INCORPO
INCORPORATIO
RATION N ALONE
B 201
201 It per
perta
tain
inss to a pers
person
on w who
ho fai
faile
led
d to a att
tten
endd th
that
at
may ratify an action within his corporate powers
Section taken at a meeting held without proper call or
100 notice.
A. PRES
PRESID
IDEN
ENTT
B. DI
DIRE
RECT
CTOR
OR
C. CHAI
CHAIRP
RPER
ERSO
SON
N
D. MA
MANA
NAGE
GERR
A 202 This
This righ
right
t ofof stoc
stockho
kholde
lders
rs in a clos
close e corp
corpora
oratio
tion
n
shall extend to all stock to be issued.
Section A. PRE-EM
PRE-EMPTI
PTIVE
VE RIGHT
RIGHT
 

101 B. VOTING RIGHT

C. PROPER
PROPERTY
TY RIGHT
RIGHT
D. RIGHTS
RIGHTS TOTO DIV
DIVIDE
IDEND
ND
B 203
203 As a gen
gener
eral
al rule
rule,
, aame
mend
ndmement
nt of arti
articl
cles
es of
incorporation shall be:
Section A. DISA
DISAPPROV
PPROVEDED BY AT LEAST TW TWO-THI
O-THIRDS
RDS OF THE
102 OUTSTANDING CAPITAL STOCK
B. APPR
APPROVED
OVED BY THE AFFIRMA
AFFIRMATIVE
TIVE VOT
VOTEE OF AT LEAST
TWO-THIRDS OF THE OUTSTANDING CAPITAL STOCK
C. DISA
DISAPPROV
PPROVEDED BY AT LEAST THREETHREE-FOUR
-FOURTHS
THS OF THE
OUTSTANDING CAPITAL STOCK
D. APPR
APPROVED
OVED BY THE AFFIRMA
AFFIRMATIVE
TIVE VOT
VOTEE OF AT LEAST
THREE-FOURTHS OF THE OUTSTANDING CAPITAL STOCK
A 204
204 It refe
refers
rs to a rem
remed
edy
y i in
n cas
case
e oof
f dea
deadl
dloc
ock.
k.
A. SEC SHA
SHALL
LL HAVE THETHE POWER
POWER TO ARBITRATE
ARBITRATE
Section B. GOVE
GOVERNMEN
RNMENT T SHALL HAVE THE POW POWER
ER TO ARBITRATE
ARBITRATE
103 C. STOC
STOCKHOLD
KHOLDERER SHALL HAV HAVE
E THE POWER TO ARBITRATE
ARBITRATE
D. COUR
COURT
T SHALL HAVE
HAVE THE POWER TO ARBITRA
ARBITRATETE
A 205
205 In this
this case
case,, aany
ny stoc
stockh
khololde
der
r oof
f a clos
closee
corporation may compel the dissolution of
Section corporation.
104 A. ANY OF ACT
ACTSS OF THE DIRECTORS
DIRECTORS, , OFFIC
OFFICERS
ERS OR
THOSE IN CONTROL OF THE CORPORATION IS ILLEGAL
B. ANY ACT
ACTSS OF THE EMPLOYEES
EMPLOYEES OF THE THE CORPORATIO
CORPORATION N
IS ILLEGAL
C. CORPORATE ASSETS ARE ARE BEING APPLIED OR WASTE WASTED
D
D. CORP
CORPORATE
ORATE ASSETS
ASSETS ARE BEING
BEING UTILIZED
UTILIZED ANDAND
DONATED
A 206
206 It gove
govern
rns
s ed
educucat
atio
iona
nall co
corp
rpor
orat
atio
ions
ns.
.
A. SPEC
SPECIAL
IAL LAWS AND BY THE GENERALGENERAL PRO
PROVISIO
VISIONSNS OF
Section THE CORPORATION CODE
105 B. GENE
GENERAL
RAL LAWS AND BY THE GENERALGENERAL PRO
PROVISIO
VISIONSNS OF
THE CORPORATION CODE
C. SPEC
SPECIAL
IAL LAWS
LAWS AND GENERA
GENERALL LAWS
D. GENE
GENERAL
RAL LAWS AND GOVERNME
GOVERNMENTNT PROVI
PROVISION
SIONS S
D 207
207 It per
perta
tain
ins
s to t the
he num
numbe
ber r of tthe
he boa
board
rd o
off trus
trustetees
es
of a non-stock educational corporation.
Section A. SHAL
SHALL
L BE MORE THANTHAN 5 BUT LESSLESS THAN
THAN 15,
106 MULTIPLES OF 5
B. SHAL
SHALL
L NOT BE LESS
LESS THAN 3 NOR NOR MORE THAN
THAN 15,
MULTIPLES OF 5
C. SHAL
SHALL
L BE MORE THANTHAN 5 BUT LESSLESS THAN
THAN 15,
MULTIPLES OF 5
D. SHAL
SHALL
L NOT BE LESS
LESS THAN 5 NOR NOR MORE THAN
THAN 15,
MULTIPLES OF 5
A 208 It refers
refers to a reli
religio
gious
us corpor
corporati
ation
on formed
formed by the
chief archbishop, bishop, priest, minister, rabbi
Section or other presiding elder of a religious
107 denomination.
A. CORPOR
CORPORATI
ATION
ON SOLE
SOLE
B. CORP
CORPORATI
ORATIONON AGGREGATE
AGGREGATE
 

C. GOCC
D. CHUR
HURCH
A 209
209 A corp
corpor
orat
atio
ionn so
sole
le may
may be
be form
formed
ed by the
the chi
chief
ef
archbishop, bishop, priest, minister, rabbi or
Section other presiding elder of a religious denomination
108 for this purpose.
A. ADMI
ADMINISTE
NISTERING
RING AND MAN
MANAGING
AGING THE
THE AFFAIR
AFFAIRS,
S,
PROPERTIES AND TEMPORALITIES
B. PROV
PROVIDING
IDING GUIDANC
GUIDANCEE AS TO THE PURP
PURPOSE
OSE OF THE
SECT
C. EMPO
EMPOWERIN
WERINGG THE RELIGI
RELIGION
ON AND ITS EXISTENCE
EXISTENCE
D. GOVERNING MEMBERS THROUGH PERSONAL DEVELOPMENT
B 210
210 This
This rref
efer
erss to th
thee pe
pers
rson
on w
who
ho mus
must
t fi
file
le wit
with
h th
the
e
Commission the articles of incorporation.
Section A. ME
MEMB
MBER
ERSS
109 B. CHIEF
CHIEF ARCHB
ARCHBISH
ISHOP
OP
C. GOVERN
GOVERNMEN
MENT
T AGENCY
AGENCY
D. SEC
D 211 This
This is
is wher
wheree the
the articl
articles
es of incorp
incorpora
oratio
tion
n must
must be
verified by affidavit or affirmation with the
Section required documents.
110 A. GOVERN
GOVERNMEN
MENT
T AGENCY
AGENCY
B. CORP
CORPOR
ORAT
ATIO
ION
N
C. COURT
D. SEC
D 212
212 A corp
corpor
orat
atio
ionn so
sole
le may
may sel
sell
l or mo
mort
rtga
gage
ge rrea
eal
l
property held by it by obtaining an order from:
Section A. GOVERN
GOVERNMEN
MENT
T AGENCY
AGENCY
111 B. SEC
C. CORP
CORPOR
ORAT
ATIO
ION
N
D. REGION
REGIONALAL TRIAL
TRIAL COURT
COURT
B 213
213 They
They ssha
hall
ll beco
become
me tthe
he co
corp
rpor
orat
atio
ionn so
sole
le on
on the
the
accession to the office of the chief archbishop.
Section A. ME
MEMB
MBER
ERSS
112 B. SUCC
SUCCES
ESSO
SORS
RS
C. GOVE
GOVERN
RNME
MENT
NT
D. VICE
VICE PRES
PRESIDE
IDENT
NT
C 214 It is where
where a veri
verifie
fied
d decl
declara
aratio
tionn of
of diss
dissolu
olutio
tion
n
shall be filed for dissolution and voluntary
Section settlement of affairs by the corporation sole.
113 A. GOVE
GOVERN
RNME
MENT
NT
B. COURT
C. SEC
D. CO
COMP
MPAN
ANYY
B 215
215 It is
is inco
incorp
rpor
orat
ated
ed bby
y an ag
aggr
greg
egat
ate
e of pe
pers
rson
ons.
s.
A. PART
PARTNERSH
NERSHIP
IP AGGREGATE
AGGREGATE
Section B. RELI
RELIGIOUS
GIOUS SOCIETIES
SOCIETIES
114 C. CORPOR
CORPORATI
ATION
ON SOLE
SOLE
D. GOCC
A 216 Provisions of the Code shall apply to One Person
Corporations:
 

Section A. SUPPLE
SUPPLETOR
TORILY
ILY
115 B. FOR CONS
CONSULT
ULTATI
ATIONON
C. MINI
MINIMA
MALL
LLYY
D. EXTE
EXTEND
NDED
EDLY
LY
A 217
217 This
This ccan
anno
nott be f for
orme
medd as a O One
ne PPer
erso
sonn Co
Corp
rpor
orat
atio
ion.
n.
A. BANKS
Section B. COMM
COMMERCIA
ERCIAL L PROD
PRODUCTS
UCTS
116 C. BANANA
BANANA PRODU
PRODUCTI
CTION
ON
D. MAKE
MAKE-UP
-UP MANUFACTU
MANUFACTURING RING CO
COMPANI
MPANIES
ES
C 218
218 A One
One pers
person
on CCor
orpo
pora
rati
tion
on ssha
hall
ll nnot
ot be
be requ
requir
ired
ed t to
o
have minimum authorized capital:
Section A. SHAR
SHAREE PR
PRIC
ICEE
117 B. RE
REVE
VENU
NUE
E
C. STOCK
D. ME
MEMB
MBER
ERS
S
C 219
219 The
The fo
foll
llow
owin
ing
g arare
e incl
includuded
ed i
in
n the
the arti
articl
cles
es oof
f
incorporation of a One Person Corporation, except:
Section A. RESI
RESIDENCE
DENCE OF TRUSTEE
TRUSTEE
118 B. ADMINI
ADMINISTR
STRATO
ATORR
C. EMPL
EMPLOYEE
OYEE INFOR
INFORMATI
MATIONON
D. RESI
RESIDENCE
DENCE OF NOMINEE
NOMINEE
B 220
220 Unde
Under
r th
the
e One
One Pers
Person
on C Cor
orpo
pora
rati
tion
on,
, ar
arti
ticl
cles
es oof
f
incorporation is needed to be submitted while
Section corporate by laws are:
119 A. ALSO
ALSO REQ
REQUIR
UIRED
ED
B. NOT
NOT REQ
REQUI
UIRE
RED
D
C. VO
VOID
IDAB
ABLE
LE
D. VOID
C 221
221 “OPC
“OPC”
” is i ind
ndic
icat
ated
ed i in
n the
the corp
corpor
orat
ate
e na
name
me of
of a One
One
Person Corporation which is located:
Section A. BELO
BELOWW THE CORPORATE
CORPORATE NAME
120 B. AT THE BEBEGINNI
GINNINGNG OF A CORCORPORA
PORATE
TE NAME
C. BELO
BELOWW OR AT THE END END OR A CORPORATE
CORPORATE NAME
NAME
D. AT THE BEG
BEGINNIN
INNING G OR AT THE END OF A CORP CORPORATE
ORATE
NAME
C 222
222 This
This rref
efer
erss to ththe
e pepers
rsonon w
who
ho sha
shall
ll bbe
e the
the sol
solee
director and president of the One Person
Section Corporation.
121 A. MEMB
EMBER
B. EM
EMPL
PLOY
OYEE
EE
C. SOLE
SOLE STOCKH
STOCKHOLD
OLDERER
D. MA
MANA
NAGE
GER
R
C 223
223 This
This rref
efer
erss to ththe
e leleng
ngthth o
of
f time
time whe
where
rein
in tthe
he
appointed treasurer, secretary and other officers
Section are notified to the Commission.
122 A. 15 DDAYS
AYS FROM
FROM A APPOI
PPOINTMEN
NTMENTT
B. 10 DDAYS
AYS FROM
FROM A APPOI
PPOINTMEN
NTMENTT
C. 5 DA
DAYS
YS FROM
FROM APPOINTME
APPOINTMENT NT
D. 1 WE
WEEK
EK FROM
FROM APPOINTME
APPOINTMENT NT
A 224 It has the power to designate other functions to
the corporate secretary.
 

Section A. OPC
123 B. GOVE
GOVERN
RNME
MENT
NT
C. SEC
D. COURT
A 225
225 This
This r
ref
efer
erss to t the
he per
perso
sonn wh
who
o shal
shall
l de
desi
sign
gnat
ate
e a
nominee and an alternate nominee.
Section A. SINGLE
SINGLE STOCK
STOCKHOL
HOLDER
DER
124 B. GOVE
GOVERN
RNME
MENT
NT
C. MA
MANA
NAGE
GERR
D. SEC
D 226 This
This refe
refers
rs to the person
person who shall
shall sit as direct
director
or
and manage the affairs of the One Person
Section Corporation until the stockholder regains the
125 capacity to assume such duties.
A. VICE
VICE PRES
PRESIDE
IDENT
NT
B. SECR
SECRET
ETAR
ARY
Y
C. MA
MANA
NAGE
GERR
D. NO
NOMI
MINE
NEEE
B 227 If the nomine
nominee e and
and altern
alternate
ate nomine
nominee e is
is chan
changed
ged,
,
the articles of incorporation
Section A. NEEDS
NEEDS TOTO BE REVI
REVISED
SED
126 B. NEED
NEED NOT TO TO BE AMEND
AMENDED
ED
C. RENEWE
RENEWED D BY
BY SEC
SEC
D. SUBM
SUBMITTED
ITTED TO THE THE COURT
COURT
B 228
228 This
This s
sha
hall
ll c con
onta
tain
in a all
ll act
actio
ions
ns,, de
deci
cisi
sion
ons,
s, a
and
nd
resolutions taken by the One Person Corporation.
Section A. COMPAN
COMPANY Y LEDG
LEDGER
ER
127 B. MINU
MINUTE
TESS BO
BOOK
OK
C. BUSI
BUSINESS
NESS TRANSACT
TRANSACTIONION DOC
DOCUMENT
UMENTSS
D. COMPAN
COMPANY Y DIA
DIARY
RY
B 229 This
This pers
person
on shall
shall sign
sign the
the writte
writtenn reso
resolut
lution
ion for
actions needed on any matter.
Section A. MA
MANA
NAGE
GERS
RS
128 B. SINGLE
SINGLE STOCK
STOCKHOL
HOLDER
DER
C. ME
MEMB
MBER
ERSS
D. EM
EMPL
PLOY
OYEE
EE
C 230 A corp
corpora
oratio
tion n is
is plac
placed
ed under
under delinq
delinquen
uent
t stat
status
us if
they fail to submit reportorial requirements:
Section A. 5 TI
TIMES
MES WITHIN
WITHIN 5 YEARYEARS
S
129 B. 3 TI
TIMES
MES WITHIN
WITHIN 2 YEARYEARS
S
C. 3 TI
TIMES
MES WITHIN
WITHIN 5 YEARYEARS
S
D. 5 TI
TIMES
MES WITHIN
WITHIN 10 YEARS
YEARS
B 231 It shall
shall be shown
shown by the solesole shar
shareho
eholde
lderr clai
claimin
ming
g
limited liability.
Section A. CORP
CORPORATI
ORATIONON GENERA
GENERATES
TES ENOUGH
ENOUGH PROFI
PROFITT
130 B. CORP
CORPORATI
ORATIONON WAS ADEQU
ADEQUATELY
ATELY FINANCE
FINANCED D
C. CORP
CORPORATI
ORATIONON ASSE
ASSETS
TS ARE RETAIN
RETAINED
ED
D. CORP
CORPORATI
ORATIONON LIABIL
LIABILITIES
ITIES ARE CONTROLLE
CONTROLLED D
C 232
232 If the
the One
One Per
Perso
sonn Co
Corp
rpor
orat
atio
ion
n is ccon
onve
vert
rted
ed f
fro
rom
m
this type of stock corporation, it shall succeed
Section the latter and be legally responsible for all the
 

131 latter’s outstanding liabilities as of the date of

conversion.
A. TREASU
TREASURYRY STOCK
STOCK
B. WATERE
WATERED D STO
STOCK
CK
C. ORDINA
ORDINARYRY STOCK
STOCK
D. PREFER
PREFERRED
RED STOCK
STOCK
D 233 Under
Under the conver
conversiosionn from
from a One
One Person
Person Corpor
Corporati
ation
on
to an Ordinary Stock Corporation, a notice shall be
Section filed with the Commission within:
132 A. 2 WE
WEEKS
EKS
B. 20 DAY
DAYSS
C. 40 DAY
DAYSS
D. 60 DAY
DAYSS
C 234 Under
Under the corpor
corporatiation
on cod
code,
e, dissol
dissoluti
ution
on can either
either
be:
Section A. PERP
PERPETUAL
ETUAL OR PERIODIC
PERIODIC
133 B. AT A F FIXED
IXED DATE OR AT WILL
C. VOLU
VOLUNTARY
NTARY OR INVOLUN
INVOLUNTARY
TARY
D. JUDI
JUDICIAL
CIAL OR MANDATORY
MANDATORY
B 235
235 If a vol
volun
unta
tary
ry d dis
isso
solu
luti
tion
on ssha
hall
ll n not
ot aff
affec
ect
t th
the
e
creditors, the following procedures shall be
Section included, except:
134 A. A MEETI
MEETINGNG MUST BE BE HELD UPON
UPON CALL OF OF THE
DIRECTORS OR TRUSTEES
B. AT LEAS
LEAST T 10 DAYS PRIOR
PRIOR TO THE MEETING,
MEETING, NOTICE
NOTICE
SHALL BE GIVEN TO EACH SHAREHOLDER OR MEMBER
C. A RESOLUT
RESOLUTIONION TO DISSOLVE MUST MUST BE APPROVED BY BY
THE MAJORITY VOTE OF THE BOARD OF DIRECTORS
AND VERIFIED BY AT LEAST MAJORITY OF THE
OUTSTANDING CAPITAL
D. A VERIFI
VERIFIED ED REQUEST
REQUEST FOR DISSO
DISSOLUTI
LUTION
ON SHALL BE
FILED WITH THE COMMISSION
C 236
236 This
This shal
shalll bbe
e fil
filed
ed to the
the CCom
ommi
miss
ssio
ion
n iif
f a
voluntary dissolution affects creditors.
Section A. ARTI
ARTICLES
CLES OF IN INCORP
CORPORATI
ORATION
ON
135 B. BYLA
YLAWS
C. PE
PETI
TITI
TION
ON
D. BALANC
BALANCE E SHE
SHEET
ET
B 237 This
This is
is one
one of the proced
procedure
uress in
in the
the dissol
dissolutiution
on by
shortening corporate term.
Section A. A VOLUN
VOLUNTARY
TARY DISSOLUT
DISSOLUTION
ION MAY BE AFF AFFECTED
ECTED BY
136 AMENDING THE BYLAWS
B. A COPY OF THE AMENDEAMENDED
D ARTI
ARTICLES
CLES OF
OF
INCORPORATION SHALL BE SUBMITTED TO SEC
C. APPR
APPROVAL
OVAL OF THE SEC SEC ON THE AMENDED
AMENDED BYLAWS
BYLAWS
D. MINU
MINUTE
TE BOOKS SHALL
SHALL BE SUBMITTED
SUBMITTED TO THE THE COURT
FOR VERIFICATION
A 238
238 It is
is the
the for
formm a w wit
ithd
hdra
rawa
wal
l of ththee pe
peti
titi
tion
on fo
for
r
dissolution shall be verified.
Section A. IN MMOT
OTIO
IONN
137 B. MAJORI
MAJORITYTY OFOF VOTES
VOTES
 

C. SEC ORDINA
ORDINANCE
NCE
D. ARBITR
ARBITRATIATION
ON OF COURT
COURT
D 239 The follow
followinging may be ground
grounds s for
for dissol
dissoluti
ution
on of the
dissolution, except:
Section A. NON-
NON-USE
USE OF THETHE CORPORATE
CORPORATE CHARTER
CHARTER
138 B. CONT
CONTINUOU
INUOUS S INOPERA
INOPERATION
TION OF A CORPORATION
CORPORATION
C. UPON RE RECEIPT
CEIPT OFOF A LAWFUL
LAWFUL COURT ORDER
ORDER
D. UPON FI FINDING
NDING BY PRELIMI
PRELIMINARY
NARY JUD
JUDGEME
GEMENT
NT
A 240 This
This act
act shall
shall cover
cover the applic
applicabl
ablee prov
provisi
isions
ons for
banks.
Section A. NEW CENT
CENTRAL
RAL BANK
BANK A ACT
CT
139 B. CENT
CENTRAL
RAL BANK
BANK OF THE PHILIP
PHILIPPINE
PINE ACT
ACT
C. CORPOR
CORPORATIATION
ON CODE
CODE
D. COOPER
COOPERATIATIVE
VE CODE
CODE
B 241 It is formed
formed, , orga
organiz
nizeded or existi
existingng under
under any laws
laws
other than those of the Philippines.
Section A. DOME
DOMESTIC
STIC CORPO
CORPORATI
RATION
ON
140 B. FORE
FOREIGN
IGN CORPORATI
CORPORATION ON
C. GOCC
D. RELI
RELIGIOUS
GIOUS CORPORATIO
CORPORATION N
B 242 Foreig
Foreignn corp
corpora
oratio
tions
ns shall
shall contin
continueue to do busine
business
ss
in the Philippines subject to the:
Section A. PROV
PROVISION
ISIONS S OF FOREIG
FOREIGNN CODE AND BYLAWS
BYLAWS
141 B. PROV
PROVISION
ISIONS S OF THE REVISED COR CORPORAT
PORATION
ION CODE AND
OTHER SPECIAL LAWS
C. PROV
PROVISION
ISIONS S OF THE SEC AND REGION
REGIONALAL TRIAL COU
COURT
RT
D. PROVISIONS PROVIDED BY THE GOVERNMENT AGENCIES
C 243 It is where
where foreig
foreignn corp
corpora
oratio
tions’
ns’ the applic
applicati
ation
on
for a license to transact business shall be
Section submitted.
142 A. GOVE
GOVERN
RNMEMENT
NT
B. COURT
C. COMM
COMMIS
ISSISION
ON
D. BUSINE
BUSINESS SS UNITS
UNITS
A 244 Foreig
Foreignn corp
corpora
oratio
tions
ns shall
shall submit
submit to the SEC the
copy of these documents.
Section A. ARTI
ARTICLES
CLES OF INCORPOR
INCORPORATION
ATION ANAND
D BYLAWS
BYLAWS
143 B. FINA
FINANCIAL
NCIAL POSITIO
POSITION N AND BUSINE
BUSINESS
SS PURPOSES
PURPOSES
C. BUSINE
BUSINESS SS PLAN
PLAN
D. LICE
LICENSE
NSE UNDER
UNDER MOTHER COUNTRY
COUNTRY AND
AND NAME OF
EMPLOYEES
A 245
245 It refe
refers
rs to an indi
indivividu
dual
al resi
residi
ding
ng in the
the
Philippines and he must be of good moral character
Section and of sound financial standing.
144 A. RESIDE
RESIDENT NT AGENT
AGENT
B. PRES
PRESID
IDENENT
T
C. MA
MANA
NAGE
GER R
D. MEMB
EMBER
B 246
246 Its
Its pu
purp
rpos
ose e is nnot
ot onl
only
y to a acq
cqui
uire
re jjur
uris
isdi
dict
ctio
ion
n
over the person of the defendant, but also to give
Section notice to the defendant that an action has been
 

145 commenced against it.

A. MA
MANA
NAGE
GERR
B. SUMM
UMMON
C. PRES
PRESID
IDEN
ENTT
D. MEMB
EMBER
C 247 A fore
foreign
ign corpor
corporatiation
on law
lawful
fully
ly doing
doing busine
business
ss in
the Philippines shall be bound by all laws, rules
Section and regulations applicable to:
146 A. MOTHER
MOTHER COUNTR
COUNTRY Y
B. DOME
DOMESTIC
STIC CORPOR
CORPORATION
ATIONS S OF ALL CLA
CLASS
SS
C. DOME
DOMESTIC
STIC CORPORAT
CORPORATIONS
IONS OF THTHEE SAME CLASS
CLASS
D. GOVE
GOVERNMEN
RNMENT T AGEN
AGENCYCY PROVISIO
PROVISIONSNS
A 248 Filing
Filing the articl
articles es of incorp
incorpora
oratio
tionn or
or byla
bylaws
ws of a
foreign corporation shall not itself enlarge or
Section alter:
147 A. AUTH
AUTHORIZE
ORIZED D BUSI
BUSINESS
NESS PURPOS
PURPOSES
ES
B. MODE O OF
F BUSINESS
BUSINESS TRANSA
TRANSACTION
CTIONSS
C. CONT
CONTENTS
ENTS ABOUT
ABOUT THE CORPOR
CORPORATIO
ATIONN
D. NAME OF THETHE CORPOR
CORPORATION
ATION
A 249 At this
this case
case, , a foreig
foreign n c corp
orpora
oratio
tionn shal
shall
l obta
obtain
in an
amended license.
Section A. DESIRES TO PURSUE
PURSUE OTHER OR ADDITIONAL
ADDITIONAL PURPOSES
PURPOSES
148 IN THE PHILIPPINES
B. IT CHANG
CHANGES ES LOCAT
LOCATION
ION
C. IT AADDS
DDS EMPLOYMEN
EMPLOYMENT T R RATE
ATE
D. IT DE
DECLAR
CLARESES REVENUE
REVENUE INCOM
INCOME
E
C 250 These
These laws
laws shal
shalll perm
permit
it a fore
foreign
ign corpor
corporati
ation
on and a
domestic corporation for it to merge or
Section consolidate.
149 A. PROV
PROVISION
ISIONS S OF THE COURT
B. GOVE
GOVERNMEN
RNMENT T AGENCY DE DECLARA
CLARATION
TIONSS
C. PHIL
PHILIPPIN
IPPINE E LAWS AN ANDD BY THE LAWS
LAWS OF ITS
INCORPORATION
D. PROV
PROVISION
ISIONS S SET BY THE REGIONA
REGIONALL TRIAL COURT
COURT AND
SEC
B 251 Foreig
Foreignn corp
corpora
oratio
tionsns transa
transacticting
ng in the Philip
Philippin
pines
es
without license shall be:
Section A. ALLO
ALLOWED
WED TO MAINTAIN
MAINTAIN OR INTERVEN
INTERVENE E IN ANY
150 ACTION, SUIT OR PROCEEDING IN ANY COURT
B. PERM
PERMITTED
ITTED TO MAINTAI
MAINTAIN N OR INTERV
INTERVENE
ENE IN ANY
ACTION, SUIT OR PROCEEDING IN ANY COURT OR
ADMINISTRATIVE AGENCY
C. NOT BE SUESUEDD OR PRECEDED
PRECEDED AGAINST
AGAINST BEFORE
BEFORE
PHILIPPINE COURT
D. ADOP
ADOPTED
TED TO BE A DOMESTI
DOMESTIC C CORPO
CORPORATI
RATION
ON
A 252 The Commis
Commissio
sionn may
may revoke
revoke or suspen
suspendd the
the licens
licensee of
of
a foreign corporation upon any of the following
Section grounds, except:
151 A. FAIL
FAILURE
URE TO FILE ITS ITS QUARTERLY
QUARTERLY REPO
REPORT
RT OR PAY
ANY FEES AS REQUIRED BY THIS CODE
B. FAIL
FAILURE
URE TO APPOINT
APPOINT AND MAINTAIN
MAINTAIN A RESIDENT
RESIDENT
 

AGENT IN THE PHILIPPINES

C. FAIL
FAILURE,
URE, AFTER
AFTER CHANGE
CHANGE OF ITS RESIDEN
RESIDENT T AGENT OR
ADDRESS, TO SUBMIT TO THE COMMISSION A
STATEMENT OF SUCH CHANGE
D. ANY OTH
OTHER
ER GROUND
GROUND AS WOULD RENDER RENDER UNFIT
UNFIT TO
TRANSACT BUSINESS IN THE PHILIPPINES
B 253
253 This
This i
iss a docu
docume
ment
nt iiss
ssue
ued
d by t the
he Com
Commi
miss
ssio
ion
n up
upon
on
the revocation of the foreign corporation’s
Section license.
152 A. CERT
CERTIFICA
IFICATE
TE OF IN INCORP
CORPORATI
ORATIONON
B. CERT
CERTIFICA
IFICATE
TE OF REVOCATION
REVOCATION
C. ANNULM
ANNULMENT
ENT OF
OF RIG
RIGHTS
HTS
D. CERT
CERTIFICA
IFICATE
TE OF WITHDRAWAL
WITHDRAWAL
D 254 No certif
certifica
icatete of withdr
withdrawa
awall shal
shall l be
be issu
issued
ed by the
Commission unless the following requirements are
V 153 met, except:
A. ALL CLA
CLAIMS
IMS WHICH
WHICH HAVE
HAVE ACCRUED
ACCRUED IN THE
PHILIPPINES HAVE BEEN PAID, COMPROMISED OR
SETTLED
B. ALL TAX
TAXES,
ES, IMPOSTS,
IMPOSTS, ASSESSME
ASSESSMENTS,
NTS, AN AND
D
PENALTIES, IF ANY, LAWFULLY DUE TO THE
PHILIPPINE GOVERNMENT OR ANY OF ITS AGENCIES
OR POLITICAL SUBDIVISIONS, HAS BEEN PAID
C. THE PET
PETITION
ITION FOR
FOR WITHDRAWAL
WITHDRAWAL OF LIC LICENSE
ENSE HAS
BEEN PUBLISHED ONCE A WEEK FOR THREE
CONSECUTIVE WEEKS IN A NEWSPAPER OF GENERAL
CIRCULATION IN THE PHILIPPINES
D. DONA
DONATIONS
TIONS AND
AND EMPLOYEE
EMPLOYEE INTER
INTEREST
EST MUST
MUST BE
COMPLIED AS PER REQUEST
B 255
255 This
This p
per
erta
tain
inss to tthe
he age
agenc
ncyy th
that
at inv
inves
esti
tiga
gate
tess an
alleged violation of the Revised Corporation Code
Section A. NATI
NATIONAL
ONAL ELECTRIFICA
ELECTRIFICATIONTION ADMINISTRATI
ADMINISTRATION ON
154 B. COMM
COMMIS
ISSI
SION
ON
C. GOVE
GOVERN
RNME
MENT
NT
D. PHIL
PHILIPPIN
IPPINEE NATI
NATIONAL
ONAL POLIC
POLICE E
A 256 The SEC,
SEC, thro
through
ugh its design
designate
atedd offi
officer
cer, , may
may do the
following, except:
Section A. ADMI
ADMINISTE
NISTERR OATHS AND CO COMPETI
MPETITION
TIONS S
155 B. ISSU
ISSUEE SUBPOENA
SUBPOENA AND SUBPOENA
SUBPOENA DUCESDUCES TECUM
TECUM
C. TAKE TETESTIMONY
STIMONY IN ANY INQUIRY OR INVESTIGATION
INVESTIGATION
D. MAY PER
PERFORM
FORM OTHER
OTHER ACTS NECESSAR
NECESSARY Y TO THE
PROCEEDINGS OR TO THE INVESTIGATION
B 257
257 It ref
refer
ers
s to t the
he len
lengtgth
h of t tim
ime
e ththe
e ex parparte
te oord
rder
er
is considered valid.
Section A. MINIMU
MINIMUM M OF 2 WE
WEEKS
EKS
156 B. MAXIMU
MAXIMUM M OF 20 D DAYS
AYS
C. MINIMU
MINIMUM M OF 25 D DAYS
AYS
D. MAXIMU
MAXIMUM M OF 30 D DAYS
AYS
C 258 When
When the
the refusa
refusal l amou
amounts
nts to clear
clear and openopen defi
defianc
ance
e
of the Commission’s order, decision, or subpoena,
Section the Commission may impose a daily fine that amounts
 

157 to:
A. 2,00
2,000
0 PE
PESO
SOSS
B. 1,50
1,500
0 PE
PESO
SOSS
C. 1,00
1,000
0 PE
PESO
SOSS
D. 50
500
0 PE
PESO
SOSS
A 259
259 The
The fo
foll
llow
owin
ingg sa
sanc
ncti
tion
ons
s ma
may
y be imimpo
pose
se bby
y the
the
Commission if the provision of the Corporation Code
has been violated, except:
Section A. IMPO
IMPOSITIO
SITION N OF FINE RANG
RANGING
ING FROM 3,000
3,000 TO
158 2,000,000 PESOS
B. ISSU
ISSUANCE
ANCE OF A PERMANENT
PERMANENT CEASE AND AND DESIST ORDER
ORDER
C. SUSPENSION OR REVOCATION
REVOCATION OF OF THE CERTIFICATE OF
INCORPORATION
D. DISSOLUTION OF THE CORPORATION AND FORFEITURE FORFEITURE
OF ITS ASSETS
C 260
260 The
The un
unau
auth
thor
oriz
ized
ed uuse
se of
of corp
corpor
oratatee na
name
me sha
shall
ll bbe
e
punished with this amount.
Section A. 20,0
20,000
00 TOTO 250,000
250,000 PESOS
159 B. 15,0
15,000
00 TOTO 230,000
230,000 PESOS
C. 10,0
10,000
00 TOTO 200,000
200,000 PESOS
D. 5,00
5,000
0 TO 150,0
150,00000 PPESOS
ESOS
C 261 These
These refers
refers to people
people who wilful
wilfully ly holds
holds office
office,,
or wilfully conceals disqualification that shall be
Section punished with a fine of 10,000 to 200,000 pesos,
160 and shall be permanently disqualified.
A. DIRE
DIRECTOR,
CTOR, MANAG
MANAGER
ER AND EMPLOYE
EMPLOYEE E
B. MANA
MANAGER,
GER, SECRET
SECRETARY
ARY AND TREASU
TREASURER
RER
C. DIRE
DIRECTOR,
CTOR, TRUSTEE
TRUSTEE AND O OFFICE
FFICER R
D. OFFI
OFFICER,
CER, PRESID
PRESIDENT
ENT AND EMPLOY
EMPLOYEE
EE
A 262 This
This acti
action
on shall
shall be punish
punishabl
able e with
with a fine
fine rangin
ranging
g
from 10,000 to 200,000 pesos or 20,000 to 400,000
Section if detrimental to the public.
161 A. UNJU
UNJUSTIFI
STIFIEDED FAILU
FAILURE
RE OR REFUSAL
REFUSAL BY THE
CORPORATION, OR BY THOSE RESPONSIBLE FOR
KEEPING AND MAINTAINING CORPORATE RECORDS
B. FAIL
FAILURE
URE TO COMPLY
COMPLY WITH THE PROCEDURES
PROCEDURES GIVEN
GIVEN BY
THE PROVISIONS OF THIS CODE
C. FAIL
FAILURE
URE TO USE SPECIFIC
SPECIFIC DOCUMEN
DOCUMENT T TYPE THA
THAT
T
SHALL BE SUBMITTED AND VERIFIED BY THE
COMMISSION
D. FAIL
FAILURE
URE TO PAY TAXES IMPOSED
IMPOSED BY THE GOV GOVERNM
ERNMENT
ENT
THROUGH ITS REPRESENTATIVES
B 263
263 This
This pers
person
on shal
shall l b
be
e pun
punis
ish
h wwit
ith
h a ffin
inee iif
f a
wrongful certification is detrimental to the
Section public.
162 A. EVERY
EVERY EMPLOY
EMPLOYEEEE
B. AU
AUDI
DITO
TORR
C. SECR
SECRET
ETAR
ARYY
D. MA
MANA
NAGE
GERR
D 264 If this person, in collusion with the corporation’s
directors or representatives, certifies the
 

Section financial statements despite of incompleteness or

163 inaccuracy, he shall be fined with 80,000 to
500,000 pesos.
A. TREA
TREASU
SURE
RER
R
B. INDE
INDEPENDE
PENDENT
NT DIRECTOR
DIRECTOR
C. MA
MANA
NAGE
GER
R
D. INDEPE
INDEPENDE
NDENT
NT AUDITOR
AUDITOR
D 265
265 It ref
refer
ers
s tto
o the
the amou
amount
nt ffin
ined
ed iif
f a cor
corpo
pora
rati
tion
on
obtains a corporate registration through fraud.
Section A. 50,000
50,000 TO 500,0
500,000
00
164 B. 100,
100,000
000 TO 1,000,000
1,000,000
C. 150,
150,000
000 TO 1,500,000
1,500,000
D. 200,
200,000
000 TO 2,000,000
2,000,000
A 266
266 It ref
refer
ers
s tto
o an ac
act
t pu
puni
nish
shed
ed wwit
ith
h a ffin
ine
e ra
rang
ngin
ing
g
from 200,000 to 2,000,000 pesos.
Section A. FRAU
FRAUDULEN
DULENTT CONDU
CONDUCT
CT OF BUSINES
BUSINESSS
165 B. VIOL
VIOLATION
ATION OF THE
THE CODE
CODE
C. TOLE
TOLERATIN
RATINGG GRAFT A AND
ND CORRUPTI
CORRUPTIONON
D. RETA
RETALIATI
LIATION
ON OF WHI
WHISTLE
STLE BLOWER
BLOWERSS
A 267
267 It ref
refer
ers
s tto
o an ac
act
t pu
puni
nish
shed
ed wwit
ith
h a ffin
ine
e ra
rang
ngin
ing
g
from 100,000 to 5,000,000 pesos.
Section A. ACTING AS INTERMEDIARIES
INTERMEDIARIES FOR GRAFT
GRAFT AND CORRUPT
166 PRACTICES
B. FRAU
FRAUDULEN
DULENTT CONDU
CONDUCT
CT OF BUSINES
BUSINESSS
C. ENGAGING INTERMEDIARIES FOR GRAF GRAFT
T AND CORRUPT
PRACTICES
D. RETA
RETALIATI
LIATION
ON AGAINS
AGAINST T WHISTLE
WHISTLE BLOWER
BLOWERSS
A 268
268 It ref
refer
ers
s tto
o an ac
act
t pu
puni
nish
shed
ed wwit
ith
h a ffin
ine
e ra
rang
ngin
ing
g
from 100,000 to 1,000,000 pesos.
Section A. ENGAGING INTERMEDIARIES FOR GRAF GRAFT
T AND CORRUPT
167 PRACTICES
B. COLL
COLLUSION
USION OF INDEPEN
INDEPENDENT
DENT DIR
DIRECTO
ECTOR
R
C. CERT
CERTIFICA
IFICATION
TION OF INCOMPLET
INCOMPLETE E REPORTS
REPORTS
D. ACTING AS INTERMEDIARIES
INTERMEDIARIES FOR GRAFT
GRAFT AND CORRUPT
PRACTICES
A 269
269 It ref
refer
ers
s to aan
n act
act puni
punish
shed
ed wwit
ith
h a fi
fine
ne of
of rang
rangin
ing
g
from 500,000 to 1,000,000 pesos.
Section A. TOLE
TOLERATIN
RATINGG GRAFT A AND
ND CORRUPTI
CORRUPTIONON
168 B. FRAU
FRAUDULEN
DULENTT CONDU
CONDUCT
CT OF BUSINES
BUSINESSS
C. COLL
COLLUSION
USION OF INDEPEN
INDEPENDENT
DENT DIR
DIRECTO
ECTOR
R
D. ACTING AS INTERMEDIARIES
INTERMEDIARIES FOR GRAFT
GRAFT AND CORRUPT
PRACTICES
C 270
270 This
This rref
efer
erss to a pe
pers
rson
on wwho
ho pro
provi
vide
dess tr
trut
uthf
hful
ul
information relating to the commission of any
Section offense or violation.
169 A. AGENT
B. SECU
SECURITY
RITY COMMI
COMMISSIO
SSIONER
NER
C. WHISTL
WHISTLEE BLOW
BLOWER
ER
D. MA
MANA
NAGE
GER
R
C 271 Liability for any of the foregoing offenses and the
other administrative, civil, or criminal liability
 

Section under the Revised Corporation Code shall be:

170 A. JOINT
B. SO
SOLI
LIDA
DARY
RY
C. SE
SEPA
PARA
RATE
TE
D. AD
ADJU
JUST
STED
ED
D 272
272 The
The fo
foll
llow
owin
ingg ma
may
y be hel
held
d li
liab
able
le iif
f the
the offe
offend
nder
er iis
s
a corporation, except:
Section A. DIRE
DIRECT
CTOR
ORSS
171 B. OF
OFFI
FICE
CERS
RS
C. EMPL
EMPLOY
OYEE
EESS
D. SHAREH
SHAREHOLD
OLDERS
ERS
D 273
273 Thes
Thesee pe
pert
rtai
ains
ns tto
o peop
people
le ppun
unis
ishe
hed
d wi
with
th a fin
fine
e no
not
t
exceeding that imposed was imposed on the principal
Section offenders.
172 A. CRIMIN
CRIMINAL
AL COURT
COURT
B. COMM
COMMIS
ISSI
SION
ON
C. GOVE
GOVERN
RNME
MENT
NT
D. AIDERS
AIDERS AND
AND AB
ABETT
ETTORS
ORS
A 274
274 It mea
means
ns t
the
he tot
total
al ssha
hare
res
s of s sto
tock
ck i iss
ssue
uedd un
unde
derr
binding subscription agreements to subscribers or
Section stockholders.
173 A. OUTS
OUTSTANDI
TANDINGNG CA
CAPITA
PITAL
L STOCK
STOCK
B. RE
REVE
VENU
NUEE
C. ASSE
SSETS
D. SUBSCR
SUBSCRIBE
IBEDD SHARES
SHARES
D 275 Their
Their name
name can
can be design
designate
atedd othe
other
r than
than as board
board of
trustees.
Section A. CHIEF
CHIEF OFFICE
OFFICERSRS
174 B. MA
MANA
NAGE
GERS
RS
C. OF
OFFI
FICE
CERS
RS
D. GOVERN
GOVERNING
ING BOAR
BOARDS
DS
B 276
276 They
They aare
re aut
autho
hori
rize
zedd to c
col
olle
lect
ct,, re
reta
tain
in,
, an
and
d use
use
fees, fines, and other charges pursuant to the
Section Revised Corporation Code.
175 A. COURT
B. COMM
COMMIS
ISSI
SION
ON
C. NATI
NATIONAL
ONAL ECONOMIC
ECONOMIC AND DEVELOPME
DEVELOPMENT NT AUTHOR
AUTHORITY
ITY
D. AUTH
AUTHOR
ORIT
ITYY
A 277 They
They shal
shall
l dete
determi
rmine
ne if the corpor
corporate
ate vehicl
vehiclee hhas
as
been used by any corporation, business r industry
Section to frustrate the provisions of the Revised
176 Corporation Code.
A. NATI
NATIONAL
ONAL ECONOMIC
ECONOMIC AND DEVELOPME
DEVELOPMENT NT AUTHOR
AUTHORITY
ITY
B. COMM
COMMIS
ISSI
SION
ON
C. COURT
D. AUTH
AUTHOR
ORIT
ITYY
D 278 These
These are submit
submittedted annual
annually
ly and within
within such
such peri
period
od
as may prescribed by the Commission.
Section A. BANK
BANK STATE
STATEMEN
MENTS
TS
177 B. ARTI
ARTICLES
CLES OF IN INCORP
CORPORATI
ORATIONON
C. BYLA
YLAWS
 

D. REPO
REPORTORI
RTORIALAL R REQUIR
EQUIREMENT
EMENTS
S
C 279
279 This
This hhas
as the
the pow
power
er tto
o visi
visitt ov
over
er all
all cor
corpo
pora
rati
tion
ons.
s.
A. COURT
Section B. NATI
NATIONAL
ONAL ECONOMIC
ECONOMIC AND DEVELOPME
DEVELOPMENT
NT AUTHOR
AUTHORITY
ITY
178 C. COMM
COMMIS
ISSI
SION
ON
D. AUTH
AUTHOR
ORIT
ITYY
A 280 This
This has
has jurisd
jurisdict
iction
ion to issue
issue a rest
restrai
rainin
ning
g orde
order,
r,
preliminary injunction, or preliminary mandatory
Section injunction in any case directly or indirectly
179 interfering with the powers, duties and
responsibilities of SEC.
A. COURT
COURT OF
OF APPEA
APPEALS
LS
B. GOVE
GOVERN
RNME
MENT
NT
C. BARANG
BARANGAY
AY CHIEFS
CHIEFS
D. NATI
NATIONAL
ONAL ECONOMIC
ECONOMIC AND DEVELOPME
DEVELOPMENT
NT AUTHOR
AUTHORITY
ITY
D 281
281 They
They aare
re to
to deve
develolopp an
and
d impl
implem
emen
entt an eele
lect
ctro
roni
nicc
filing and monitoring system.
Section A. NEDA
180 B. COURT
COURT OF
OF APPEA
APPEALS
LS
C. DOST
D. SEC
C 282
282 The
The fo
foll
llow
owin
ingg ar
aree boun
bound
d by th
the
e ar
arbi
bitr
trat
atio
ion
n
agreement, except:
Section A. DIRE
DIRECT
CTOR
ORSS
181 B. OF
OFFI
FICE
CERS
RS
C. CRED
CREDIT
ITOR
ORSS
D. MA
MANA
NAGE
GERS
RS
D 283 The powers
powers,
, aut
author
horiti
ities,
es, and respon
responsib
sibili
ilitie
ties
s oof
f
this agency involving party-list organizations are
Section transferred to the Commission on Elections.
182 A. NATI
NATIONAL
ONAL ECONOMIC
ECONOMIC AND DEVELOPME
DEVELOPMENT
NT AUTHOR
AUTHORITY
ITY
B. AUTH
AUTHOR
ORIT
ITYY
C. NATI
NATIONAL
ONAL ELECTRIFI
ELECTRIFICATIO
CATION
N AUTHORI
AUTHORITY
TY
D. COMM
COMMIS
ISSI
SION
ON
A 284 This
This exer
exercis
cises
es primar
primary y auth
authori
ority
ty over
over corp
corpora
oratio
tions
ns
such as banks, nonbank financial institutions, and
Section insurance companies under their supervision and
183 regulation.
A. BANG
BANGKO
KO SENTRAL
SENTRAL NG PILIPIN
PILIPINAS
AS
B. CHIN
CHINA
A BBAN
ANKK
C. COMMIS
COMMISSIO
SIONN ON AUDIT
AUDIT
D. NATI
NATIONAL
ONAL ECONOMIC
ECONOMIC AND DEVELOPME
DEVELOPMENT
NT AUTHOR
AUTHORITY
ITY
A 285
285 No rig
right
ht o
or
r reme
remedydy iin
n favo
favour
ur o
of
f or
or agai
agains
nst
t a
any
ny
corporation, its stockholders, members, directors,
Section trustees, or officers shall be:
184 A. REMOVE
REMOVEDD OR IMPAIR
IMPAIREDED
B. SATI
SATISF
SFIE
IEDD
C. REVI
REVISI
SITE
TEDD
D. RE
RENE
NEWE
WEDD
B 286 It is period to comply given to a corporation
lawfully existing and doing business in the
 

Section Philippines affected by the requirements of the

185 Revised Corporation Code.
A. NOT MORE
MORE THAN
THAN 1 YEAR
YEAR
B. NOT MORE
MORE THAN
THAN 2 Y YEAR
EARSS
C. LESS
LESS THAN
THAN 3 YEARS
YEARS
D. LESS
LESS THAN
THAN 4 YEARS
YEARS
B 287 Provis
Provision
ions
s of the Revise
Revised d Cor
Corpor
porati
ation
on Code
Code whi
which
ch
are not affected by invalid or unconstitutional
Section provisions of the Act shall:
186 A. BE VVOI
OIDE
DED
D
B. CONT
CONTINUE
INUE IN FULL
FULL FORCE
FORCE AND EFFECT
EFFECT
C. DISC
DISCONTIN
ONTINUE
UE WIT
WITH H ADJUSTMEN
ADJUSTMENTSTS
D. BE RREVISI
EVISITED
TED A AND
ND R RENEWE
ENEWEDD
D 288
288 Regu
Regula
lati
tion
on ccon
ontr
trararyy to t the
he pro
provi
visi
sion
ons
s of tthe
he
Revised Corporation Code is now:
Section A. MAND
MANDATED
ATED TO B BE
E FOLLOW
FOLLOWED ED
187 B. HELD IN J JURISD
URISDICTI
ICTIONON OF THE COURT
COURT
C. ADJU
ADJUSTED
STED TO THE ARTICLES
ARTICLES OF INCORPORA
INCORPORATION
TION
D. RE
REPE
PEAL
ALED
ED
B 289
289 This
This is wher
wheree tthe
he Act
Act s sha
hall
ll be publ
publis
ishe
hed.
d.
A. BARANG
BARANGAY
AY ORDINANC
ORDINANCES ES
Section B. OFFICI
OFFICIAL
AL GAZET
GAZETTE TE
188 C. INTE
INTERNATI
RNATIONAL
ONAL NEWS
NEWSPAPER
PAPERSS
D. CO
COMP
MPAN
ANY
Y