Each of the incorporators of stock corporation must own or be a subscriber of at least one (1) share of the capital stock of the corporation. 1 point TRUE FALSE The corporate powers of a corporation shall be exercised by the stockholders. 1 point TRUE FALSE The President of the corporation may or may not be a director. 1 point TRUE FALSE The Treasurer of a corporation must be a member of the Board of Directors. 1 point TRUE FALSE A majority of the members of the Board of Directors as fixed in the Articles of Incorporation shall constitute a quorum, and every decision of at least a majority of the directors present at the meeting shall be valid as a corporate act. 1 point TRUE FALSE Directors can attend and vote by proxy at board meetings. 1 point TRUE FALSE Persons convicted by final judgment of an offense punishable by imprisonment for more than 6 years, or a violation of the corporation code, committed within 5 years prior to the date of their election or appointment are not qualified as directors or officers of any corporation. 1 point TRUE FALSE In the absence of any provision in the by-laws fixing their compensation, the directors shall not receive any compensation, as such director, except for reasonable per diem. 1 point TRUE FALSE There are interlocking directorates when one, some or all of the directors in a corporation are also the directors in another corporation. 1 point TRUE FALSE If a corporation stops transacting business and becomes continously inoperative for a period of five (5) years, its corporate powers cease and the corporation shall be deemed automatically dissolved. 1 point TRUE FALSE
Each of the incorporators of stock corporation must own or be a subscriber of at least one (1) share of the capital stock of the corporation.
1 point
TRUE
FALSE
The corporate powers of a corporation shall be exercised by the stockholders.
1 point
TRUE
FALSE
The President of the corporation may or may not be a director.
1 point
TRUE
FALSE
The Treasurer of a corporation must be a member of the Board of Directors.
1 point
TRUE
FALSE
A majority of the members of the Board of Directors as fixed in the Articles of Incorporation shall constitute a quorum, and every decision of at least a majority of the directors present at the meeting shall be valid as a corporate act.
1 point
TRUE
FALSE
Directors can attend and vote by proxy at board meetings.
1 point
TRUE
FALSE
Persons convicted by final judgment of an offense punishable by imprisonment for more than 6 years, or a violation of the corporation code, committed within 5 years prior to the date of their election or appointment are not qualified as directors or officers of any corporation.
1 point
TRUE
FALSE
In the absence of any provision in the by-laws fixing their compensation, the directors shall not receive any compensation, as such director, except for reasonable per diem.
1 point
TRUE
FALSE
There are interlocking directorates when one, some or all of the directors in a corporation are also the directors in another corporation.
1 point
TRUE
FALSE
If a corporation stops transacting business and becomes continously inoperative for a period of five (5) years, its corporate powers cease and the corporation shall be deemed automatically dissolved.
1 point
TRUE
FALSE
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