Subject: Law on Partnership and Corporations True or False. _1. A corporation commences to exist upon the execution of the articles of incorporationby the incorporators._2. a subscriber's name may appear in the articles of incorporation but he may not be anincorporator of the corporation3. a stockholder can transfer his shares to another person without the consent of the otherstockholders.4. a corporation may exist for a period not exceeding 50 years but its life may be extendedseveral times provided each extension does not exceed 50 years in any single instance._5. the due existence of a de facto corporation may be attacked/questioned collaterally in aproceeding._6. all persons who assume to act as a corporation knowing it to be without authority to doso shall be liable as general partners for all debts and damages arising as a result thereof.7. all subscribed shares are issued shares whether or not fully or partially paid as long asthere is a binding subscription agreement.8. a share of stock is an intangible personal property._9. redeemable shares may be reacquired by a corporation only if it has unrestrictedretained earnings.10. treasury shares, since they are issued, are outstanding shares._11. non-voting shares are not allowed to vote in all corporate acts._12. shares without par value may not be issued for a consideration less than P0.50 pershare._13. the entire consideration received for the issuance of no par shares shall all be treatedas capital and no part thereof shall be available for distribution as dividends.14. a corporation may be formed for more than one purpose._15. as a rule, majority of the incorporators of a corporation formed under Philippine lawsmust be citizens of the Philippines.corporation may be a stockholder of another corporation.17. aa corporation is automatically dissolved if it does not formally organize, commence thetransaction of its business or the construction of its works within 2 years from date of itsincorporation.18. a director individually and as such can bind the corporation since he is an agent of thecorporation.19. a director is required to be an owner of at least one share of stock of a corporation.However.for which he was elected has not yet expired._20. a delinquent stock is deprived of all the rights of a stockholder including the right todividendshecontinues to be a director although he has disposed all his shares provide the term_21. the by-laws of a corporation may validly provide that one may be the President andSecretary or President and Treasurer at the same time._22. Unless otherwise provided in the articles of incorporation or the by-laws, the quorum inthes of the board of directors is the majority of the total number of the BOD.meetings_23. in the meetings of the BOD, the vote required for the approval of an act is the majorityof those present provided there is a quorum except in the election of the officers which requiresmajority of the total number of the BOD.24. As a rule, directors of a corporation may be removed with or without cause._25. when a vacancy in the board arises from the death of a director, such vacancy may befilled by the remaining directors provided they still constitute a quorum.

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Subject: Law on Partnership and Corporations True or False. _1. A corporation commences to exist upon the execution of the articles of incorporationby the incorporators._2. a subscriber's name may appear in the articles of incorporation but he may not be anincorporator of the corporation3. a stockholder can transfer his shares to another person without the consent of the otherstockholders.4. a corporation may exist for a period not exceeding 50 years but its life may be extendedseveral times provided each extension does not exceed 50 years in any single instance._5. the due existence of a de facto corporation may be attacked/questioned collaterally in aproceeding._6. all persons who assume to act as a corporation knowing it to be without authority to doso shall be liable as general partners for all debts and damages arising as a result thereof.7. all subscribed shares are issued shares whether or not fully or partially paid as long asthere is a binding subscription agreement.8. a share of stock is an intangible personal property._9. redeemable shares may be reacquired by a corporation only if it has unrestrictedretained earnings.10. treasury shares, since they are issued, are outstanding shares._11. non-voting shares are not allowed to vote in all corporate acts._12. shares without par value may not be issued for a consideration less than P0.50 pershare._13. the entire consideration received for the issuance of no par shares shall all be treatedas capital and no part thereof shall be available for distribution as dividends.14. a corporation may be formed for more than one purpose._15. as a rule, majority of the incorporators of a corporation formed under Philippine lawsmust be citizens of the Philippines.corporation may be a stockholder of another corporation.17. aa corporation is automatically dissolved if it does not formally organize, commence thetransaction of its business or the construction of its works within 2 years from date of itsincorporation.18. a director individually and as such can bind the corporation since he is an agent of thecorporation.19. a director is required to be an owner of at least one share of stock of a corporation.However.for which he was elected has not yet expired._20. a delinquent stock is deprived of all the rights of a stockholder including the right todividendshecontinues to be a director although he has disposed all his shares provide the term_21. the by-laws of a corporation may validly provide that one may be the President andSecretary or President and Treasurer at the same time._22. Unless otherwise provided in the articles of incorporation or the by-laws, the quorum inthes of the board of directors is the majority of the total number of the BOD.meetings_23. in the meetings of the BOD, the vote required for the approval of an act is the majorityof those present provided there is a quorum except in the election of the officers which requiresmajority of the total number of the BOD.24. As a rule, directors of a corporation may be removed with or without cause._25. when a vacancy in the board arises from the death of a director, such vacancy may befilled by the remaining directors provided they still constitute a quorum.

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