This is a stock corporation since its articles of incorporation and by-laws are silent, it is presumed that it can declare dividends. This is a non-stock corporation because the articles of incorporation did not provide for the distribution of dividends. The stockholders or members must amend the articles of incorporation and state clearly whether the corporation is a stock corporation or a non-stock corporation. This is a non-stock corporation because the assets after dissolution are to be given to a charitable institution.
BZ” is a recreational club which was organized to operate golf course for its members with an original authorized capital stock of P100M. The articles of incorporation nor the by laws did not provide for the distribution of dividends although there is a provision that after dissolution, the assets shall be given to a charitable corporation. Which of the following statement is true based on existing
This is a stock corporation since its articles of incorporation and by-laws are silent, it is presumed that it can declare dividends.
This is a non-stock corporation because the articles of incorporation did not provide for the distribution of dividends.
The stockholders or members must amend the articles of incorporation and state clearly whether the corporation is a stock corporation or a non-stock corporation.
This is a non-stock corporation because the assets after dissolution are to be given to a charitable institution.
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