Corporation

Question 1

RCCP requires that the vacancy must be filled up within ____ days, if a director retires

Answer 1

45

Question 2

A corporate secretary is required to be a ________

Answer 2

Resident and citizen

Question 3

A president of a corporation is required to be a _______

Answer 3

Director

Question 4

A corporate treasurer is required to be a ________

Answer 4

Resident

Question 5

These are acts which cannot be executed or performed by a corporation because they are not within its express, inherent or implied powers

Answer 5

Ultra Vires Acts

Question 6

Corporations which are not authorized to distribute surplus profits

Answer 6

Non-stock Corporation

Question 7

When a corporation opt to have a definite term, any extension thereof can be made no earlier than ______ prior to expiry date

Answer 7

3 Years

Question 8

These are signatories in the AOi and they are mentioned as originally forming the corporation

Answer 8

Incorporators

Question 9

Maximum number of incorporators

Answer 9

15

Question 10

Maximum number of Directors

Answer 10

15

Question 11

A vested with public interest shall have independent directors constituting at least how many percent of such board?

Answer 11

20%

Question 12

It is a person who is independent of management and free from any business relationship with the corporation

Answer 12

Independent Director

Question 13

These considerations cannot be considered a valid consideration for stocks

Answer 13

Promissory notes ; Future Services

Question 14

BOD place of meeting

Answer 14

Anywhere in/out PH unless bylaws provide

Question 15

BOD Regular/ Special meetings Notice

Answer 15

2 days prior meeting unless longer period in bylaws is provided

Question 16

Regular date of meeting of BOD

Answer 16

Monthly unless bylaws provide

Question 17

Regular date of meeting of BOT

Answer 17

Anytime upon call of president or bylaws

Question 18

BOT place of meeting

Answer 18

Within PH only

Question 19

Votes needed for a valid corporate act

Answer 19

Majority of those present

Question 20

Votes needed for Election of officers

Answer 20

Majority of ALL the members of the Board

Question 21

Date of regular meeting of shareholders

Answer 21

Annual as fixed in by law. If no such date, any date after April 15

Question 22

Date of special meeting of shareholders

Answer 22

Anytime as deemed necessary or provided in by laws

Question 23

Shareholders Place of meeting

Answer 23

Principal office of corporation set in AOI or if not practicable, in the city/municipality where principal office is located

Question 24

Shareholders Regular meetings Notice

Answer 24

21 days prior

Question 25

Shareholders Special meetings Notice

Answer 25

1 week

Question 26

What is the term of office of the BOT of an ordinary non-stock corporation?

Answer 26

3 years