Corporation Flashcards
RCCP requires that the vacancy must be filled up within ____ days, if a director retires
45
A corporate secretary is required to be a ________
Resident and citizen
A president of a corporation is required to be a _______
Director
A corporate treasurer is required to be a ________
Resident
These are acts which cannot be executed or performed by a corporation because they are not within its express, inherent or implied powers
Ultra Vires Acts
Corporations which are not authorized to distribute surplus profits
Non-stock Corporation
When a corporation opt to have a definite term, any extension thereof can be made no earlier than ______ prior to expiry date
3 Years
These are signatories in the AOi and they are mentioned as originally forming the corporation
Incorporators
Maximum number of incorporators
15
Maximum number of Directors
15
A vested with public interest shall have independent directors constituting at least how many percent of such board?
20%
It is a person who is independent of management and free from any business relationship with the corporation
Independent Director
These considerations cannot be considered a valid consideration for stocks
Promissory notes ; Future Services
BOD place of meeting
Anywhere in/out PH unless bylaws provide
BOD Regular/ Special meetings Notice
2 days prior meeting unless longer period in bylaws is provided
Regular date of meeting of BOD
Monthly unless bylaws provide
Regular date of meeting of BOT
Anytime upon call of president or bylaws
BOT place of meeting
Within PH only
Votes needed for a valid corporate act
Majority of those present
Votes needed for Election of officers
Majority of ALL the members of the Board
Date of regular meeting of shareholders
Annual as fixed in by law. If no such date, any date after April 15
Date of special meeting of shareholders
Anytime as deemed necessary or provided in by laws
Shareholders Place of meeting
Principal office of corporation set in AOI or if not practicable, in the city/municipality where principal office is located
Shareholders Regular meetings Notice
21 days prior
Shareholders Special meetings Notice
1 week
What is the term of office of the BOT of an ordinary non-stock corporation?
3 years
