Corporation

Question 1

An artificial being created by operation of law, having the right of succession

Answer 1

corporation

Question 2

Any agency organized as a stock or non-stock corporation, vested with functions relating to public needs whether governmental or proprietary in nature.

Answer 2

government-owned or controlled corporation

Question 3

continuation of a corporations legal status despite changes in ownership or management.

Answer 3

succession

Question 4

corporations which have capital stock divided into shares and are authorized to distribute to the holders of such shares dividends or allotments of the surplus profits

Answer 4

stock corporation

Question 5

one where no part of its income is a distributable as dividends to its members, trustees or officers

Answer 5

non-stock corporation

Question 6

A corporation organized for the government of a portion of the state for the general good and welfare

Answer 6

Public corporation

Question 7

a corporation formed for some private purpose, benefits or end

Answer 7

private corporation

Question 8

a corporation owned by the government directly or through its instrumentalities either wholly

Answer 8

government-owned corporation

Question 9

a private corporation which is accepted from the state the grant of franchise or contract involving the performance of public duties but which is organized for profit

Answer 9

Quasi-public corporation

Question 10

a corporation created in strict or substantial conformity with the mandatory statutory requirements for incorporation

Answer 10

de jure corporation

Question 11

the due incorporation of any corporation claiming in good faith to be a corporation claiming in good faith to be a corporation under this Code, and its right to exercise corporate powers

Answer 11

De facto corporation

Question 12

all persons who assume in strict or substantial conformity with the mandatory statutory requirements for incorporation

Answer 12

Corporation by estoppel

Question 13

one which has exercised corporate powers for an indefinite period without interference on the part of the government

Answer 13

corporation prescription

Question 14

a corporation incorporated under the laws od the Philippines

Answer 14

domestic corporation

Question 15

a corporation is formed, organized or existing under any laws other than those of the Philippines and whole laws allow Filipino citizens and corporations to do business in its own country or state

Answer 15

foreign corporation

Question 16

a corporation which is open to any person who may wish to become a stockholder or member thereto

Answer 16

open corporation

Question 17

is one whose articles of incorporation
provide that: (1) All the corporation’s
issued stock of all classes, exclusive of All the
issued stock of all classes shall be
subject to one or more specified The
corporation shall not list in any stock
exchange or make any public offering of
any of its stock of any class.

Answer 17

close corporation

Question 18

A corporation that hold stocks in another
corporation for purposes of control.

Answer 18

parent or holding corporation

Question 19

A corporation more than 50% of the
voting stock of which is controlled directly
or indirectly by another corporation

Answer 19

subsidiary corporation

Question 20

A corporation consisting of more than one
member.

Answer 20

Corporation aggregate

Question 21

A corporation consisting of only one
member for the purpose of administering
and managing, as trustee, the affairs,
property and temporalities of any
religious denomination, sect or church.

Answer 21

corporation sole

Question 22

A corporation organized for religious
purposes.

Answer 22

Ecclesiastical corporation

Question 23

A corporation organized for a purpose
other than for religion.

Answer 23

Lay corporation

Question 24

A corporation organized for charitable
purposes.

Answer 24

Eleemosynary corporation

Question 25

A corporation organized for business or
profit.

Answer 25

Civil corporation

Question 26

Those who compose a corporation, whether as stockholders or as members.

Answer 26

Corporators

Question 27

The stockholders or members mentioned in the articles o incorporation as originally forming

Answer 27

Incorporators

Question 28

The owners of shares of stock in a stock corporation.

Answer 28

Stockholders (shareholders

Question 29

The corporators of a non-stock corporation

Answer 29

Members

Question 30

is the governing body in a stock corporation

Answer 30

Board of directors or board of trustees

Question 31

shares of a corporation formed or to be formed

Answer 31

Subscribers

Question 31

The president, who shall be a director, a treasurer who may or may not be a director, a secretary who
shall be a resident and citizen of the Philippines, and such other officers as may be provided for in the
by-laws.

Answer 31

Corporate Officers

Question 32

A person who guarantees on a firm commitment and/or declared best effort basis the distribution and sale
of securities of any kind by another company.

Answer 32

Underwriter

Question 33

Is a person who brings about or cause to bring about the formation and organization of a corporation.

Answer 33

Promoter

Question 34

Shares with a right to vote. There shall always be a class or series of shares which have complete voting
rights.

Answer 34

Voting shares

Question 35

Shares without a right to vote.

Answer 35

Non-voting shares

Question 36

A class of stock entitling the holder to vote on corporate matters, to receive dividends after other claims
and dividends have been paid, and to share in assets upon liquidation.

Answer 36

common stock

Question 37

Is one which entitles the holder thereof to certain preferences over the holders of common stock.

Answer 37

preferred stock

Question 38

may be issued by the corporation when expressly so provided in the articles of incorporatio

Answer 38

Redeemable shares

Question 39

Shares with a value fixed in the articles of incorporation and the certificate of stock.

Answer 39

Par value shares

Question 40

Shares with no par value

Answer 40

No par value shares

Question 41

A share issued to promoters or those in some way interested in the company, for incorporating the
company, or for services rendered in launching or promoting the welfare of the company.

Answer 41

Promotion/al shar

Question 42

A share subject to an agreement by virtue of which the share is deposited by the grantor or his agent with
a third person to be kept by the depositary until the performance of certain condition or the happening of a
certain event contained in the agreement.

Answer 42

Share in escrow

Question 43

A share that is less than one full share.

Answer 43

Fractional share

Question 44

It is a stock or share issued in excess of the authorized capital stock. Such issuance is null and void

Answer 44

Over-issued stock

Question 45

A share that is convertible by the stockholder from one class to another class at a certain price and within
a certain period.

Answer 45

Convertible share

Question 46

may be given certain rights and privileges not enjoyed by
the owners of other stocks

Answer 46

Founders’ Shares.

Question 47

may be issued by the corporation when expressly
provided in the articles of incorporation.

Answer 47

Redeemable Shares.

Question 48

A corporation’s accumulated income after dividends have been distributed. Also termed earned surplus;
undistributed profit.

Answer 48

Retained earnings

Question 49

constitute a fund to which the creditors have a right to look for the satisfaction of their claims.

Answer 49

Trust Fund Doctrine

Question 50

are shares of stock which have been issued and fully paid
for, but subsequently reacquired by the issuing corporation through purchase

Answer 50

Treasury Shares.