CORPORATION

Question 1

Types of Powers of Corporation

Answer 1

1. Express
2. Implied or Necessary
3. Incidental or Inherent

Question 2

Ultra Vires Acts

Answer 2

Acts committed outside the object for which a corporation is created as defined by the law of its organization

Question 3

Ultra Vires Acts by the Corporation (illegal per se)

Answer 3

Null and void

Question 4

Ultra Vires Acts by the Corporation for failure to comply with voting formality required by law

Answer 4

Null and void BUT the declaration of nullity may be barred by estoppel

Question 5

Ultra Vires Acts by the Corporation for being outside the primary and secondary purposes of the corporation

Answer 5

Voidable on the part of the other party

Question 6

Ultra Vires Acts which are unauthorized or when the corporate officers exceed their authority

Answer 6

Unenforceable BUT may become enforceable on the basis of
1. Express or implied ratification by the corporation
2. Doctrine of estoppel
3. Doctrine of apparent authority of the corporate officers

Question 7

Mode of conversion of non stock to stock corporation

Answer 7

By dissolving the nonstock corporation and forming a new stock corporation

Question 8

Modes of conversion of stock to nonstock corporation

Answer 8

1. Amendment of articles of incorporation; or
   2.