Introduction Flashcards
What are the four attributes of corporation?
- Artificial being
- Created by operation of law
- Right of succession
- Having the powers, attributes, and properties expressly by law
What is the etymology of the word Corporation?
Latin word meaning corpus which means body of people.
What is the article of the revised corporation code?
Article 11232
What attribute does indicate a strong juridical personality
with a right of a succession. even an OPC can have the right of succession
It is a theory where a corporation exists because it is created by law and it granted powers.
Theory of Concession. Take a concessionaire for an example. It was allowed to be in the school because the school gave permission for them to do so.
The theory where an aggregation of persons doing business
Theory of Business Enterprise
Can congress create a private corporation?
NO. They can’t because of the Constitution, Sec. 16, Article XII. Only GOCCs can be under special laws or charter. All private corporation will be governed by the general law (RCC)
Do corporations have constitutional rights?
Yes. But it’s limited.
1. Right against unreasonable search and seizure
2. Due process
3. Equal protection
Does the corporation entitled to privilege against self incrimination?
No. The corporation is created by law for the benefit of the law. If they do not comply, then they are against the law. NIRC example BIR
May a director authorizing purchase of vehicles be liable?
NO. But if there is fraud, only the director who authorized be liable.
Utang ng corporation and magbabayad ng utang ng isa pang corproraiton kung majority naman ng stockholders ay parehas
NO
