Introduction Flashcards

1
Q

What are the four attributes of corporation?

A
  1. Artificial being
  2. Created by operation of law
  3. Right of succession
  4. Having the powers, attributes, and properties expressly by law
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2
Q

What is the etymology of the word Corporation?

A

Latin word meaning corpus which means body of people.

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3
Q

What is the article of the revised corporation code?

A

Article 11232

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4
Q

What attribute does indicate a strong juridical personality

A

with a right of a succession. even an OPC can have the right of succession

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5
Q

It is a theory where a corporation exists because it is created by law and it granted powers.

A

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.

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6
Q

The theory where an aggregation of persons doing business

A

Theory of Business Enterprise

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7
Q

Can congress create a private corporation?

A

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)

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8
Q

Do corporations have constitutional rights?

A

Yes. But it’s limited.
1. Right against unreasonable search and seizure
2. Due process
3. Equal protection

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9
Q

Does the corporation entitled to privilege against self incrimination?

A

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

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10
Q

May a director authorizing purchase of vehicles be liable?

A

NO. But if there is fraud, only the director who authorized be liable.

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11
Q

Utang ng corporation and magbabayad ng utang ng isa pang corproraiton kung majority naman ng stockholders ay parehas

A

NO

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