RCC Flashcards
RA No. 11232: The Code shall be known as the
REVISED CORPORATION CODE OF THE PHILIPPINES
The following pertains to the characteristics of a corporation, except:
A. CREATED BY OPERATION OF LAW
B. HAS A RIGHT OF SUCCESSION
C. IT IS AN ARTIFICIAL BEING
D. IT HAS THE POWERS, ATTRIBUTES AND PROPERTIES NOT EXPRESSLY AUTHORIZED BY LAW OR INCIDENTAL TO ITS EXISTENCE
D. IT HAS THE POWERS, ATTRIBUTES AND PROPERTIES NOT EXPRESSLY AUTHORIZED BY LAW OR INCIDENTAL TO ITS EXISTENCE
It refers to a corporation which have capital stock divided into shares.
STOCK CORPORATION
A government corporation is normally created by
CHARTER
This refers to a person who brings about or cause to bring about the information and organization of a corporation
PROMOTER
This must be in the articles of incorporation
CLASSIFICATION OF SHARES, THEIR CORRESPONDING RIGHTS, PRIVILEGES, OR RESTRICTIONS, AND THEIRSTATED PAR VALUE, IF ANY
The exclusive right to vote and be voted for in theelection of directors, if granted, it must be for alimited period which is:
PERIOD NOT TO EXCEED 5 YEARS FROM THE DATE OFINCORPORATION
This pertains to shares which are redeemable at a fixed date
REDEEMABLE SHARE
It refers to stocks which contemplates an original issuance of shares
WATERED STOCKS
A person with a single stockholder is considere
ONE PERSON CORPORATION
It refers to a corporate term for a specific period
IT MAY BE EXTENDED OR SHORTENED BY AMENDING THE ARTICLES OF INCORPORATION.
Within stock corporations, minimum authorized capital stock is
NOT REQUIRED
Which language shall corporations use in filing articles of incorporation with the Commission?
ANY OFFICIAL LANGUAGE
The articles of incorporation of all domestic corporation shall comply substantially with what?
A FORM
An amendment must be accompanied by a favorable recommendation of the appropriate government agencyis cases of:
PRENEED
