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REGULATORY FRAMEWORK FOR BUSINESS TRANSACTIONS > RFBT - MEMORIZATION OF PERIODS, DATES, ETC. > Flashcards

RFBT - MEMORIZATION OF PERIODS, DATES, ETC. Flashcards

1
Q

Give the prescriptive period for civil actions based on the following:

  1. Oral contract
  2. Written contract
  3. Quasi-delict
  4. Tort
  5. Quasi-contract
  6. Law/judgment of courts
  7. Oral defamation/forcible entry
  8. Recovery of movable property
  9. Real action for recovery of immovable
  10. Other actions not provided for by Civil Code or Special Laws
  11. Action for declaration of nullity
A
  1. Oral contract - 6 YEARS
  2. Written contract - 10 YEARS
  3. Quasi-delict - 4 YEARS
  4. Tort - 4 YEARS
  5. Quasi-contract - 6 YEARS
  6. Law/judgment of courts - 10 YEARS
  7. Oral defamation/forcible entry/unlawful detainer - 1 YEAR
  8. Recovery of movable property - 8 YEARS
  9. Real action for recovery of immovable - 30 YEARS
  10. Other actions not provided for by Civil Code or Special Laws - 5 YEARS
  11. Action for declaration of nullity - NO PRESCRIPTIVE PERIOD BUT ACTION MAY BE BARRED BY LACHES OR ESTOPPEL
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2
Q

Give the prescriptive period for action for rescission.

A

The action for rescission must be brought within the period allowed by law, which is 4 years for those under guardianship and absentees, otherwise it would prescribe and any action on it will prescribe.
a.) Guardianship - 4 years from termination of
incapacity.
b.) Absentees - 4 years from the time absentee’s
domicile is known.

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3
Q

What are the prescriptive periods for annulment of certain voidable contracts?

A

When action must be brought (prescriptive period)

a. Intimidation, violence or undue influence - 4 years from the TIME OF THE DEFECT IN CONSENT
b. Mistake - 4 years from the time of discovery of the same
c. In case of minority/incapacity - from the time guardianship ceases.

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4
Q

Give the prescriptive period of defective contracts.

A

Rescissible Contracts - 4 years

a. For persons under guardianship - 4 YEARS FROM TERMINATION OF WARD’S INCAPACITY
b. Absentees - 4 YEARS FROM WHEN THE ABSENTEE’S DOMICILE IS KNOWN
c. Fraud - 4 YEARS FROM KNOWLEDGE OR DISCOVERY OF THE CONTRACT.

Voidable Contracts - 4 years

a. Intimidation/violence/undue influence - when the defect of the consent ceases
b. Mistake/Fraud - Discovery
c. Minority/Incapacity - date guardianship ceases.

Unenforceable Contracts - N/A

Void Contracts - No prescriptive period

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5
Q

What is the prescriptive period for BP 22?

A

4 years from the commission of the offense or from the discovery thereof.

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6
Q

What happens when the profits and losses distribution is designated to a 3rd person?

A

It shall be binding upon the partners and MAY BE IMPUGNED ONLY WHEN IT IS MANIFESTLY INEQUITABLE. However, even if it is manifestly inequitable, it can NO LONGER BE IMPUGNED:

a. ) By a partner who has begun to execute it OR
b. ) By any partner if THREE MONTHS had already lapsed from the time he OBTAINED KNOWLEDGE thereof.

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7
Q

Founder’s share in corporations are given the exclusive right to vote and be voted in the election of BoD with a maximum period of?

A

5 years from approval of the SEC.

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8
Q

Give the ratio of ownership owned by Filipinos for the following industries entered into by corporations:

  1. Mass media
  2. Advertising
  3. Operation of public utilities
  4. Educational Institutions
  5. Co-production, JV, or production sharing agreements with Filipinos
  6. Ownership of private land
A
  1. Mass media - 100%
  2. Advertising - 60% PH 40% Foreign
  3. Operation of public utilities- 60% PH 40% Foreign
  4. Educational Institutions - 60% PH 40% Foreign
  5. Co-production, JV, or production sharing agreements with Filipinos- 60% PH 40% Foreign
  6. Ownership of private land - 60% PH 40% Foreign
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9
Q

What happens after election of directors/trustees/officers?

A

The corporation must submit to SEC the details about said elected directors/trustees/officers WITHIN 30 DAYS AFTER ELECTION.

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10
Q

What happens when elections of directors/trustees/officers are not conducted?

A

The non-holding of elections and the reasons thereof shall be reported to SEC WITHIN 30 DAYS FROM THE DATE OF THE SCHEDULED ELECTION.

The report shall SPECIFY A NEW DATE FOR THE ELECTION WHICH HALL NOT BE LATER THAN SIXTY(60) DAYS FROM THE SCHEDULED DATE.

If no new date has been designated or if the rescheduled election is not held, SEC MAY, UPON THE APPLICATION OF ANY MEMBER OF THE CORPORATION SUMMARILY ORDER THAT AN ELECTION BE HELD.

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11
Q

What is the maximum term for a management contract?

A

5 years.

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12
Q

What is the date of meeting for directors? For stockholders?

A

DIRECTORS MEETING - REGULAR MONTHLY MEETING unless bylaws provide otherwise.

SPECIAL MEETING - upon call of the president or as provided in the bylaws. At least 2 days notice prior to said meeting is needed, unless bylaws provide for a different period.

STOCKHOLDERS MEETING -

REGULAR MEETING ANNUALLY as fixed by the bylaws. If not so fixed, on any date AFTER APRIL 15 of every year as determined by the BoD, provided that written notice shall be sent 21 DAYS PRIOR SAID MEETING unless another period is required in the bylaws.

SPECIAL MEETING may be held at any time deemed necessary, provided that 1 week written notice be sent to all SH

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13
Q

What is the rule on postponement of stockholder’s meetings?

A

In case of postponement of SH regular meetings, A WRITTEN NOTICE AND REASON THEREFOR SHALL BE SENT TO ALL SH AT LEAST TWO (2) WEEKS PRIOR THE DATE OF MEETING, unless the bylaws provide a different period.

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14
Q

What are the rules on proxies?

A
  1. It must be in WRITING
  2. It must be SIGNED BY SH
  3. FILED BEFORE THE SCHEDULED MEETING WITH THE CORPORATE SECRETARY
  4. VALID ONLY FOR THE MEETING FOR WHICH IT WAS INTENDED
  5. IF PROXY IS WITH A PERIOD, VALID ONLY WITH A LIMIT OF 5 YEARS.
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15
Q

What are the rules on voting trusts?

A
  1. It must be in WRITING AND NOTARIZED
  2. SPECIFY THE TERMS AND CONDITIONS
  3. A CERTIFIED COPY OF SUCH AGREEMENT MUST BE FILED WITH SEC AND THE CORPORATION, OTHERWISE THE TRUST SHALL BE INEFFECTIVE AND UNENFORCEABLE.
  4. PERIOD OF AGREEMENT NOT TO EXCEED 5 YEARS, after which it will automatically expire unless renewed.
  5. Original certificate of stock is cancelled and the trustee shall be issued a VOTING TRUST CERTIFICATE.
  6. The voting trustee may vote by proxy or in any manner provided in the bylaws, unless the agreement provides otherwise.

If it is not in writing, the vote is ineffective and unenforceable.

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16
Q

What are the rules on subscription for a corporation still to be formed?

A

BEFORE SUBMISSION OF AOI TO SEC
- Subscription is IRREVOCABLE FOR A PERIOD OF AT LEAST 6 MONTHS FROM DATE OF SUBSCRIPTION AND BEFORE SUBMISSION OF AOI TO SEC, UNLESS:

A. All other subscribers consent to the revocation
B. The incorporation fails to materialize or as may be stipulated in the contract of subscription

AFTER SUBMISSION OF AOI TO SEC
- NO PRE-INCORPORATION SUBSCRIPTION MAY BE REVOKED.

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17
Q

How many days shall lapse from the due date in the subscription contract or from the time in the call made by the BoD for the subscribed shares to be delinquent if unpaid?

A

30 days from due date/call date

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18
Q

Explain the extra-judicial sale at public auction remedy for the payment of subscription.

A

Subscribers to stock shall be liable to the corporation for interest on all unpaid subscriptions from the date of subscription, if so required by and at the rate fixed in the subscription contract, if none, AT THE LEGAL RATE.

Failure to pay on due date SHALL RENDER THE ENTIRE BALANCE DUE AND PAYABLE.

IF WITHIN 30 DAYS FROM SAID DATE NO PAYMENT HAS BEEN MADE, all stocks covered SHALL BECOME DELINQUENT AND SHALL BE SUBJECT TO SALE, unless BoD orders otherwise.

The BoD shall place the delinquent stocks on sale, which shall NOT BE LESS THAN 30 TO 60 DAYS FROM THE DATE THE STOCKS BECAME DELINQUENT.

Delinquent stocks shall be sold to the BIDDER WHO OFFERS TO PAY THE FULL AMOUNT OF THE BALANCE OF THE SUBSCRIPTION PLUS EXPENSES FOR THE SMALLEST NUMBER OF SHARES.

The corporation may acquire such shares if there are no bidders. Such shares shall be held as treasury shares.

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19
Q

What is the prescriptive period for filing the complaint questioning the regularity of a delinquency sale/public sale?

A

6 months from delinquency sale

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20
Q

What are the procedures to be followed for lost or destroyed certificates of stock?

A
  1. ) Owner of the stock shall file with the corporation an affidavit in TRIPLICATE setting forth how the certificate was lost/stolen/destroyed/ and the numbers of share it represented and the serial number of such certificate.
  2. ) After verification of said affidavit and other information, corporation shall publish a notice in a newspaper of general circulation in the place where it has its principal office for THREE CONSECUTIVE WEEKS at the expense of the owner of stock. The publication shall state that AFTER THE EXPIRATION OF 1 YEAR FROM THE DATE OF LAST PUBLICATION, IF NO CONTEST HAS BEEN PRESENTED, THE RIGHT TO CONTEST SHALL BE BARRED AND THE CORPORATION SHALL CANCEL THE LOST/DESTROYED/STOLEN CERTIFICATE and shall issue a new stock to the owner.

If a contest has been presented, the corporation shall not issue a new certificate UNTIL THE COURT HAS REACHED A FINAL DECISION REGARDING OWNERSHIP OF THE CERTIFICATE.

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21
Q

Under the Revised Corporation Code, unless the bylaws provide for a longer period, the stock and transfer book or membership shall be closed how many days before the scheduled meeting in case of REGULAR meeting of stockholder?

A

At least 20 days before the scheduled meeting in case of regular meeting of SH.

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22
Q

Under the Revised Corporation Code, unless the bylaws provide for a longer period, the stock and transfer book or membership shall be closed how many days before the scheduled meeting in case of SPECIAL meeting of stockholder?

A

At least 7 days before the scheduled meeting in case of regular meeting of SH.

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23
Q

If a SH requests a copy of the FS, how long should it take the corporation to furnish the FS?

A

A corporation shall furnish the MOST RECENT FS to the SH within 10 DAYS FROM RECEIPT OF A WRITTEN REQUEST.

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24
Q

How is appraisal rights exercised? What are the rules involved?

A
  1. Any stockholder who voted against proposed corporate action
  2. Make a WRITTEN DEMAND AGAINST THE CORPORATION WITHIN 30 DAYS AFTER THE DATE ON WHICH VOTE WAS TAKEN for the payment of his shares.
    FAILURE TO MAKE DEMAND SHALL BE DEEMED A WAIVER OF APPRAISAL RIGHT.
  3. Surrender of certificates of stock
  4. IF WITHIN 60 DAYS FROM THE DATE OF THE CORPORATE ACTION WAS APPROVED AND THE DISSENTING SH AND CORPORATION CANNOT AGREE ON THE FAIR VALUE OF THE SHARES, FAIR VALUE SHALL BE DETERMINED AND APPRAISED BY THREE (3) DISINTERESTED PERSONS:

1 chosen by dissenting stockholder
1 chosen by corporation
1 chosen by the 2 above

  1. Corporation must have enough retained earnings to cover such payment
  2. From the time of demand of payment, ALL RIGHTS OF THE STOCKHOLDER ARE SUSPENDED EXCEPT THE RIGHT TO RECEIVE PAYMENT OF THE FAIR VALUE THEREOF.

If the SH is not paid within 30 days after the award, HIS VOTING AND DIVIDEND RIGHTS ARE IMMEDIATELY RESTORED.

25
Q

What is the maximum number of shareholders in a close corporation?

A

20 SH

26
Q

T or F
A corporation shall not be a close corporation when at least 2/3 OF ITS VOTING STOCK IS OWNED/CONTROLLED BY A CORPORATION THAT IS NOT A CLOSE CORPORATION.

A

True.

27
Q

How many directors shall an educational corporation have? What is their term?

A

5 or 10 or 15 directors with 5 year term each

28
Q

Discuss Voluntary dissolution where no creditors are affected.

A

Requires MAJORITY VOTE OF BOD AND MAJORITY VOTE OF OCS in a meeting called for the purpose. Notice of such meeting shall be given AT LEAST 20 DAYS PRIOR SAID MEETING.

29
Q

After dissolution of a corporation, what is the remaining period of the corporate body?

A

3 years from the time it is dissolved for the purpose of liquidation of its corporate affairs but not for entering into new business.

30
Q

What is the period for the submission of the General Information sheet of the Corporation to the SEC?

A

Within 30 days from the date of the actual annual SH meeting

31
Q

What is the period for the submission of the Audited FS stamped “Received by the BIR” of the Corporation to the SEC?

A

Within 120 days after the end of the fiscal year as Indicated in the FS.

32
Q

What are the rules on the officers of a OPC?

A

Within 15 days from issuance of Certificate of incorporation, the OPC shall appoint a secretary, treasurer and other officers and NOTIFY THE SEC WITHIN 5 DAYS OF THE APPOINTMENT.

33
Q

When may a single stockholder of an OPC change the nominee and alternate nominee?

A

At any time.

34
Q

Explain the process of application for registration in cooperatives.

A

All applications shall be finally DISPOSED OF THE CDA withing a PERIOD OF SIXTY (60) DAYS FROM THE FILING THEREOF, OTHERWISE THE APPLICATION SHALL BE DEEMED APPROVED UNLESS THE CAUSE OF DELAY IS ATTRIBUTABLE TO THE APPLICANT.

If the application is DENIED, an appeal can be made with the OFFICE OF THE PRESIDENT WITHIN 90 DAYS FROM THE RECEIPT OF NOTICE OF DENIAL.

FAILURE OF THE OFFICE OF THE PRESIDENT TO ACT ON THE APPEAL WITHIN 90 DAYS FROM THE FILING THEREOF SHALL MEAN APPROVAL OF SAID APPLICATION.

35
Q

T or F
Amendment of articles of cooperation shall take effect upon its approval by the CDA or within 60 days from the date of filing thereof if not acted upon by the CDA for a cause not attributable to the cooperative.

A

False
Amendment of articles of cooperation shall take effect upon its approval by the CDA or within 30 DAYS from the date of filing thereof if not acted upon by the CDA for a cause not attributable to the cooperative.

36
Q

T or F

The required number of votes for registration with the CDA by an electric cooperative is 30% of all its members.

A

False, 20% of all members in good standing.

37
Q

In general, cooperatives must have a minimum paid up capital of PHP 15,000. What special cooperatives deviate from this rule?

A
  1. Electric Cooperatives - PHP 5,000,000
  2. Multipurpose Cooperative - PHP 100,000 or as required in the feasibility study WHICHEVER IS HIGHER.
  3. Financial Service Cooperative - PHP 10,000,000 without prejudice to the additional capital requirements of BSP.
  4. Credit Surety Fund Cooperative - PHP 5,000
38
Q

Discuss the Quorum of a General Assembly of an electric cooperative.

A

Electric Cooperatives - Quorum shall be at least 5% OF ALL MEMBERS ENTITLED TO VOTE, unless otherwise stated.

39
Q

What is the vote required for the AMENDMENT OF ARTICLES OF COOPERATION?

A

APPROVED by 2/3 vote of all the members with voting rights, without prejudice to the right of dissenting members to exercise their right of withdrawal of their membership under Art 30.

40
Q

Explain the voluntary termination of membership in a cooperative.

A

Members may for any valid reason withdraw his membership BY GIVING A SIXTY (60) DAY NOTICE TO THE BOD.

The withdrawing shall be ENTITLED TO A REFUND OF HIS SHARE CAPITAL CONTRIBUTION AND ALL OTHER INTERESTS IN THE COOPERATIVE.

However, NO REFUND SHALL BE MADE IF THE VALUE OF THE ASSETS OF THE COOPERATIVE IS LESS THAN ITS LIABILITIES EXCLUSIVE OF HIS CAPITAL CONTRIBUTION.

41
Q

When are general meetings of general assemblies held?

A

It is held ANNUALLY on a DATE FIXED IN THE BYLAWS, or if there is none, WITHIN 90 DAYS AFTER THE CLOSE OF EACH FISCAL YEAR.

Notice of such meetings shall be sent to all members of record.

42
Q

What is the quorum of a General Assembly of an ordinary cooperative?

A

Ordinary Cooperative - at least TWENTY-FIVE (25) PERCENT OF ALL MEMBERS ENTITLED TO VOTE.

43
Q

What is the quorum of a General Assembly of an electric cooperative?

A

Quorum shall be at least 5% OF ALL MEMBERS ENTITLED TO VOTE, unless otherwise stated.

44
Q

What is the quorum of a General Assembly of an electric cooperative?

A

Cooperative Bank
a.) General Assembly meetings - ONE HALF PLUS
ONE OF THE NUMBER OF VOTING SHARES OF ALL
MEMBERS IN GOOD STANDING. The voting rights of
the members shall be proportionate to the number of
their paid-up shares.

b.) Board of directors meeting - ONE HALF PLUS ONE
OF ALL MEMBERS OF THE BOARD OF DIRECTORS.
Each director shall only have 1 vote.

c.) For amendments to the articles of cooperation and
bylaws - 3/4 vote of all the members with voting
rights, present and constituting a quorum.

45
Q

What are the rights of the buyer under Maceda Law?

A

1.) Grace period to pay installment in case of default
a.) If at least 2 years of installment had been paid at
the time of the default
1.) To pay without additional interest the unpaid installments due within total grace period earned which is fixed at the rate of:

    1 month grace period for every 1 year of installment paid, which is exercisable ONLY ONCE EVERY 5 YEARS.

b.) If the contract is cancelled, entitled to a refund of the cash surrender value equivalent to 50% of the total payments made, and after 5 years of installments, an additional 5% every year but not to exceed 90% of total payments made.

CANCELLATION SHALL TAKE PLACE ONLY AFTER 30 DAYS FROM THE RECEIPT BY BUYER OF THE NOTICE OF CANCELLATION AND UPON FULL PAYMENT OF THE CASH SURRENDER VALUE. DOWNPAYMENTS, OPTIONS AND DEPOSITS SHALL BE INCLUDED IN THE COMPUTATION.

2.) IF LESS THAN 2 YEARS OF INSTALLMENT HAD BEEN PAID:
Buyer shall be given a grace period of not more than 60 days from the date the installment became due to pay. Cancellation takes place if the buyer fails to pay the installment due upon the expiration of the grace period 30 days from the receipt by buyer of notice of cancellation or demand for rescission. Buyer shall have additional rights such as to:
a.) sell rights to another by notarial act
b.) Assign rights to another by notarial act
c.) Reinstate the contract by updating the account
d.) To pay in advance any installment or full unpaid
balance w/o interest.
e.) To ask for annotation of full payment.

46
Q

What is the maximum period for payment by PDIC to depositors of their claims from a closed bank in order not to make PDIC’s officers liable for failure to pay due to grave abuse of discretion/gross negligence/bad faith/malice>

A

Period of Payment
1 - Must be made within 6 months from the date of filing otherwise PDIC officers will be liable
2 - 6 month period shall not apply if documents of claimant are incomplete or requires resolution

47
Q

T or F

Depositors have 5 years from PDIC’s takeover of the closed bank to file their deposit insurance claims.

A

False, Depositors have 2 YEARS (24 months) from PDIC’s takeover of the closed bank to file their deposit insurance claims.

48
Q

What are the rules on record-keeping with respect to AMLA?

A

All records of all transactions of covered institutions shall be MAINTAINED AND SAFELY STORED FOR 5 YEARS FROM THE DATE OF THE TRANSACTIONS.

With respect to CLOSED ACCOUNTS, records on customer identification and files shall be SAFELY STORED FOR 5 YEARS FROM THE DATE THEY WERE CLOSED.

If a case has been FILED IN COURT involving an account, RECORDS MUST BE RETAINED AND SAFELY KEPT BEYOND THE 5 YEAR PERIOD UNTIL IT IS OFFICIALLY CONFIRMED BY THE AMLC SECRETARIAT that the case has been resolved/terminated/decided with finality.

49
Q

When should covered persons report to the AMLC all covered and suspicious transactions?

A

Covered persons should report to the AMLC all covered and suspicious transactions WITHIN 5 WORKING DAYS FROM OCCURRENCE THEREOF, UNLESS THE AMLC PRESCRIBES A DIFFERENT PERIOD NOT EXCEEDING 15 WORKING DAYS.

50
Q

What is meant by “occurrence” with respect to suspicious transactions?

A

“Occurrence” with respect to suspicious transactions refers to the date of determination of the suspicious nature of the transaction, which the DETERMINATION SHOULD BE MADE NOT EXCEEDING 10 CALENDAR DAYS FROM THE DATE OF TRANSACTION.

However, if the transaction is related to a person involved in or connected to an unlawful activity or money laundering offense, the 10-DAY PERIOD FOR DETERMINATION SHALL BE RECKONED FROM THE DATE THE COVERED PERSON KNEW OR SHOULD HAVE KNOWN THE SUSPICIOUS TRANSACTION INDICATOR.

51
Q

What is the period to resolve application by Court of Appeals in relation to AMLA?

A

24 hours

52
Q

T or F
Upon verified ex parte petition by the AMLC and after the determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity, the Court of Appeals may issue a freeze order, which shall be effective for a period of 30 days.

A

False, 20 days only,

Within the 20 days the Court of Appeals shall conduct a summary hearing with notice to the parties to determine whether or not to modify the freeze order or extend its effectivity.

53
Q

What is the maximum/total period of the freeze order that may be issued by the Court of Appeals for bank accounts which is allegedly related to proceeds of any unlawful activity?

A

It shall not exceed 6 months.

54
Q

What is the prescriptive period for BP 22?

A

4 years from the commission of the offense or from the discovery thereof.

55
Q

What act may be presented by the maker or drawer of a check to destroy prima facie presumption of knowledge of insufficiency of funds or credit?

A

The maker or drawer pays the holder thereof the amount thereon or makes arrangements for payment in full by the drawee of such check WITHIN 5 BANKING DAYS AFTER RECEIVING NOTICE THAT SUCH CHECK HAS NOT BEEN PAID BY THE DRAWEE.

56
Q

T or F
A temporarily disqualified director shall within 30 days from such disqualification, take appropriate action to remedy or correct the disqualification and if he fails to do so for unjustified reasons, the disqualification shall become permanent

A

False, 60 days

57
Q

What is the duration of a Trademark?

A

The certificate of registration of a trademark/service mark shall remain in force FOR 10 YEARS, provided that the registrant has FILED A DECLARATION OF ACTUAL USE and its actual evidence WITHIN 1 YEAR FROM THE 5TH ANNIVERSARY of the date of the registration of the mark.

58
Q

A certificate of registration for a mark can be renewed for?

A

For 10 years, within 6 months before expiration or after 6 months after such expiration upon payment of an additional fee.

59
Q

When must redhibitory action be filed?

A

Within 40 DAYS FROM DATE OF DELIVERY TO VENDEE.

REGULATORY FRAMEWORK FOR BUSINESS TRANSACTIONS (24 decks)

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