Title 1 Flashcards
When did the RCC took effect?
RCC is also known as RA?
What are the characteristics of a corporation?
Collateral Attack vs a Quo Warranto Proceeding
What is sociedad anónima?
What is a GOCC?
What are the requisites to be considered a stock corporation?
What are the requisites to be a nonstock corporation?
Differentiate OPC from Sole Proprietorship based on:
Registration
Liability
What is piercing the veil of corporation fiction?
Who has the burden of proving the presence of the factors of the need for piercing the veil?
When can piercing the veil of corporate fiction be applied? (3)
What are the elements of piercing the veil of corporate fiction? (3)
What is the three-pronged test of the doctrine of piercing the veil?
Ordinary vs Reverse piercing of the veil
What kind of control is described in piercing the veil?
What is the purpose of a nonstock corporation?
public good
Can a corporation who has stocks but does not distribute dividends be listed as a stock corporation?
p. 205
What are the 3 tests of nationality of a corporation?
Read computation on grandfather test
What is a quasi public corporation?
De jure vs De facto corporation vs Corporation by estoppel vs Corporation be prescription
Who can make the inquiry in a de facto corporation where?
Solicitor General in a quo warranto proceeding
Open corporation vs Close corporation
Parent vs Subsidiary corporation
Corporation aggregare vs Corporation sole
Ecclesiastical vs Lay corporation
Eleemosynary vs Civl corporation
What is the general law where a corporation may be formed?
Read components of a corporation
How many may organize themselves to form a corporation?
two or more but not more than 15
What does the doctrine of equality of shares say?
Which shares may be deprived of voting rights?
Preferred and redeemable
What are the two types of preferred shares?
Can preferred shares have voting rights?
p. 215
What are the instances when holders of non-voting shares are allowed to vote?
AASIIMID
Why is having par value important?
p. 216
For how much at minimum can no par shares be sold?
5
Can you issue no par shares as preferred shares?
No
Is it necessary that no par shares are stated in the AOI?
Yes
Who cannot issue no par shares?
What is the limitation on founder’s shares?
What kind of shares are redeemable shares usually?
Preferred
Is redemption of shares allowed even if there are no unrestricted retained earnings?
Yes, as long as it has assets to cover debts and liabilities
Can redemption of shares be made if it will cause insolvency of the corporation?
No
What are the two kinds of redeemable shares?
p. 2018
What does the trust fund doctrine say?
What kinds of stocks is included in watered stocks?
p. 221
Do treasury shares have the right to dividends? How about voting rights?
No
