Title 2 Flashcards
Who are those not allowed to form corporations?
Who are those that cannot form OPCs?
What are the steps in the creation of a corporation? (3)
What is the GR and the XPTN as to the number of incorporators?
p. 232
What are the qualifications of incorporators? (3)
Can artificial persons be incorporators?
Yes
What is the requirement if a partnership is to be an incorporator?
Partner’s Affidavit (executed by all partners)
What is the requirement for a corporation to be an incorporator?
Majority of BOD
Raification of 2/3 of SH
What is the GR as to the term of a corporation? What is the XPTN?
How can a corporation extend or shorten corporate term?
Can a corporation whose term is expired apply for revival?
p. 236
What is the general rule and exception when corporation is revived?
Who requires the favorable recommendation of the appropriate government agency for the revival of a corporation and for it to be an incorporator?
Who are those that may not apply for revival?
p. 237
What are the requirements of a de facto corporation? (3)
Who can claim the doctrine of estoppel?
Aggrieved third party only
What is Non use of corporate charter?
When the corporations failed to formally organize within 5 years from date of incorporation.
When is there a corporation by estoppel?
If there is a third party involved
What is continuous inspiration?
Business was commenced but became inoperative for 5 consecutive years.
When does a corporation enter a delinquent status?
If after 30 days since show cause order was sent and it lapsed without submission of valid justification
Can a corporation with a delinquent statues resume operations?
Yes within 2 years from receipt of Order of Delinquency
what happens if a corporation with a delinquent status fail to resume operations?
It enters a revoked status
Can a corporation with revoked status be revived again?
Yes, it can file a petition to lift the order of revocation
