FALSE
In all cases, only a member of the
corporation shall be elected as trustee
The dissenting stockholder who votes
against a proposed corporate action may
exercise the right of appraisal by making a
demand, verbal or written, on the
corporation for the payment of the fair value
of shares.
As a rule, the right to vote of members in a
non-stock corporation cannot be denied.
Membership in a nonstock corporation and
all rights arising therefrom are personal and
may never be transferred.
The bylaws may provide that the members
of a nonstock corporation may hold their
regular or special meetings at any place,
within or outside the Philippine territory.
The single stockholder in a one person
corporation may be appointed as the
corporate secretary.
The right of appraisal cannot be waived.
Only the Philippine laws shall govern
foreign corporations doing business in the
Philippines.
A closed corporation may make public
offering of its certain stocks.
A dissenting stockholder who fails to submit
his certificates of stock for notation within
ten (10) days after demanding payment for
shares held shall automatically terminate his
appraisal right.
A stockholder who has not voted against the
proposed corporate action may validly
exercise his right of appraisal.
A non-stock corporation may engage in
business with the object of making profits.
An educational corporation is necessarily
non-stock.
The one person corporation does not have a
personality separate and distinct from the
single stockholder.
A one person corporation is not required to
file articles of incorporation and by-laws.
A person may incorporate only one person
corporation.
Any corporation may be incorporated as a
close corporation.
TRUE
Religious corporations may be incorporated
by one or more persons.
All of a closed corporation’s issued stock of
all classes, exclusive of treasury shares, may
be held of record by not more than ten (10)
specified number of persons.
Investment of corporate funds for any
purpose other than the primary purpose of
the corporation is an instance to exercise a
stockholder’s right of appraisal.
A corporation may be dissolved voluntarily
or involuntarily.
The One Person Corporation is not required
to submit and file corporate bylaws.
The dissenting stockholder who remains
unpaid of the value of his shares within (30)
days after the award shall be immediately
restored of his voting and dividend rights.
Only a natural person, trust, or an estate may
form a one person corporation.
The articles of incorporation of a religious
corporation does not require the approval by
the SEC.
The rule is that a one person corporation is
not required to have a minimum authorized
capital stock.
The single stockholder shall be the sole
director and president of the one person
corporation.
A stockholder’s right of appraisal may be
exercised in case of merger or consolidation.
A dissenting stockholder who demands
payment of his shares in the exercise of his
appraisal right may be allowed to withdraw
from his decision.
The single stockholder in a one person
corporation may be the treasurer.