MCQ on Revised Corporation Code
C
Section 1
D
Section 2
A
Section 3
C
Section 4
D
Section 5
C
Section 6
B
Section 7
RA No. 11232: The Code shall be known as the
A. REVISED COOPERATIVE CODE OF THE PHILIPPINES
B. REVISED PARTNERSHIP CODE OF THE PHILIPPINES
C. REVISED CORPORATION CODE OF THE PHILIPPINES
D. REVISED CORPORATION 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
It refers to a corporation which have capital stock divided
into shares.
A. STOCK CORPORATION
B. NON-STOCK CORPORATION
C. STOCK COOPERATIVE
D. STOCK PARTNERSHIP
A government corporation is normally created by:
A. GENERAL LAW
B. SPECIFIC LAW
C. CHARTER
D. SIGNIFYING LAW
This refers to a person who brings about or cause to bring
about the information and organization of a corporation.
A. INCORPORATORS
B. UNDERWRITER
C. CORPORATE OFFICERS
D. PROMOTER
This must be in the articles of incorporation
A. CLASSIFICATION OF SHARES, THEIR CORRESPONDING RIGHTS,
PRIVILEGES, OR RESTRICTIONS, AND THEIR STATED MARKET
VALUE, IF ANY.
B. CLASSIFICATION OF SHARES, THEIR CORRESPONDING DEMANDS,
PRIVILEGES, OR RESTRICTIONS, AND THEIR STATED MARKET
VALUE, IF ANY.
C. CLASSIFICATION OF SHARES, THEIR CORRESPONDING RIGHTS,
PRIVILEGES, OR RESTRICTIONS, AND THEIR STATED PAR VALUE,
IF ANY.
D. CLASSIFICATION OF SHARES, THEIR CORRESPONDING RIGHTS,
DEMANDS, PRIVILEGES, OR RESTRICTIONS
The exclusive right to vote and be voted for in the election
of directors, if granted, it must be for a limited period
which is:
A. PERIOD NOT TO EXCEED 5 YEARS FROM THE DATE OF
CORPORATION
B. PERIOD NOT TO EXCEED 5 YEARS FROM THE DATE OF
INCORPORATION
C. PERIOD NOT TO EXCEED 3 YEARS FROM THE DATE OF
A
Section 8
C
Section 9
A
Section 10
B
Section 11
B
Section 12
B
Section 13
A
Section 14
A
Section 15
CORPORATION
D. PERIOD NOT TO EXCEED 3C YEARS FROM THE DATE OF
INCORPORATION
This pertains to shares which are redeemable at a fixed date.
A. REDEEMABLE SHARE
B. CONVERTIBLE SHARE
C. SUBSCRIBED SHARE
D. FRACTIONAL SHARE
It refers to stocks which contemplates an original issuance
of shares.
A. TREASURY SHARES
B. FRACTIONAL SHARES
C. WATERED STOCKS
D. ORDINARY STOCKS
A person with a single stockholder is considered
A. ONE PERSON CORPORATION
B. SINGLE PERSON CORPORATION
C. LONELY PERSON CORPORATION
D. ELECTED PERSON CORPORATION
It refers to a corporate term for a specific period
A. IT SHALL ALWAYS BE FIXED BY AMENDING THE ARTICLES OF
INCORPORATION.
B. IT MAY BE EXTENDED OR SHORTENED BY AMENDING THE ARTICLES
OF INCORPORATION.
C. IT SHALL ALWAYS BE DELIBERATE BY AMENDING THE ARTICLES
OF INCORPORATION.
D. IT MAY BE EXTENDED BUT NOT SHORTENED BY AMENDING THE
ARTICLES OF INCORPORATION.
Within stock corporations, minimum authorized capital stock
is:
A. REQUIRED
B. NOT REQUIRED
C. FIXED
D. DEFINITE
Which language shall corporations use in filing articles of
incorporation with the Commission?
A. ANY LANGUAGE
B. ANY OFFICIAL LANGUAGE
C. ENGLISH ONLY
D. TAGALOG AND ENGLISH
The articles of incorporation of all domestic corporation
shall comply substantially with what?
A. A FORM
B. AN AMENDMENT
C. A RESTRICTION
D. AN AGREEMENT
An amendment must be accompanied by a favorable
recommendation of the appropriate government agency is cases
of:
A. PRENEED
B. NASA
D
Section 16
A
Section 17
D
Section 18
D
Section 19
B
Section 20
A
Section 21
C
Section 22
A
Section 23
C. HOSPITALS
D. HOTELS AND RESTAURANTS
It has the power to disapprove the articles of incorporation
or any amendment thereto if the same is not compliant with
the requirements of this Code.
A. GOVERNMENT
B. COURT
C. SECRETARY
D. COMMISSION
A corporate name that is not distinguishable is:
A. NOT ALLOWED
B. ALLOWED
C. SEMI-ALLOWED
D. UNDER COMPLIANCE
It is where a corporation which commences its corporate
existence and juridical personality deemed.
A. GOVERNMENT
B. COURT
C. SOCIETY
D. COMMISSION
It is not a requirement before one can qualify as a de facto
corporation.
A. THE EXISTENCE OF A VALID LAW UNDER WHICH IT MAY BE
INCORPORATED.
B. AN ATTEMPT IN GOOD FAITH TO INCORPORATE
C. ASSUMPTION OF CORPORATE POWERS
D. EXTRAJUDICIAL COURT AGREEMENT
It refers to an equivocal and intentional for, when
misapplied, it can easily become a most convenient and
effective means of injustice.
A. PREDICATED FRAUD
B. DOCTRINE OF ESTOPPEL
C. DE FACTO OWNERSHIP
D. OSTENSIBLE COMMITMENT
It shall happen if a corporation fails to formally organize
and commence its business within 5 years from the date of its
incorporation.
A. CERTIFICATE OF INCORPORATION SHALL BE DEEMED REVOKE
B. THE CORPORATION SHALL CONTINUE TO EXIST AS DE FACTO
C. THE INCORPORATORS SHALL BE PURSUIT FOR CRIME OF
NEGLIGENCE
D. THE ARTICLES OF INCORPORATION SHALL BE REESTABLISHED
It refers to the governing body of a corporation.
A. CEO, COO AND CFO
B. STOCKHOLDERS
C. BOARD OF DIRECTORS
D. MANAGERS
For the purposes of quorum, a stockholder or member who
participates through remote communication or in absentia
shall be deemed:
A. PRESENT
A
Section
24
D
Section 25
A
Section 26
B
Section 27
A
Section 28
B
Section 29
A
Section 30
B
Section 31
B. ABSENT
C. EMANCIPATED
D. INCAPACITATED
It refers to a position that must be expressly mentioned in
the by-laws in order to be considered as it is.
A. CORPORATE OFFICER
B. MANAGER
C. INCORPORATOR
D. STOCKHOLDER
It mandates that all corporations duly organized pursuant
thereto are required to submit to the SEC the names,
nationalities, shareholdings, and residences of the
directors, trustees and officers elected.
A. SEC
B. PENAL CODE
C. GOVERNMENT AGENCIES
D. CORPORATION CODE
Disqualifications of a director, trustee or officers includes
the following, except:
A. CONVICTED BY PRELIMINARY JUDGMENT
B. CONVICTED BY FINAL JUDGMENT
C. FOUND ADMINISTRATIVELY LIABLE FOR ANY OFFENSE INVOLVING
FRAUDULENT ACTS
D. BY A FOREIGN COURT OF EQUIVALENT FOREIGN REGULATORY
AUTHORITY FOR ACTS, VIOLATIONS OR MISCONDUCT
Removal of directors or trustees may be:
A. WITH CAUSE ONLY
B. WITH OR WITHOUT CAUSE
C. BY A STATED MANAGER
D. BY AN OFFICIAL MEMBER
It is when an election be held if the vacancy is due to term
expiration.
A. NO LATER THAN THE DAY OF SUCH EXPIRATION
B. AFTER THE DAY OF EXPIRATION
C. AFTER THE ANNULMENT OF DEEDS
D. ON THE DAY OF CELEBRATION
They are not involve in the provision on compensation of
directors
A. CORPORATE OFFICERS WHO ARE ALSO DIRECTORS
B. CORPORATE OFFICERS WHO ARE NOT DIRECTORS
C. CORPORATE DIRECTORS
D. ANY CORPORATE OFFICER
It implies the breach of faith and willful failure to respond
to plan.
A. BAD FAITH
B. BREACH OF CONTRACT
C. GOOD FAITH
D. BREACH ON MORAL DILEMMA
A contract of the corporation with one or more of its
directors or trustees, officers or their spouses and
relatives within the fourth civil degree of consanguinity or
A
Section 32
A
Section 33
A
Section 34
A
Section 35
B
Section 36
B
Section 37
C
Section 38
C
affinity is considered:
A. VOID
B. VOIDABLE
C. AGREED
D. ACCEPTED
These pertains to members of the board of directors in a
certain corporation who are also directors in another
corporation.
A. INTERLOCKING DIRECTORS
B. CROSS DIRECTORS
C. INTERDEPENDENT DIRECTORS
D. CROSS-COMPANY DIRECTORS
His act violating the doctrine of corporate opportunity can
be ratified.
A. DIRECTOR
B. STOCKHOLDER
C. SHAREHOLDER
D. MANAGER
It is a body created by the by-laws and composed of not less
than three members of the board.
A. EXECUTIVE COMMITTEE
B. MANAGERIAL COMMITTEE
C. BOARD COMMITTEE
D. EXECUTORY COMMITTEE
It pertains to an action brought by a stockholder on behalf
of the corporation to enforce corporate rights against the
corporation’s directors, officers or other insiders.
A. DERIVATIVE SUIT
B. CRIMINAL SUIT
C. GOVERNMENTAL SUIT
D. CORPORATE SUIT
It means that a stockholder who dissented and voted against
the proposed corporate action, may choose to get out of the
corporation.
A. DELECTUS PERSONAE
B. APPRAISAL RIGHT
C. SHORTENING DECISION
D. CORPORATE RIGHT
It is a long-term indebtedness secured usually by real
property.
A. BOND INDEBTEDNESS
B. BONDED INDEBTEDNESS
C. BONDS INDEBTEDNESS
D. RESTRICTED INDEBTEDNESS
Its purpose is to enable the shareholder to retain his
proportionate control in the corporation.
A. BOND INDEBTEDNESS
B. APPRAISAL RIGHT
C. PRE-EMPTIVE RIGHT
D. CORPORATE RIGHT
A sale of all or substantially all of the corporation’s
Section 39
C
Section 40
B
Section 41
C
Section 42
B
Section 43
A
Section 44
B
Section 45
D
Section 46
C
Section 47
properties and assets must be authorized by
A. MANAGERS’ VOTE
B. OFFICIATING OFFICIALS’ VOTE
C. STOCKHOLDER AND MEMBER’S VOTE
D. CREDITOR AND CEO’S VOTE
These refer to shares which are less than one share.
A. SINGLE SHARES
B. CORPORATE SHARES
C. FRACTIONAL SHARES
D. MEDIUM SHARES
It includes any corporate property to be used in furtherance
of business.
A. ASSETS
B. FUNDS
C. PETTY CASH FUND
D. BONDS
These are corporate profits set aside, declared, and ordered
to be paid by the directors for distribution among
stockholders at a fixed time.
A. RETAINED EARNINGS
B. CASH FUNDS
C. DIVIDENDS
D. COMPENSATION
This pertains to a person which represents the same interest
of both the managing and the managed corporations.
A. INTERLOCKING MANAGERS
B. INTERLOCKING STOCKHOLDERS
C. CROSS MANAGERS
D. CROSS STOCK DIRECTORS
An act outside or beyond corporate powers.
A. ULTRA VIRES AC
B. ULTRA VIRUS ACT
C. ULTRAM VIRES ACT
D. EXTRAJUDICIAL ACT
Generally, third persons are considered:
A. BOUND BY BY-LAWS
B. NOT BOUND BY BY-LAWS
C. BOUND BY THE SEC
D. NOT BOUND BY THE SEC
A private corporation ay provide the following in its bylaws,
except:
A. THE PENALTIES FOR VIOLATION OF THE BYLAWS
B. THE TIME, PLACE AND MANNER OF CALLING AND CONDUCTING
REGULAR OR SPECIAL MEETINGS
C. THE REQUIRED QUORUM IN MEETINGS OF STOCKHOLDERS OR
MEMBERS
D. THE PROVISION DEMANDING EXECUTORY INVESTMENTS AND
SHARES
It shall issue the certification for it to be effective upon
its issuance on the amended or new by-laws.
A. COURT
A
Section 48
B
Section 49
C
Section 50
A
Section 51
B
Section 52
A
Section 53
A
Section 54
D
Section 55
D
B. GOVERNMENT
C. SEC
D. CORPORATION
Meetings of directors, trustees, stockholders, or members may
be at a
A. REGULAR OR SPECIAL
B. FIXED OR PRE-EMPTIVE
C. EARLY OR LATE
D. REGULAR OR FIXED
The following are requirements for stockholders’ or members’
meetings, except:
A. HELD AT A PROPER PLACE
B. HELD AT A STATED DATE AT NO APPOINTED TIME
C. CALLED BY THE PROPER PERSON
D. THERE MUST BE A PREVIOUS NOTICE
This is a kind of meeting wherein at least one week written
notice shall be sent to all stockholders or members.
A. REGULAR MEETING
B. PRE-EMPTIVE MEETING
C. SPECIAL MEETING
D. FIXED MEETING
It is counted as the basis of the presence of a quorum in
meetings.
A. OUTSTANDING CAPITAL STOCK
B. ORDINARY STOCK PURCHASED
C. WATERED STOCKS
D. SUBSCRIBED SHARES
It is conducted monthly anywhere in or outside of the
Philippines.
A. SPECIAL MEETING
B. REGULAR MEETING
C. PRE-EMPTIVE MEETING
D. REGULAR MEETING
A person that shall preside at meetings.
A. CHAIRMAN
B. VICE PRESIDENT
C. MANAGER
D. PRESIDING MANAGER
Generally, they have the right to attend and vote at meetings
of stockholders unless they authorized their pledgee.
A. MORTGAGOR
B. MORTGAGEE
C. ASSIGNEE
D. CREDITOR
It shall consent in order to vote in case of shares of stock
owned jointly by two or more persons.
A. COURT
B. SEC
C. CORPORATE MANAGERS
D. CO-OWNERS
This pertains to stock with no voting right.
Section 56
B
Section 57
C
Section 58
D
Section 59
D
Section 60
B
Section 61
B
Section 62
A
Section 63
B
Section 64
A. ORDINARY SHARES
B. WATERED STOCK
C. FRACTIONAL STOCK
D. TREASURY SHARES
The following are requirements for validity of a proxy,
except:
A. SHALL BE IN WRITING, IN ANY FORM AUTHORIZED IN THE
BYLAWS
B. SHALL BE SIGNED BY SEC
C. SHALL BE FILED BEFORE THE SCHEDULED MEETING WITH THE
CORPORATE SECRETARY
D. NO PROXY SHALL BE VALID AND EFFECTIVE FOR A PERIOD
LONGER THAN 5 YEARS AT ANY ONE TIME.
It is a trust created by an agreement between a group of the
stockholders of a corporation and the trustee.
A. CORPORATE TRUST
B. CIVIL TRUST
C. VOTING TRUST
D. STOCK AND BOND TRUST
It is any contract for the acquisition of unissued stock in
an existing corporation or a corporation still to be formed.
A. CORPORATE CONTRACT
B. PARTNERSHIP CONTRACT
C. SEC CONTRACT
D. SUBSCRIPTION CONTRACT
It pertains to a kind of subscription.
A. INCORPORATION SUBSCRIPTION
B. POST-INCORPORATING SUBSCRIPTION
C. COOPERATING SUBSCRIPTION
D. PRE-INCORPORATION SUBSCRIPTION
Stock shall not be issued for a consideration at the value
A. MORE THAN THE PAR OR ISSUED PRICE
B. LESS THAN THE PAR OR ISSUED PRICE
C. MORE THAN THE MARKET VALUE OR PRICE
D. LESS THAN THE MARKET VALUE OR PRICE
It is an evidence of the holder’s ownership of the stock and
of his rights as a shareholder.
A. SHARES OF STOCKS
B. CERTIFICATE OF STOCK
C. CERTIFICATE OF CORPORATE MEMBERSHIP
D. SHARES OF DIVIDENDS
A certificate of stock shall not be issued to this person
until the full amount of subscription, interest and expenses
has been paid.
A. SUBSCRIBER
B. STOCKHOLDER
C. BOND HOLDER
D. DEBTOR
It is the basis of the solidary liability of directors.
A. CORPORATE LIABILITY OF THEIR POSITION
B. FIDUCIARY CHARACTER OF THEIR POSITION
C
Section 65
A
Section 66
B
Section 67
B
Section 68
D
Section 69
A
Section 70
D
Section 71
A
Section 72
C. RANKS OF THEIR POSITION
D. CREDITOR-DEBTOR RELATIONSHIP OF THEIR POSITION
They are held liable to the corporation for interest on all
unpaid subscriptions from the date of the subscription.
A. SHAREHOLDER
B. STOCKHOLDER
C. SUBSCRIBE
D. CREDITOR
It is when the payment of unpaid subscription or any
percentage thereof shall be made.
A. DATE STATED IN THE CALL MADE BY THE BOARD
B. DATE SPECIFIED IN THE CORPORATE CONTRACT
C. DATE THE SUBSCRIBER WANTS TO PAY
D. DATE OF ISSUANCE OF THE SHARES
This refers to a bidder who shall offer to pay the full
amount of the balance on the subscription for the smallest
number of shares.
A. MAXIMUM BIDDER
B. HIGHEST BIDDER
C. MINIMUM BIDDER
D. LOWEST BIDDER
No action shall be maintained unless a complaint is filed
from the date of sale, of this long
A. AFTER SIX MONTHS
B. WITHIN SIX MONTHS
C. AFTER TEN MONTHS
D. WITHIN TEN MONTHS
A corporation may collect the amount due on any unpaid
subscription, with accrued interest, costs and expenses
through:
A. GOVERNMENT CONTRACT
B. CORPORATE CREDITORS
C. CORPORATE FINANCERS
D. COURT
This pertains to a person who is not included in the
determination of quorum because he is not entitled to vote.
A. HOLDER OF DELINQUENT STOCK
B. HOLDER OF ORDINARY STOCK
C. HOLDER OF TREASURY STOCK
D. HOLDER OF WATERED STOCK
Holders of subscribed shares not fully paid which are not
delinquent shall have:
A. LESS RIGHTS OF A STOCKHOLDER
B. MINIMAL RIGHTS THAN A STOCKHOLDER
C. MORE RIGHTS THAN A STOCKHOLDER
D. ALL RIGHTS OF A STOCKHOLDER
The following pertains to the liabilities of stockholders,
except:
A. LIABILITIES FOR PAID SUBSCRIPTION
B. LIABILITIES FOR WATERED STOCK
C. LIABILITIES FOR DIVIDEND UNLAWFULLY PAID
A
Section 73
A
Section 74
D
Section 75
A
Section 76
A
Section 77
B
Section 78
A
Section 79
D
Section 80
A
Section 81
D. LIABILITIES FOR INTEREST ON UNPAID SUBSCRIPTION
It pertains to where information relating to the corporation
shall be kept and preserved.
a.
PRINCIPAL OFFICE
B.
PRIMARY OFFICE
C.
GENERAL OFFICE
D.
OFFICE OF CUSTOMER SERVICE
It shall have no right to inspect or demand reproduction of
corporate records.
A. COMPETITOR
B. BONDED STOCKHOLDER
C. SHAREHOLDER
D. MEMBERS
This is union whereby one or more existing corporations are
absorbed by another corporation that survives and continues
the combined business.
A. INTERLOCKING CORPORATIONS
B. MOTHER CORPORATION
C. COURT
D. MERGER
A notice of the meeting shall state which of the following:
A. PURPOSE AND SUMMARY OF THE PLAN OR MERGER OR
CONSOLIDATION
B. PURPOSE ONLY
C. AGENDA ONLY
D. NAMES OF ATTENDEE
It refers to who shall certify the articles of merger or
articles of consolidation.
A. SECRETARY
B. TREASURER
C. CREDITOR
D. MANAGER
It is when a consolidation become effective.
A. UPON MERE AGREEMENT OF THE MEMBERS
B. UPON THE ISSUANCE OF THE CERTIFICATE OF CONSOLIDATION
C. UPON THE MEETING AGREED
D. UPON THE APPROVAL OF PRESIDENT
Its approval is needed on the certificate of consolidation.
A. SEC
B. GOVERNMENT
C. COMPETITORS
D. CREDITORS
It refers to who may compel the corporation to purchase his
shares at their fair value in a close corporation.
A. CREDITOR
B. MEMBER
C. MANAGER
D. STOCKHOLDER
It is when the fair value of the shares of the dissenting
stockholder determined.
A. AS OF THE DAY PRIOR TO THE DATE ON WHICH THE VOTE IS
B
Section 82
A
Section 83
B
Section 84
C
Section 85
B
Section 86
C
Section 87
C
Section 88
B
TAKEN
B. AS OF THE DAY OF ISSUANCE
C. AS OF THE DAY OF COLLABORATION
D. AS OF THE DAY OF INCORPORATION
The voting and dividend rights shall immediately be restored
if the dissenting stockholder is not paid the value of the
said shares within:
A. 40 DAYS
B. 30 DAYS
C. 20 DAYS
D. 10 DAYS
This refers to the person who is no longer allowed to
withdraw from his decision once he demands payments of his
shares.
A. DISSENTING STOCKHOLDER
B. CORPORATE STOCKHOLDER
C. CREDITOR
D. ANY STOCKHOLDER
Generally, it shall bear the costs of appraisal.
A. SEC
B. CORPORATION
C. COURT
D. CREDITOR
It is when a dissenting stockholder submit the certificates
of stock representing the shares to the corporation.
A. AFTER 10 DAYS
B. AFTER 30 DAYS
C. WITHIN 10 DAYS
D. WITHIN 30 DAYS
The provisions governing stock corporations, when pertinent,
shall be applicable to
A. PARTNERSHIP
B. NONSTOCK CORPORATION
C. COOPERATIVES
D. SOLE PROPRIETORSHIP
This refers to the corporation that may be formed or
organized for charitable, religious, educational,
professional and fraternal purposes.
A. STOCK CORPORATION
B. NONSTOCK CORPORATION
C. VOID CORPORATION
D. ELEEMOSYNARY CORPORATION
This right of the members of any class or classes may be
limited, broadened, or denied to the extent specified in the
articles of incorporation or the bylaws.
A. ATTEND MEETING
B. SHARE DIVIDENDS
C. VOTE
D. SUE AND BE SUED
The following statements does not define the concept of
membership in a nonstock corporation except
Section 89
A
Section 90
B
Section 91
C
Section 92
D
Section 93
A
Section 94
A. INTERPERSONAL AND UNLIMITED
B. PERSONAL AND NONTRANSFERABLE
C. TRANSFERABLE AND DETERMINED
D. OBSOLETE AND ORGANIZED
This pertains to one of the requirements for termination of
membership
A. OPPORTUNITY TO BE HEARD
B. NOTICE TO THE PUBLIC
C. MUST BE DONE IN PROXY
D. MEMBERS SHOULD PRACTICE JUDGEMENT OF THE COURT
Trustees shall hold office for
A. MORE THAN 2 YEARS
B. NOT MORE THAN 3 YEARS
C. NOT MORE THAN 5 YEARS
D. LESS THAN 8 YEARS
Prior to any scheduled election, the list of members and
proxies shall be updated for
A. 1 WEEK
B. 10 DAYS
C. 20 DAYS
D. 2 WEEKS
The assets of a nonstock corporation undergoing the process
of dissolution shall be applied and distributed as follows,
except
A. ASSETS HELD BY THE CORPORATION UPON A CONDITION
REQUIRING RETURN, TRANSFER OR CONVEYANCE, AND WHICH
CONDITION OCCURS BY REASON OF THE DISSOLUTION, SHALL BE
RETURNED, TRANSFERRED OR CONVEYED
B. ALL LIABILITIES AND OBLIGATIONS OF THE CORPORATION SHALL
BE PAID, SATISFIED AND DISCHARGED
C. ASSETS RECEIVED AND HELD BY THE CORPORATION SUBJECT TO
LIMITATIONS PERMITTING THEIR USE ONLY FOR CHARITABLE,
RELIGIOUS, BENEVOLENT, EDUCATIONAL OR SIMILAR PURPOSES
SHALL BE TRANSFERRED OR CONVEYED TO ONE OR MORE
CORPORATIONS
D. ASSETS MAY BE DISTRIBUTED TO SUCH PERSONS, SOCIETIES,
ORGANIZATIONS, HOMELESS PERSONS AND CORPORATIONS,
WHETHER OR NOT ORGANIZED FOR PROFIT
Within this, the plan of distribution of assets may be
adopted
A. BY A MAJORITY OF VOTE OF BOARD OF TRUSTEES AND APPROVAL
OF 2/3 OF THE MEMBERS HAVING VOTING RIGHTS PRESENT OR
REPRESENTED BY PROXY AT THE MEETING
B. APPROVAL OF 2/3 OF THE MEMBERS HAVING VOTING RIGHTS
PRESENT OR REPRESENTED BY PROXY AT THE MEETING
C. BY A MAJORITY OF VOTE OF MEMBERS AND APPROVAL OF 2/3 OF
THE BOARD OF TRUSTEES HAVING VOTING RIGHTS PRESENT OR
REPRESENTED BY PROXY AT THE MEETING
D. BY A MAJORITY OF VOTE OF BOARD OF TRUSTEES AND APPROVAL
OF 75% OF THE MEMBERS HAVING VOTING RIGHTS PRESENT OR
REPRESENTED BY PROXY AT THE MEETING
D
Section 95
A
Section 96
A
Section 97
B
Section 98
C
Section 99
B
Section 100
The following cannot incorporate as a close corporation,
except
A. BANKS
B. PUBLIC UTILITIES
C. EDUCATIONAL INSTITUTIONS
D. NONSTOCK EXCHANGES
The articles of incorporation of a close corporation may
provide for the following, except:
A. A CLASSIFICATION OF VOTING RIGHTS AND QUALIFICATIONS OF
OWNING OR HOLDING SHARES
B. A CLASSIFICATION OF DIRECTORS INTO ONE OR MORE CLASSES
C. A GREATER QUORUM OR VOTING REQUIREMENTS
D. THE BUSINESS OF THE CORPORATION SHALL BE MANAGED BY THE
STOCKHOLDERS OF THE CORPORATION
It refers to one of the conditions for the validity of
restriction on the right to transfer shares.
A. THEY MUST APPEAR IN THE ARTICLES OF INCORPORATION AND IN
THE BY-LAWS AS WELL AS IN THE CERTIFICATE OF STOCK
B. SAID DOCUMENTS SHALL BE MORE THAN ONEROUS THAN THE
GRANTING OF NONEXISTING STOCKHOLDERS OR CORPORATION WITH
TERMS AND CONDITIONS
C. STOCKHOLDERS MUST APPEAR IN QUORUM IN ALL THE MEETINGS
TO DISGRANT SHARES OUTSTANDING
D. SAID RESTRICTIONS SHALL BE MORE THAN ONEROUS THAN
GRANTING THE EXISTING STOCKHOLDERS OR CORPORATIONS WITH
SUCH REASONABLE TERMS
Stock transfers in violation of the restriction can still be
registered in the books of the Corporation in this case.
A. IF ALL THE STOCKHOLDERS OF THE CLOSE CORPORATION WILL
NOT CONSENT
B. IF ALL THE STOCKHOLDERS OF THE CLOSE CORPORATION CONSENT
C. IF THE CLOSE CORPORATION HAS AMENDED ITS BY-LAWS
D. IF THE CLOSE CORPORATION HAS NOT AMENDED ITS ARTICLES OF
INCORPORATION
Agreements duly signed and executed by and among all
stockholders before the formation and organization of a close
corporation shall:
A. NOT SURVIVE THE INCORPORATION AND SHALL BE VOIDABLE
BETWEEN STOCKHOLDERS
B. SURVIVE THE INCORPORATION BUT SHALL NOT CONTINUE AND
CONSIDERED UNBINDING BETWEEN STOCKHOLDERS
C. SURVIVE THE INCORPORATION AND SHALL CONTINUE TO BE VALID
AND BINDING BETWEEN STOCKHOLDERS
D. NOT SURVIVE THE INCORPORATION ALONE
It pertains to a person who failed to attend that may ratify
an action within his corporate powers taken at a meeting held
without proper call or notice.
A. PRESIDENT
B. DIRECTOR
C. CHAIRPERSON
D. MANAGER
A
Section 101
B
Section 102
A
Section 103
A
Section 104
A
Section 105
D
Section 106
A
Section 107
A
This right of stockholders in a close corporation shall
extend to all stock to be issued.
A. PRE-EMPTIVE RIGHT
B. VOTING RIGHT
C. PROPERTY RIGHT
D. RIGHTS TO DIVIDEND
As a general rule, amendment of articles of incorporation
shall be:
A. DISAPPROVED BY AT LEAST TWO-THIRDS OF THE OUTSTANDING
CAPITAL STOCK
B. APPROVED BY THE AFFIRMATIVE VOTE OF AT LEAST TWO-THIRDS
OF THE OUTSTANDING CAPITAL STOCK
C. DISAPPROVED BY AT LEAST THREE-FOURTHS OF THE OUTSTANDING
CAPITAL STOCK
D. APPROVED BY THE AFFIRMATIVE VOTE OF AT LEAST THREEFOURTHS OF THE OUTSTANDING CAPITAL STOCK
It refers to a remedy in case of deadlock.
A. SEC SHALL HAVE THE POWER TO ARBITRATE
B. GOVERNMENT SHALL HAVE THE POWER TO ARBITRATE
C. STOCKHOLDER SHALL HAVE THE POWER TO ARBITRATE
D. COURT SHALL HAVE THE POWER TO ARBITRATE
In this case, any stockholder of a close corporation may
compel the dissolution of corporation.
A. ANY OF ACTS OF THE DIRECTORS, OFFICERS OR THOSE IN
CONTROL OF THE CORPORATION IS ILLEGAL
B. ANY ACTS OF THE EMPLOYEES OF THE CORPORATION IS ILLEGAL
C. CORPORATE ASSETS ARE BEING APPLIED OR WASTED
D. CORPORATE ASSETS ARE BEING UTILIZED AND DONATED
It governs educational corporations.
A. SPECIAL LAWS AND BY THE GENERAL PROVISIONS OF THE
CORPORATION CODE
B. GENERAL LAWS AND BY THE GENERAL PROVISIONS OF THE
CORPORATION CODE
C. SPECIAL LAWS AND GENERAL LAWS
D. GENERAL LAWS AND GOVERNMENT PROVISIONS
It pertains to the number of the board of trustees of a nonstock educational corporation.
A. SHALL BE MORE THAN 5 BUT LESS THAN 15, MULTIPLES OF 5
B. SHALL NOT BE LESS THAN 3 NOR MORE THAN 15, MULTIPLES OF
5
C. SHALL BE MORE THAN 5 BUT LESS THAN 15, MULTIPLES OF 5
D. SHALL NOT BE LESS THAN 5 NOR MORE THAN 15, MULTIPLES OF
5
It refers to a religious corporation formed by the chief
archbishop, bishop, priest, minister, rabbi or other
presiding elder of a religious denomination.
A. CORPORATION SOLE
B. CORPORATION AGGREGATE
C. GOCC
D. CHURCH
A corporation sole may be formed by the chief archbishop,
Section 108
B
Section 109
D
Section 110
D
Section 111
B
Section 112
C
Section 113
B
Section 114
A
Section 115
A
bishop, priest, minister, rabbi or other presiding elder of a
religious denomination for this purpose.
A. ADMINISTERING AND MANAGING THE AFFAIRS, PROPERTIES AND
TEMPORALITIES
B. PROVIDING GUIDANCE AS TO THE PURPOSE OF THE SECT
C. EMPOWERING THE RELIGION AND ITS EXISTENCE
D. GOVERNING MEMBERS THROUGH PERSONAL DEVELOPMENT
This refers to the person who must file with the Commission
the articles of incorporation.
A. MEMBERS
B. CHIEF ARCHBISHOP
C. GOVERNMENT AGENCY
D. SEC
This is where the articles of incorporation must be verified
by affidavit or affirmation with the required documents.
A. GOVERNMENT AGENCY
B. CORPORATION
C. COURT
D. SEC
A corporation sole may sell or mortgage real property held by
it by obtaining an order from:
A. GOVERNMENT AGENCY
B. SEC
C. CORPORATION
D. REGIONAL TRIAL COURT
They shall become the corporation sole on the accession to
the office of the chief archbishop.
A. MEMBERS
B. SUCCESSORS
C. GOVERNMENT
D. VICE PRESIDENT
It is where a verified declaration of dissolution shall be
filed for dissolution and voluntary settlement of affairs by
the corporation sole.
A. GOVERNMENT
B. COURT
C. SEC
D. COMPANY
It is incorporated by an aggregate of persons.
A. PARTNERSHIP AGGREGATE
B. RELIGIOUS SOCIETIES
C. CORPORATION SOLE
D. GOCC
Provisions of the Code shall apply to One Person
Corporations:
A. SUPPLETORILY
B. FOR CONSULTATION
C. MINIMALLY
D. EXTENDEDLY
This cannot be formed as a One Person Corporation.
A. BANKS
Section 116
C
Section 117
C
Section 118
B
Section 119
C
Section 120
C
Section 121
C
Section 122
A
Section 123
A
Section 124
B. COMMERCIAL PRODUCTS
C. BANANA PRODUCTION
D. MAKE-UP MANUFACTURING COMPANIES
A One person Corporation shall not be required to have
minimum authorized capital:
A. SHARE PRICE
B. REVENUE
C. STOCK
D. MEMBERS
The following are included in the articles of incorporation
of a One Person Corporation, except:
A. RESIDENCE OF TRUSTEE
B. ADMINISTRATOR
C. EMPLOYEE INFORMATION
D. RESIDENCE OF NOMINEE
Under the One Person Corporation, articles of incorporation
is needed to be submitted while corporate by laws are:
A. ALSO REQUIRED
B. NOT REQUIRED
C. VOIDABLE
D. VOID
“OPC” is indicated in the corporate name of a One Person
Corporation which is located:
A. BELOW THE CORPORATE NAME
B. AT THE BEGINNING OF A CORPORATE NAME
C. BELOW OR AT THE END OR A CORPORATE NAME
D. AT THE BEGINNING OR AT THE END OF A CORPORATE NAME
This refers to the person who shall be the sole director and
president of the One Person Corporation.
A. MEMBER
B. EMPLOYEE
C. SOLE STOCKHOLDER
D. MANAGER
This refers to the length of time wherein the appointed
treasurer, secretary and other officers are notified to the
Commission.
A. 15 DAYS FROM APPOINTMENT
B. 10 DAYS FROM APPOINTMENT
C. 5 DAYS FROM APPOINTMENT
D. 1 WEEK FROM APPOINTMENT
It has the power to designate other functions to the
corporate secretary.
A. OPC
B. GOVERNMENT
C. SEC
D. COURT
This refers to the person who shall designate a nominee and
an alternate nominee.
A. SINGLE STOCKHOLDER
B. GOVERNMENT
C. MANAGER
D
Section 125
B
Section 126
B
Section 127
B
Section 128
C
Section 129
B
Section 130
C
Section 131
D
Section 132
D. SEC
This refers to the person who shall sit as director and
manage the affairs of the One Person Corporation until the
stockholder regains the capacity to assume such duties.
A. VICE PRESIDENT
B. SECRETARY
C. MANAGER
D. NOMINEE
If the nominee and alternate nominee is changed, the articles
of incorporation
A. NEEDS TO BE REVISED
B. NEED NOT TO BE AMENDED
C. RENEWED BY SEC
D. SUBMITTED TO THE COURT
This shall contain all actions, decisions, and resolutions
taken by the One Person Corporation.
A. COMPANY LEDGER
B. MINUTES BOOK
C. BUSINESS TRANSACTION DOCUMENTS
D. COMPANY DIARY
This person shall sign the written resolution for actions
needed on any matter.
A. MANAGERS
B. SINGLE STOCKHOLDER
C. MEMBERS
D. EMPLOYEE
A corporation is placed under delinquent status if they fail
to submit reportorial requirements:
A. 5 TIMES WITHIN 5 YEARS
B. 3 TIMES WITHIN 2 YEARS
C. 3 TIMES WITHIN 5 YEARS
D. 5 TIMES WITHIN 10 YEARS
It shall be shown by the sole shareholder claiming limited
liability.
A. CORPORATION GENERATES ENOUGH PROFIT
B. CORPORATION WAS ADEQUATELY FINANCED
C. CORPORATION ASSETS ARE RETAINED
D. CORPORATION LIABILITIES ARE CONTROLLED
If the One Person Corporation is converted from this type of
stock corporation, it shall succeed the latter and be legally
responsible for all the latter’s outstanding liabilities as
of the date of conversion.
A. TREASURY STOCK
B. WATERED STOCK
C. ORDINARY STOCK
D. PREFERRED STOCK
Under the conversion from a One Person Corporation to an
Ordinary Stock Corporation, a notice shall be filed with the
Commission within:
A. 2 WEEKS
B. 20 DAYS
C
Section 133
B
Section 134
C
Section 135
B
Section 136
A
Section 137
D
Section 138
A
Section 139
B
C. 40 DAYS
D. 60 DAYS
Under the corporation code, dissolution can either be:
A. PERPETUAL OR PERIODIC
B. AT A FIXED DATE OR AT WILL
C. VOLUNTARY OR INVOLUNTARY
D. JUDICIAL OR MANDATORY
If a voluntary dissolution shall not affect the creditors,
the following procedures shall be included, except:
A. A MEETING MUST BE HELD UPON CALL OF THE DIRECTORS OR
TRUSTEES
B. AT LEAST 10 DAYS PRIOR TO THE MEETING, NOTICE SHALL BE
GIVEN TO EACH SHAREHOLDER OR MEMBER
C. A RESOLUTION TO DISSOLVE MUST BE APPROVED BY THE
MAJORITY VOTE OF THE BOARD OF DIRECTORS AND VERIFIED BY
AT LEAST MAJORITY OF THE OUTSTANDING CAPITAL
D. A VERIFIED REQUEST FOR DISSOLUTION SHALL BE FILED WITH
THE COMMISSION
This shall be filed to the Commission if a voluntary
dissolution affects creditors.
A. ARTICLES OF INCORPORATION
B. BYLAWS
C. PETITION
D. BALANCE SHEET
This is one of the procedures in the dissolution by
shortening corporate term.
A. A VOLUNTARY DISSOLUTION MAY BE AFFECTED BY AMENDING THE
BYLAWS
B. A COPY OF THE AMENDED ARTICLES OF INCORPORATION SHALL BE
SUBMITTED TO SEC
C. APPROVAL OF THE SEC ON THE AMENDED BYLAWS
D. MINUTE BOOKS SHALL BE SUBMITTED TO THE COURT FOR
VERIFICATION
It is the form a withdrawal of the petition for dissolution
shall be verified.
A. IN MOTION
B. MAJORITY OF VOTES
C. SEC ORDINANCE
D. ARBITRATION OF COURT
The following may be grounds for dissolution of the
dissolution, except:
A. NON-USE OF THE CORPORATE CHARTER
B. CONTINUOUS INOPERATION OF A CORPORATION
C. UPON RECEIPT OF A LAWFUL COURT ORDER
D. UPON FINDING BY PRELIMINARY JUDGEMENT
This act shall cover the applicable provisions for banks.
A. NEW CENTRAL BANK ACT
B. CENTRAL BANK OF THE PHILIPPINE ACT
C. CORPORATION CODE
D. COOPERATIVE CODE
It is formed, organized or existing under any laws other than
Section 140
B
Section 141
C
Section 142
A
Section 143
A
Section 144
B
Section 145
C
Section 146
A
Section 147
those of the Philippines.
A. DOMESTIC CORPORATION
B. FOREIGN CORPORATION
C. GOCC
D. RELIGIOUS CORPORATION
Foreign corporations shall continue to do business in the
Philippines subject to the:
A. PROVISIONS OF FOREIGN CODE AND BYLAWS
B. PROVISIONS OF THE REVISED CORPORATION CODE AND OTHER
SPECIAL LAWS
C. PROVISIONS OF THE SEC AND REGIONAL TRIAL COURT
D. PROVISIONS PROVIDED BY THE GOVERNMENT AGENCIES
It is where foreign corporations’ the application for a
license to transact business shall be submitted.
A. GOVERNMENT
B. COURT
C. COMMISSION
D. BUSINESS UNITS
Foreign corporations shall submit to the SEC the copy of
these documents.
A. ARTICLES OF INCORPORATION AND BYLAWS
B. FINANCIAL POSITION AND BUSINESS PURPOSES
C. BUSINESS PLAN
D. LICENSE UNDER MOTHER COUNTRY AND NAME OF EMPLOYEES
It refers to an individual residing in the Philippines and he
must be of good moral character and of sound financial
standing.
A. RESIDENT AGENT
B. PRESIDENT
C. MANAGER
D. MEMBER
Its purpose is not only to acquire jurisdiction over the
person of the defendant, but also to give notice to the
defendant that an action has been commenced against it.
A. MANAGER
B. SUMMON
C. PRESIDENT
D. MEMBER
A foreign corporation lawfully doing business in the
Philippines shall be bound by all laws, rules and regulations
applicable to:
A. MOTHER COUNTRY
B. DOMESTIC CORPORATIONS OF ALL CLASS
C. DOMESTIC CORPORATIONS OF THE SAME CLASS
D. GOVERNMENT AGENCY PROVISIONS
Filing the articles of incorporation or bylaws of a foreign
corporation shall not itself enlarge or alter:
A. AUTHORIZED BUSINESS PURPOSES
B. MODE OF BUSINESS TRANSACTIONS
C. CONTENTS ABOUT THE CORPORATION
D. NAME OF THE CORPORATION
A
Section 148
C
Section 149
B
Section 150
A
Section 151
B
Section 152
D
V 153
B
At this case, a foreign corporation shall obtain an amended
license.
A. DESIRES TO PURSUE OTHER OR ADDITIONAL PURPOSES IN THE
PHILIPPINES
B. IT CHANGES LOCATION
C. IT ADDS EMPLOYMENT RATE
D. IT DECLARES REVENUE INCOME
These laws shall permit a foreign corporation and a domestic
corporation for it to merge or consolidate.
A. PROVISIONS OF THE COURT
B. GOVERNMENT AGENCY DECLARATIONS
C. PHILIPPINE LAWS AND BY THE LAWS OF ITS INCORPORATION
D. PROVISIONS SET BY THE REGIONAL TRIAL COURT AND SEC
Foreign corporations transacting in the Philippines without
license shall be:
A. ALLOWED TO MAINTAIN OR INTERVENE IN ANY ACTION, SUIT OR
PROCEEDING IN ANY COURT
B. PERMITTED TO MAINTAIN OR INTERVENE IN ANY ACTION, SUIT
OR PROCEEDING IN ANY COURT OR ADMINISTRATIVE AGENCY
C. NOT BE SUED OR PRECEDED AGAINST BEFORE PHILIPPINE COURT
D. ADOPTED TO BE A DOMESTIC CORPORATION
The Commission may revoke or suspend the license of a foreign
corporation upon any of the following grounds, except:
A. FAILURE TO FILE ITS QUARTERLY REPORT OR PAY ANY FEES AS
REQUIRED BY THIS CODE
B. FAILURE TO APPOINT AND MAINTAIN A RESIDENT AGENT IN THE
PHILIPPINES
C. FAILURE, AFTER CHANGE OF ITS RESIDENT AGENT OR ADDRESS,
TO SUBMIT TO THE COMMISSION A STATEMENT OF SUCH CHANGE
D. ANY OTHER GROUND AS WOULD RENDER UNFIT TO TRANSACT
BUSINESS IN THE PHILIPPINES
This is a document issued by the Commission upon the
revocation of the foreign corporation’s license.
A. CERTIFICATE OF INCORPORATION
B. CERTIFICATE OF REVOCATION
C. ANNULMENT OF RIGHTS
D. CERTIFICATE OF WITHDRAWAL
No certificate of withdrawal shall be issued by the
Commission unless the following requirements are met, except:
A. ALL CLAIMS WHICH HAVE ACCRUED IN THE PHILIPPINES HAVE
BEEN PAID, COMPROMISED OR SETTLED
B. ALL TAXES, IMPOSTS, ASSESSMENTS, AND PENALTIES, IF ANY,
LAWFULLY DUE TO THE PHILIPPINE GOVERNMENT OR ANY OF ITS
AGENCIES OR POLITICAL SUBDIVISIONS, HAS BEEN PAID
C. THE PETITION FOR WITHDRAWAL OF LICENSE HAS BEEN
PUBLISHED ONCE A WEEK FOR THREE CONSECUTIVE WEEKS IN A
NEWSPAPER OF GENERAL CIRCULATION IN THE PHILIPPINES
D. DONATIONS AND EMPLOYEE INTEREST MUST BE COMPLIED AS PER
REQUEST
This pertains to the agency that investigates an alleged
violation of the Revised Corporation Code
Section 154
A
Section 155
B
Section 156
C
Section 157
A
Section 158
C
Section 159
C
Section 160
A
Section 161
A. NATIONAL ELECTRIFICATION ADMINISTRATION
B. COMMISSION
C. GOVERNMENT
D. PHILIPPINE NATIONAL POLICE
The SEC, through its designated officer, may do the
following, except:
A. ADMINISTER OATHS AND COMPETITIONS
B. ISSUE SUBPOENA AND SUBPOENA DUCES TECUM
C. TAKE TESTIMONY IN ANY INQUIRY OR INVESTIGATION
D. MAY PERFORM OTHER ACTS NECESSARY TO THE PROCEEDINGS OR
TO THE INVESTIGATION
It refers to the length of time the ex parte order is
considered valid.
A. MINIMUM OF 2 WEEKS
B. MAXIMUM OF 20 DAYS
C. MINIMUM OF 25 DAYS
D. MAXIMUM OF 30 DAYS
When the refusal amounts to clear and open defiance of the
Commission’s order, decision, or subpoena, the Commission may
impose a daily fine that amounts to:
A. 2,000 PESOS
B. 1,500 PESOS
C. 1,000 PESOS
D. 500 PESOS
The following sanctions may be impose by the Commission if
the provision of the Corporation Code has been violated,
except:
A. IMPOSITION OF FINE RANGING FROM 3,000 TO 2,000,000 PESOS
B. ISSUANCE OF A PERMANENT CEASE AND DESIST ORDER
C. SUSPENSION OR REVOCATION OF THE CERTIFICATE OF
INCORPORATION
D. DISSOLUTION OF THE CORPORATION AND FORFEITURE OF ITS
ASSETS
The unauthorized use of corporate name shall be punished with
this amount.
A. 20,000 TO 250,000 PESOS
B. 15,000 TO 230,000 PESOS
C. 10,000 TO 200,000 PESOS
D. 5,000 TO 150,000 PESOS
These refers to people who wilfully holds office, or wilfully
conceals disqualification that shall be punished with a fine
of 10,000 to 200,000 pesos, and shall be permanently
disqualified.
A. DIRECTOR, MANAGER AND EMPLOYEE
B. MANAGER, SECRETARY AND TREASURER
C. DIRECTOR, TRUSTEE AND OFFICER
D. OFFICER, PRESIDENT AND EMPLOYEE
This action shall be punishable with a fine ranging from
10,000 to 200,000 pesos or 20,000 to 400,000 if detrimental
to the public.
A. UNJUSTIFIED FAILURE OR REFUSAL BY THE CORPORATION, OR BY
B
Section 162
D
Section 163
D
Section 164
A
Section 165
A
Section 166
A
Section 167
A
Section 168
THOSE RESPONSIBLE FOR KEEPING AND MAINTAINING CORPORATE
RECORDS
B. FAILURE TO COMPLY WITH THE PROCEDURES GIVEN BY THE
PROVISIONS OF THIS CODE
C. FAILURE TO USE SPECIFIC DOCUMENT TYPE THAT SHALL BE
SUBMITTED AND VERIFIED BY THE COMMISSION
D. FAILURE TO PAY TAXES IMPOSED BY THE GOVERNMENT THROUGH
ITS REPRESENTATIVES
This person shall be punish with a fine if a wrongful
certification is detrimental to the public.
A. EVERY EMPLOYEE
B. AUDITOR
C. SECRETARY
D. MANAGER
If this person, in collusion with the corporation’s directors
or representatives, certifies the financial statements
despite of incompleteness or inaccuracy, he shall be fined
with 80,000 to 500,000 pesos.
A. TREASURER
B. INDEPENDENT DIRECTOR
C. MANAGER
D. INDEPENDENT AUDITOR
It refers to the amount fined if a corporation obtains a
corporate registration through fraud.
A. 50,000 TO 500,000
B. 100,000 TO 1,000,000
C. 150,000 TO 1,500,000
D. 200,000 TO 2,000,000
It refers to an act punished with a fine ranging from 200,000
to 2,000,000 pesos.
A. FRAUDULENT CONDUCT OF BUSINESS
B. VIOLATION OF THE CODE
C. TOLERATING GRAFT AND CORRUPTION
D. RETALIATION OF WHISTLE BLOWERS
It refers to an act punished with a fine ranging from 100,000
to 5,000,000 pesos.
A. ACTING AS INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
B. FRAUDULENT CONDUCT OF BUSINESS
C. ENGAGING INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
D. RETALIATION AGAINST WHISTLE BLOWERS
It refers to an act punished with a fine ranging from 100,000
to 1,000,000 pesos.
A. ENGAGING INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
B. COLLUSION OF INDEPENDENT DIRECTOR
C. CERTIFICATION OF INCOMPLETE REPORTS
D. ACTING AS INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
It refers to an act punished with a fine of ranging from
500,000 to 1,000,000 pesos.
A. TOLERATING GRAFT AND CORRUPTION
B. FRAUDULENT CONDUCT OF BUSINESS
C. COLLUSION OF INDEPENDENT DIRECTOR
C
Section 169
C
Section 170
D
Section 171
D
Section 172
A
Section 173
D
Section 174
B
Section 175
A
Section 176
D
D. ACTING AS INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
This refers to a person who provides truthful information
relating to the commission of any offense or violation.
A. AGENT
B. SECURITY COMMISSIONER
C. WHISTLE BLOWER
D. MANAGER
Liability for any of the foregoing offenses and the other
administrative, civil, or criminal liability under the
Revised Corporation Code shall be:
A. JOINT
B. SOLIDARY
C. SEPARATE
D. ADJUSTED
The following may be held liable if the offender is a
corporation, except:
A. DIRECTORS
B. OFFICERS
C. EMPLOYEES
D. SHAREHOLDERS
These pertains to people punished with a fine not exceeding
that imposed was imposed on the principal offenders.
A. CRIMINAL COURT
B. COMMISSION
C. GOVERNMENT
D. AIDERS AND ABETTORS
It means the total shares of stock issued under binding
subscription agreements to subscribers or stockholders.
A. OUTSTANDING CAPITAL STOCK
B. REVENUE
C. ASSETS
D. SUBSCRIBED SHARES
Their name can be designated other than as board of trustees.
A. CHIEF OFFICERS
B. MANAGERS
C. OFFICERS
D. GOVERNING BOARDS
They are authorized to collect, retain, and use fees, fines,
and other charges pursuant to the Revised Corporation Code.
A. COURT
B. COMMISSION
C. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
D. AUTHORITY
They shall determine if the corporate vehicle has been used
by any corporation, business r industry to frustrate the
provisions of the Revised Corporation Code.
A. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
B. COMMISSION
C. COURT
D. AUTHORITY
These are submitted annually and within such period as may
Section 177
C
Section 178
A
Section 179
D
Section 180
C
Section 181
D
Section 182
A
Section 183
A
Section 184
B
prescribed by the Commission.
A. BANK STATEMENTS
B. ARTICLES OF INCORPORATION
C. BYLAWS
D. REPORTORIAL REQUIREMENTS
This has the power to visit over all corporations.
A. COURT
B. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
C. COMMISSION
D. AUTHORITY
This has jurisdiction to issue a restraining order,
preliminary injunction, or preliminary mandatory injunction
in any case directly or indirectly interfering with the
powers, duties and responsibilities of SEC.
A. COURT OF APPEALS
B. GOVERNMENT
C. BARANGAY CHIEFS
D. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
They are to develop and implement an electronic filing and
monitoring system.
A. NEDA
B. COURT OF APPEALS
C. DOST
D. SEC
The following are bound by the arbitration agreement, except:
A. DIRECTORS
B. OFFICERS
C. CREDITORS
D. MANAGERS
The powers, authorities, and responsibilities of this agency
involving party-list organizations are transferred to the
Commission on Elections.
A. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
B. AUTHORITY
C. NATIONAL ELECTRIFICATION AUTHORITY
D. COMMISSION
This exercises primary authority over corporations such as
banks, nonbank financial institutions, and insurance
companies under their supervision and regulation.
A. BANGKO SENTRAL NG PILIPINAS
B. CHINA BANK
C. COMMISSION ON AUDIT
D. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
No right or remedy in favour of or against any corporation,
its stockholders, members, directors, trustees, or officers
shall be:
A. REMOVED OR IMPAIRED
B. SATISFIED
C. REVISITED
D. RENEWED
It is period to comply given to a corporation lawfully
Section 185
B
Section 186
D
Section 187
B
Section 188
existing and doing business in the Philippines affected by
the requirements of the Revised Corporation Code.
A. NOT MORE THAN 1 YEAR
B. NOT MORE THAN 2 YEARS
C. LESS THAN 3 YEARS
D. LESS THAN 4 YEARS
Provisions of the Revised Corporation Code which are not
affected by invalid or unconstitutional provisions of the Act
shall:
A. BE VOIDED
B. CONTINUE IN FULL FORCE AND EFFECT
C. DISCONTINUE WITH ADJUSTMENTS
D. BE REVISITED AND RENEWED
Regulation contrary to the provisions of the Revised
Corporation Code is now:
A. MANDATED TO BE FOLLOWED
B. HELD IN JURISDICTION OF THE COURT
C. ADJUSTED TO THE ARTICLES OF INCORPORATION
D. REPEALED
This is where the Act shall be published.
A. BARANGAY ORDINANCES
B. OFFICIAL GAZETTE
C. INTERNATIONAL NEWSPAPERS
D. COMPANY