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Law 2 Quiz

This document appears to be a true or false quiz about provisions in the Philippine Revised Corporation Code. It contains 10 statements related to various requirements for corporations, including: 1) A corporation's certificate will be suspended if it does not commence business within 5 years of incorporation. 2) Directors are elected for 2-year terms from stockholders. 3) Trustees can be elected for up to 5-year terms from members. 4) An independent director must be independent from management and free from conflicts of interest. The document tests knowledge of election procedures, officer requirements, and voting rights for corporations under Philippine law.

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Rolly Pagtolon-an
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109 views1 page

Law 2 Quiz

This document appears to be a true or false quiz about provisions in the Philippine Revised Corporation Code. It contains 10 statements related to various requirements for corporations, including: 1) A corporation's certificate will be suspended if it does not commence business within 5 years of incorporation. 2) Directors are elected for 2-year terms from stockholders. 3) Trustees can be elected for up to 5-year terms from members. 4) An independent director must be independent from management and free from conflicts of interest. The document tests knowledge of election procedures, officer requirements, and voting rights for corporations under Philippine law.

Uploaded by

Rolly Pagtolon-an
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ADAMSON UNIVERSITY years from the date of its incorporation, its certificate

of incorporation shall be deemed suspended as of the


LAW 2
day following the end of the five-year period.
Name: __________________________________
2) _________ Directors shall be elected for a term of
Date: _____________ two (2) years from among the holders of stocks
registered in the corporation’s books.
TRUE OR FALSE.
3) _________ Trustees shall be elected for a term not
1) _________ If a corporation does not formally exceeding five (5) years from among the members of
organize and commence its business within five (5) the corporation.
years from the date of its incorporation, its certificate
of incorporation shall be deemed suspended as of the 4) _________ An independent director is a person
day following the end of the five-year period. who, apart from shareholdings and fees received from
the corporation, is dependent of management and free
2) _________ Directors shall be elected for a term of from any business or other relationship which could,
two (2) years from among the holders of stocks or could reasonably be perceived to materially
registered in the corporation’s books. interfere with the exercise of independent judgment
3) _________ Trustees shall be elected for a term not in carrying out the responsibilities as a director.
exceeding five (5) years from among the members of 5) _________ Each stockholder owning at least 100
the corporation. shares of stock or member of a corporation shall have
4) _________ An independent director is a person the right to nominate any director or trustee who
who, apart from shareholdings and fees received from possesses all of the qualifications and none of the
the corporation, is dependent of management and free disqualifications set forth in this Code.
from any business or other relationship which could, 6) _________ In election of directors or trustees, a
or could reasonably be perceived to materially stockholder or member who participates through
interfere with the exercise of independent judgment remote communication or in absentia, shall be
in carrying out the responsibilities as a director. deemed not present for purposes of quorum.
5) _________ Each stockholder owning at least 100 7) _________ A delinquent stock can be voted under
shares of stock or member of a corporation shall have the Revised Corporation Code.
the right to nominate any director or trustee who
possesses all of the qualifications and none of the 8) _________ At all elections of directors or trustees,
disqualifications set forth in this Code. there must be present, either in person or through a
representative authorized to act by written proxy, the
6) _________ In election of directors or trustees, a owners of 2/3 of the outstanding capital stock, or if
stockholder or member who participates through there be no capital stock, 2/3 of the members entitled
remote communication or in absentia, shall be to vote.
deemed not present for purposes of quorum.
9) _________ The Treasurer must be a Filipino
7) _________ A delinquent stock can be voted under citizen.
the Revised Corporation Code.
10) _________ The President can also be voted as the
8) _________ At all elections of directors or trustees, Secretary.
there must be present, either in person or through a
representative authorized to act by written proxy, the
owners of 2/3 of the outstanding capital stock, or if
there be no capital stock, 2/3 of the members entitled
to vote.

9) _________ The Treasurer must be a Filipino


citizen.

10) _________ The President can also be voted as the


Secretary.
ADAMSON UNIVERSITY

LAW 2

Name: __________________________________

Date: _____________

TRUE OR FALSE.

1) _________ If a corporation does not formally


organize and commence its business within five (5)

ATTY. ROLANDO B. PAGTOLON-AN, REB, REA ATTY. ROLANDO B. PAGTOLON-AN, REB, REA

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