REVISED CORPORATION CODE TEST BANKS
Study online at https://quizlet.com/_gvlb5a
1. Which of the following cannot be lawfully exercised by a. Pay dividend
a non-stock corporation?
a. Pay dividend
b. Elect trustees
c. Amend the Articles of Incorporation
d. Adopt by-laws
2. A bond issue to pay-off prior floating indebtedness of d. Funding bond
the corporation issuing it is called
a. Convertible bond
b. Equipment bond
c. Collateral bond
d. Funding bond
3. A bond secured by stocks or other bonds or both which b. Collateral trust bond
are owned by the debtor, the securities being deposit-
ed with a trustee for the bondholder is called:
a. Mortgage bond
b. Collateral trust bond
c. Equipment bond
d. Debenture bond
4. Involuntary dissolution of the corporation is caused by d. All of the above.
a. judicial decree of forfeiture or by order of the SEC.
b. legislative enactment.
c. failure to organize formally and commence the
transaction of its business within two years from the
date of incorporation.
d. All of the above.
5. To revoke the power granted to the board to make the
bylaws.
, REVISED CORPORATION CODE TEST BANKS
Study online at https://quizlet.com/_gvlb5a
a. Majority vote of the board and of the outstanding d. Majority of the out-
capital stock of the members standing capital stock or of
b. 2/3 of the outstanding capital stock of the members. the members.
c. Majority of the quorum of the board and 2/3 of the
outstanding capital stock of the members.
d. Majority of the outstanding capital stock or of the
members.
6. A corporate officer or director cannot take advantage c. Doctrine of corporate
their personal benefit in business opportunity which opportunity
the corporation is financially able to undertake.
a. Doctrine of corporate fiction
b. Trust fund doctrine
c. Doctrine of corporate opportunity
d. Doctrine of limited capacity
7. One of the following does not require stockholder's d. Declaration of cash divi-
approval. dend
a. Merger or consolidation
b. Change of corporate name
c. Investment of corporate funds for a purpose out-
side
of the main purpose of the corporation
d. Declaration of cash dividend
8. The required minimum authorized capital stock for d. None
stock corporation is:
a. Not less than P5,000
b. 25% must be subscribed and 25% must be paid
c. At least 25% must be subscribed and at least 25%
must be paid and in no case shall it be less than P5,000
d. None
Study online at https://quizlet.com/_gvlb5a
1. Which of the following cannot be lawfully exercised by a. Pay dividend
a non-stock corporation?
a. Pay dividend
b. Elect trustees
c. Amend the Articles of Incorporation
d. Adopt by-laws
2. A bond issue to pay-off prior floating indebtedness of d. Funding bond
the corporation issuing it is called
a. Convertible bond
b. Equipment bond
c. Collateral bond
d. Funding bond
3. A bond secured by stocks or other bonds or both which b. Collateral trust bond
are owned by the debtor, the securities being deposit-
ed with a trustee for the bondholder is called:
a. Mortgage bond
b. Collateral trust bond
c. Equipment bond
d. Debenture bond
4. Involuntary dissolution of the corporation is caused by d. All of the above.
a. judicial decree of forfeiture or by order of the SEC.
b. legislative enactment.
c. failure to organize formally and commence the
transaction of its business within two years from the
date of incorporation.
d. All of the above.
5. To revoke the power granted to the board to make the
bylaws.
, REVISED CORPORATION CODE TEST BANKS
Study online at https://quizlet.com/_gvlb5a
a. Majority vote of the board and of the outstanding d. Majority of the out-
capital stock of the members standing capital stock or of
b. 2/3 of the outstanding capital stock of the members. the members.
c. Majority of the quorum of the board and 2/3 of the
outstanding capital stock of the members.
d. Majority of the outstanding capital stock or of the
members.
6. A corporate officer or director cannot take advantage c. Doctrine of corporate
their personal benefit in business opportunity which opportunity
the corporation is financially able to undertake.
a. Doctrine of corporate fiction
b. Trust fund doctrine
c. Doctrine of corporate opportunity
d. Doctrine of limited capacity
7. One of the following does not require stockholder's d. Declaration of cash divi-
approval. dend
a. Merger or consolidation
b. Change of corporate name
c. Investment of corporate funds for a purpose out-
side
of the main purpose of the corporation
d. Declaration of cash dividend
8. The required minimum authorized capital stock for d. None
stock corporation is:
a. Not less than P5,000
b. 25% must be subscribed and 25% must be paid
c. At least 25% must be subscribed and at least 25%
must be paid and in no case shall it be less than P5,000
d. None
