DE LA SALLE LIPA

College of Business, Economics, Accountancy and Management

Accountancy Department
Second Semester A.Y. 2012-2013
Accounting Review 2
Quiz VIII Corporation Law
Name:____________________________________________________________________Date:___________________________
_
Section:__________________________________________________________________Score:___________________________
Direction: Read and solve the following problems. Write the letter of your best answer on the space provided before
each number. Erasures are not allowed and considered wrong.
___1. A director of a corporation may be removed by:
a. Majority vote of the outstanding capital stock
c. Majority of the stockholders
b. 2/3 of the stockholders
d. 2/3 of the outstanding capital stock
___2. In the matter of management of the corporation, this is supreme:
a. President
b. Chairman of BOD
c. Stockholders
d. Board of directors
___3. A subscribed to 1,000 shares of stock of X corporation and paid 25% of the said subscription. Can he vote all his
subscribed shares?
a. No because the subscription has not been fully paid
b. No because his shares have become delinquent shares
c. Yes as regards the paid percentage of the subscription
d. Yes because shares although unpaid but not delinquent can be voted
___4. X Corporation posted a P1M profit in its reality business and its real estate has appreciated in value to the tune of
P4M. The board then declared dividends computed on the basis of P5M representing profits and appreciation in value of
its real estate. Is the dividend declaration void?
a. Not valid because there was no 2/3 ratification by the outstanding capital stock
b. Valid being based on profits and increments in the value of the corporate assets
c. No valid because dividends must come only from the profits
d. Valid if creditors do not object nor protest against the same
___5. A subscribed to 100 shares of X corporation, paying 25% thereof. Despite the demand by for the issuance of stock
certificate, the corporation refuses to issue one corresponding to the 25% paid. Meanwhile, the corporation has become
insolvent and A now refuses to pay his unpaid balance on his subscription. Is the refusal to issue a stock certificate valid?
a. Not value because stock certificate can be issued for the paid portion of the subscription
b. Valid because stock certificate can only be used after full payment of the subscription
c. Valid as regards the unpaid percentage on the subscription
d. Not valid because only delinquent shares may be denied stock certificate
___6. Based on the facts in the preceding number, can a validly refuse to pay the unpaid balance on his subscription now
that the corporation has become insolvent?
a. No under the trust fund doctrine for the protection of creditors
b. No under the doctrine of piercing the veil of corporation fiction
c. Yes because of the insolvency of the corporation which also extinguished his obligation to pay the balance
d. Yes because of the denial of his right to stock certificate
___7. Majority of the following must be residents of the Philippines, except
a. Directors
b. Trustees
c. Incorporators
d. Officers
___8. Private corporations have the following attributes, except
a. It is an artificial being created by operation of law.
b. It may be formed or created by mere consent.
c. It has the right of succession.
d. It has the powers, attributes and properties expressly authorized by law or incidents to its creation.
___9. In three of the following cases, all shares have voting rights, except
a. Election of directors
c. Dissolution of the corporation
b. Increase or decrease of capital stock
d. Merger or consolidation
___10. At the annual meeting of the corporation for the election of five directors, A, B, C, D, E, F and F were nominated. A,
B, C, D and E received the highest number of votes and thus proclaimed as elected. F received ten votes less than E.
Subsequently, E sold his shares to F. Who, between E and F has the right to attend as director?
a. E us the director because his term is one year until his successor is elected and qualified.
b. F is the director because he has bought the shares of E.
c. Both of them shall be directors.

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d. Neither of them shall be director.

___11. ABC corporation has an authorized capital stock of P1M divided into 50,000 common shares and 50,000 preferred
shares. At its inception, the corporation offered for subscription of all the common shares. However, only 40,000 shares
were subscribed. Recently, the directors thought of raising additional capital and decided to offer to the public all the
authorized shares at their market value. Would X, the stockholder of 4,000 shares have pre-emptive right to the remaining
10,000 shares?
a. Yes because all stockholders have pre-emptive rights to all issues of shares of any class in proportion to their
shareholdings.
b. No because pre-emptive right does not apply to unissued shares to be issued.
c. Yes because pre-emptive right applies only to the issuance of unissued shares.
d. No because he has waived this right when he subscribed to a part only of the issuance of shares.
___12. Based on the facts of the preceding number, would X also have pre-emptive right to the 50,000 preferred shares?
a. Yes, because all stockholders have pre-emptive rights to all issues of shares of any class in proportion to their
shareholdings.
b. No because pre-emptive rights do not apply to the issuance of unissued shares.
c. Yes because pre-emptive rights apply only to the issuance of unissued shares.
d. No because X has waived his pre-emptive rights to the issuance of preferred shares when he subscribed to the
common shares.
___13. The corporation has nine-member board of directors. Two of the members sold their shares while two others are
abroad. To have a quorum, the number required is
a. Seven
b. Five
c. Three
d. Four
___14. Which of the following requires the approval of the majority of the outstanding capital stock?
a. Investment of corporate funds in another business or corporation
b. Amendment, repeal or adoption of by-laws
c. Dissolution of the corporation
d. Amendment of the articles of incorporation
___15. X Corp. operates a call center that received orders for pizzas on behalf of Y Corp. which operates a chain of pizza
restaurants. The two companies have the same set of corporate officers. After two years, X Corp. dismissed its call center
agents for no apparent reason. The agents filed a collective suit for illegal dismissal against both X and Y Corp based on
the doctrine of piercing the veil of corporate fiction. The latter set up the defense that the agents are in the employ of X
Corp which is a separate juridical entity. Is the defense appropriate?
a. No, since the doctrine would apply, the two companies having the same set of corporate officers
b. No, the real employer is Y Corp, the pizza company with X Corp. serving as an arm for receiving its outside
orders for pizzas.
c. Yes, it is not shown that one company completely dominates the finances, policies and business practices of
the other.
d. Yes, since the two companies perform two distinct businesses
___16. It is settled that neither par value nor book value is an accurate indicator of the fair value of a share of stock of a
corporation. As to unpaid subscription to its shares of stock, as they are regarded as corporate assets, they should be
included in the
a. Capital value
b. Book value
c. Par value
d. Market value
___17. In elections for the Board of Trustees of non-stock corporations, members may cast as many votes as there are
trustees to be elected but may not cast more than one vote for one candidate. This is true
a. Unless set aside by the members in plenary session
b. In every case even if the Board of Trustees resolves otherwise
c. Unless otherwise provided in the Articles of Incorporation or in the By-Laws
d. In every case even if the majority of the members decide otherwise during the election
___18. The rule is that valuation of the shares of a stockholder who exercises his appraisal rights is determined as of the
day prior to the date on which the vote was taken. This is true
a. Regardless of any depreciation or appreciation in the shares fair value
b. Regardless of any appreciation in the shares fair value
c. Regardless of any depreciation in the shares fair value
d. Only if there is no appreciation or depreciation in the shares fair value
___19. EFG Foundation Inc. a non-profit organization, scheduled an election for its six-member Board of Trustees. X, Y
and Z who are minority members of the foundation, wish to exercise cumulative voting in order to protect their interest,
although the Foundations Articles and By-Laws are silent on the matter. As to each of the three, what is the maximum
number of votes that he/she can cast?
a. 6
b. 9
c. 12
d. 3

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___20. T Corp. has a corporate term of 20 years under its Articles of Incorporation or from June 1, 1980 to June 1,2000.
On June 1,1991 it amended its Articles of Incorporation to extend its life by 15 years from June 1,1980 to June 1,2015.
The SEC approved this amendment. On June 1,2011, however, T Corp decided to shorten its term by 1 year or until June
1,2014. Both the 1991 and 2011 amendments were approved by majority vote of its Board of Directors and ratified in a
special meeting by its stockholders representing at least 2/3 of its outstanding capital stock. The SEC however,
disapproved the 2011 amendments on the ground that it cannot be made earlier than 5 years prior to the expiration date
of the corporate term, which is June 1,2014. Is this SEC disapproval correct?
a. No, since the 5-year rule on amendment of corporate term applies only to extension, not shortening of term
b. Yes any amendment affecting corporate term cannot be made earlier than 5 years prior to the corporations
expiration date
c. No, since a corporation can in fact have a corporate life of 50 years.
d. Yes the amendment to shorten corporate term cannot be made earlier than 5 years prior to the corporations
expiration date
___21. X Corp. whose business is to manufacture and sell vehicles, invested its funds in Y Corp. an investment firm,
through a resolution of its Board of Directors. The investment grew tremendously on account of Y Corps excellent
business judgment. But a minority stockholder in X Corp assails the investment as ultra vires. Is he right and if so, what is
the status of the investment?
a. Yes it is an ultra vires act of the corporation itself but voidable only subject to stockholders ratification
b. Yes it is an ultra vires act of its Board of Directors and thus void
c. Yes it is an ultra vires act of its Board of Directors but voidable only subject to stockholders ratification
d. Yes it is an ultra vires act of the corporation itself and consequently, void
___22. The Corporation Code sanctions a contract between two or more corporations which have interlocking directors,
provided there is no fraud that attends it and it is fair and reasonable under the circumstances. The interest of an
interlocking director in one corporation may be either substantial or nominal. It is nominal if his interest
a. Does not exceed 25% of the outstanding capital stock
b. Exceeds 25% of the outstanding capital stock
c. Exceeds 20% of the outstanding capital stock
d. Does not exceed 20% of the outstanding capital stock
___23. In case of disagreement between the corporation and withdrawing stockholder who exercises his appraisal right
regarding the fair value of his shares, a three-member group shall by majority vote resolve the issue with finality. May the
wife of the withdrawing stockholder be name to the three member group?
a. No the wife of the withdrawing shareholder is not a disinterested person
b. Yes since she could best protect her husbands shareholdings
c. Yes since the rules do not discriminate against wives
d. No since the stockholder himself should sit in the three-member group
___24. The rule is that no stock dividend shall be issued without the approval of stockholders representing at least 2/3 of
the outstanding capital stock at a regular or special meting called for the purpose. As to other forms of dividends
a. A mere majority of the entire Board of Directors applies
b. A mere majority of the quorum of the Board of Director applies
c. A mere majority of the votes of stockholders representing the outstanding capital applies
d. The same rule of 2/3 vote applies
___25. Several American Doctors wanted to set up a group of clinic in the Philippines so they could render modern
medical services. If the clinic is to be incorporated under our laws, what is the required foreign equity participation in such
corporation?
a. 40%
b. 0%
c. 60%
d. 70%
___26. The Board of Directors of XYZ Corp unanimously passed a resolution approving the taking of steps that in reality
amounted to willful tax evasion. On discovering this, the government filed a tax evasion charges against all the companys
members of the board of directors. The directors invoked the defense that they have no personal liability, being mere
directors of a fictional being. Are they correct?
a. No since as a rule only natural persons like the members of the board of directors can commit corporate
crimes.
b. Yes since it is the corporation that did not pay the tax and it has personality distinct from its directors
c. Yes since the directors officially and collectively performed acts that are imputable only to the corporation
d. No since the law makes directors of the corporation solidarily liable for gross negligence and bad faith in the
discharge of their duties.
___27. The Articles of Incorporation must be accompanied by a Treasurers Affidavit certifying under oath, among others,
that the total subscription paid is
a. Not less than P25,000
b. Not more than P5,000
c. Not less than P5,000 d. Not more than P25,000

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___28. The Articles of Incorporation of ABC Transport Inc. a public utility, provides for ten members in its Board of
Directors. What is the prescribed minimum number of Filipino citizens in its Board?
a. 10
b. 6
c. 7
d. 5
___29. He shall preside at all meetings of the directors or trustees as well as of the stockholders or members, unless the
by-laws provide otherwise.
a. Chairman of BOD
b. President
c. Secretary
d. Treasurer
___30. Non-voting shares may vote, except
a. Increase in capital stock
b. Merger
c. Dissolution
d. Management contract
___31. Which of the following statements is correct?
a. Treasury stock sold for less than their par or issued value are considered watered stock and as such is
prohibited by law.
b. Five but not more than 15 juridical and natural persons, majority of whom are residents of the Philippines may
form a private corporation.
c. No par value shares of stock cannot be issued by banks, trust companies, insurance companies, building and
loan association and public utilities.
d. Membership in nonstock corporation and rights arising there are from are personal and nontransferable and
therefore cannot be transferred even if provided in the Articles of Incorporation or in the By-Laws.
___32. This group of persons may not be the incorporators in the Philippines
a. 15 Japanese citizens who are resident of Quezon City
b. 10 Residents aliens and 5 non-resident aliens
c. 10 Americans residing in the Philippines and 5 Filipinos residing in Australia
d. 15 Filipinos who are residents of USA
___33. A corporation is deemed dissolved
a. Ceased operation for at least 5 years
b. No commencement of business transaction within 2 years from issuance of certificate of incorporation
c. A member of the board is convicted of an offense
d. Majority of the members of the board are dead
___34. Every corporation whose charter expires by its own limitation, or annulled by forfeiture or otherwise, or whose
corporate existence for other purposes is terminated in any other manner shall nevertheless be continued as a body
corporate for 3 years after the time when it would have been dissolved for the purpose of the following, except
a. Prosecuting and defending suits by or against it and enabling it to settle and close its affairs
b. To dispose and convey its property
c. To distribute its assets
d. Continuing the business for which it was established
___35. As a rule pre-incorporation subscription is irrevocable for a period of at least
a. 30 days
b. 60 days
c. 6 months
d. 1 year
___36. A, B, C, D and E are directors of a corporation. Two days before the meeting of the board, where by a unanimous
vote, a resolution declaring a 50% stock dividend was passed, A, B, and C sold and transferred all their shares. The
transfers were duly registered in the books of the corporation immediately after the sale. Is the dividend declaration legal?
a. Yes, A, B and C are still qualified to sit as members of the board in hold-over capacity until their successors
shall have been elected and qualified.
b. No, at the time the resolution was passed, A, B and C were no longer qualified to sit as directors since they are
no longer stockholders.
c. Yes, unanimous vote means all directors approved the resolution
d. No, if the other members of the board were not informed of the transfers made
___37. Which of the following is the disadvantage of forming a corporation?
a. The free & ready transferability of ownership
b. The shareholders are not liable for the debts of the business
c. Because of the power of succession, the existence of the entity is not affected by the personal vicissitudes of
the individual stockholders
d. The subservience of minority stockholders to the wishes of the majority subject only to equitable restraints
___38. Cash dividend as distinguished from stock dividend
a. Corporate capital is increased
b. Concurrence of the stockholders is required
c. Involves disbursement to the stockholders of accumulated earnings
d. Being part of corporate property, maybe reached by corporate creditors

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___39. J is one of the directors of Delightful Corporation. Later, she sold all her shares to K. Subsequently, a meeting of
the board of directors was held and both J and K attended said meeting, each claiming the right to participate in the
deliberation of the board. J contended that she has the right to continue as director until the stockholders could elect her
successor. On the other hand, K argued that having purchased all of Js shares she has the right to take the latters place
in the board. Which of the following is not correct?
a. Both J and K are disqualified to sit as directors in the Board of Directors
b. J cannot qualify as she disposed all the shares
c. K cannot qualify as she must have to be elected by the stockholders
d. K can quality because a stockholder as well as the heirs and assigns of a stockholder of the same corporation
has the right of succession
___40. The articles of incorporation is required to state the name, nationalities and residence of persons who shall act as
directors or trustees until the first regular directors or trustees are duly elected and qualified. This requirement is intended
to provide a basis by which the SEC could determine whether the articles of incorporation has complied with the
requirement that
a. At least majority of the directors or trustees are residents of the Philippines
b. At least majority of the directors or trustees are citizens of the Philippines
c. 2/3 of the directors or trustees are residents of the Philippines
d. 2/3 of the directors or trustees are citizens of the Philippines
___41. At an annual meeting of stockholders, a resolution was approved empowering the president of the corporation to
enter into a contract with New York firm. Can the president validly act by virtue of such resolution?
I. Yes the action of the stockholders was approved during annual stockholders meeting
II. No the power to contract for and in behalf of the corporation resides primarily in the board of directors.
a. True, True
b. True, False
c. False, True
d. False, False
___42. If there are 9 members of the board and the by-laws provide for the creation of an executive committee, the
minimum number of its members is
a. 7
b. 5
c. 4
d. 3
___43. The executive committee shall act by
a. Unanimous vote
b. Majority vote
c. 2/3 vote
d. vote
___44. In a meeting to elect the officers only 9 out of 11 members of the board attended. How many votes will be needed
to elect the President of the Corporation?
a. 9
b. 7
c. 6
d. 5
___45. The powers cannot be exercised by the executive committee, except
a. To fill up the vacancy in the board
b. To distribute cash dividend
c. To increase the minimum number of shares needed before a shareholder may qualify to be a member of the
board
d. To enter into contract for the supply of goods needed by the corporation
___46. Shares of stock cannot be issued if the consideration received is (are)
a. Money
b. Property
c. Previous services rendered d. Promissory notes
___47. He must be a resident citizen
a. President
b. Secretary
c. Treasurer
d. Chairman of the board
___48. He cannot be secretary of the corporation
a. President
b. Treasurer
c. Chairman of the board
d. Incorporator
___49. Must be a natural person
a. Stockholder
b. Subscriber
c. Incorporator
d. Highest bidder
___50. Should not be more than 15
a. Stockholder
b. Subscriber
c. Incorporators
d. Members
___51. Corporate acts performed outside of its express, incidental or implied powers
a. Ultra-vires acts
b. Illegal acts
c. Intra-vires acts
d. Legal acts
___52. The board of directors or trustees may amend or repeal the by-laws or adopt new by-laws by
a. Majority vote
b. Unanimous vote
c. 2/3 vote
d. vote
___53. The stockholders or members may delegate to the board of directors or trustees the power to amend or repeal the
by-laws or adopt new by-laws by
a. Majority vote
b. Unanimous vote
c. 2/3 vote
d. vote
___54. Regular meetings of stockholders or members shall be held
a. Monthly
b. Quarterly
c. Semi-annual
d. Annually
___55. Unless the by-laws provide otherwise regular meetings of the board of directors or trustees shall be held

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a. Monthly
b. Quarterly
c. Weekly
d. Annually
___56. I. Treasury shares shall have no voting rights as long as such stock remains in treasury.
II. Shares of stocks shall not be issued in exchange for future services.
a. True, True
b. True, False
c. False, True
d. False, False
___57. Except as a condition in a loan agreement, the voting trust agreement shall not exceed
a. 6 months
b. 1 year
c. 3 years
d. 5 years
___58. One of the following does not require stockholders approval
a. Change of corporate name
b. Merger or consolidation
c. Declaration of share dividend
d. Investment of corporate funds outside main purpose of the corporation
___59. Which of the following statement is correct?
a. Eleemosynary corporation is one established for business or profit
b. Corporation aggregate is one established for religious purpose
c. Civil corporation is one established under laws of the Philippines
d. Lay corporation is one established for purposes other than religion
___60. An individual or a domestic corporation designated in a written power of attorney by a foreign corporation
authorized to transact business in the Philippines, on whim any summons and other legal processes may be served in all
actions other legal proceeding against such corporation is called
a. Resident director
b. Resident agent
c. Receiver
d. Trustee
___61. Which of the following is not a requisite for a close corporation?
a. The number of stockholders shall not exceed 20.
b. That no close corporation is a stockholder thereof owning at 2/3 of the voting stocks
c. There is a restriction in the transfer of shares
d. There is no public offering of shares
___62. Private corporations have the following attributes, except
a. It is created by law as a juridical person
b. It has the right of succession
c. It may be formed, organized and existing under a special law or charter
d. It has the powers, attributes and properties expressly authorized by the law or incident to its existence
___63. The executive committee cannot act on this matter, except
a. Filling of vacancy in the board of directors
b. Cash dividend declaration
c. Board resolution on depositary bank of the corporation
d. Stock dividend declaration
___64. When the preferred shares are issued by a corporation with a fixed interest on the face thereof, the effect is
a. The contract of subscription subsists
b. The said stockholder is a creditor of the corporation
c. The said shares of stocks become negotiable instruments
d. The stockholder is a plain investor who may benefit or suffer with financial success or failure of the corporation
___65. Three of the following are not authorized to issue no-par value shares, except
a. Industrial companies b. Insurance companies
c. Trust companies
d. Public utilities
___66. A distribution by a corporation of shares held by it in another corporation is
a. Stock dividend
b. Sale of capital assets
c. Sale of treasury stock
d. Property dividend
___67. They are issued to those who helped in incorporating the corporation or for services rendered in launching the
welfare of the same.
a. Preferred shares
b. Stock in escrows
c. Founders shares
d. Promotion stock
___68. The power to deny pre-emptive rights to stockholder is
a. Incidental power
b. Express power
c. Implied power
d. Discretionary power
___69. This is the written acknowledgement of the interest of the stockholder in the corporation.
a. Proxy
b. Share of stock
c. Voting trust agreement
d. Certificate of stock
___70. They provide and regulate the internal matters of the corporation.
a. Articles of incorporation
b. By-laws
c. Certification of incorporation d. Certificate of filing by-laws
___71. This is a public instrument giving authority to vote for stockholder.
a. Proxy
b. Voting trust agreement
c. Stock certificate
d. Trust certificate
___72. A gratuitous reissue of treasury shares will result in
a. Capital surplus
b. Stock dividend
c. Watered stock
d. Property dividend
___73. The nationality of the corporation is determined by the nationality of the stockholders in control of the same is
called
a. Domicile test
b. Incorporator test
c. Management test
d. Control test

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___74. Vacancy in the board of directors can be filled up by the remaining directors in the following cases, except
a. Increase in the number of directors
c. Death of a director
b. Resignation of a director
d. None of the above
___75. The following are requisites for de factor corporation, except
a. Valid law under which it is organized
c. Attempt in good faith to organize
b. Actual use of corporate powers
d. Non-issuance by the SEC of certificate of incorporation
___76. A corporate doctrine which the stockholders are not personally liable for corporate debts.
a. Piercing the veil of corporate fiction
c. Trust fund doctrine
b. Separate legal entity
d. Corporate opportunity
___77. A stockholder who does not approve the action taken by the Board of Directors in proposing to amend the articles
of incorporation is not allowed to withdraw from the corporation in one of the following instances
a. Creating, incurring, increasing or decreasing bond indebtedness
b. Shortening or prolonging corporate existence
c. Investing of corporate funds in another corporation
d. Merger or consolidation
___78. The interest or right of the stockholder in the corporations profits or in the net assets of corporation on dissolution
is
a. Shares of stocks
b. Dividends
c. Capital
d. Certificate of stock
___79. The right of a corporation to exist as juridical person during its term as stated in the articles of incorporation
despite the death of any of its stockholders is
a. Right of existence
c. Pre-emptive right
b. Right of succession
d. Right of redemption
___80. One of the characteristics of treasury shares is that
a. They may be reissued or sold again.
b. They have status of outstanding shares.
c. They may participate in the meeting of corporation as voting shares.
d. They are entitled to dividends.
___81. A corporation existing in fact and in law.
a. De factor corporation
b. De javu corporation c. De jure corporation d. De close corporation
___82. Under this theory, the nationality of the corporation is that of the counter under whose law it was formed
a. Control test
b. Incorporation test
c. Domicile test
d. Grandfather rule
___83. An action brought by a stockholder against the corporation for direct violation of his contractual right
a. Individual suit
b. Derivative suit
c. Representative suit d. Corporate suit
___84. A shareholders option to subscribe to allotment of shares in proportion to his holding of outstanding shares, before
new shares are offered to others.
a. Voting right
b. Pre-emptive right
c. Ultra vires act
d. Appraisal right
___85. Unless sooner dissolved or extended, the life of a corporation may be for a period not exceeding
a. Five years
b. ten years
c. 50 years
d. 20 years
___86. Dividend which are actually distributions of the assets of the corporation upon dissolution or winding up
a. Bond dividend
b. Preferred dividend
c. Cumulative dividend d. Liquidating dividend
___87. If the authorized capital stock is P60,000 divided into 600 shares with par value of P100 per share. What is the
minimum subscribed capital?
a. P12,000
b. P15,000
c. P10,000
d. P30,000
___88. Using the same data in number 87, what is the minimum paid up capital?
a. P3,750
b. P5,000
c. P3,000
d. P4,000
___89. May rightfully question an ultra-vires act of a corporation, except
a. Stockholders
b. State
c. Competitors
d. Creditors, if fraud is charged
___90. Amount equal to the aggregate par value or issued share of the outstanding capital stock.
a. Legal capital
b. Unissued capital stock
c.Outstanding capital stock
d. Authortized capital stock
___91. One which is so related to another corporation that the majority of its directors can be elected by such other
corporation.
a. Subsidiary corporation
b. Parent corporation c. Quasi corporation
d. Corporation by prescription
___92. Corporation begin to have corporation existence and juridical personality
a. From the moment of the execution of the Articles of Incorporation
b. From the moment of the execution of the Constitution and By-laws
c. From the moment of the execution of the treasurers affidavit
d. From the date of the issuance of the certificate of incorporation by SEC under its official seal
___93. Shares without par value may not be issued for a consideration

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a. Less than P1 per share

s
c. Outstanding capital stock
b. Less than P5 per share
d. Less than P100 per share
___94. If 1,000 shares are outstanding and 5 members of the BoD are to be elected, the least number of shares needed by a
candidate to be elected is
a. 501 shares
b. 250 shares
c. 200 shares
d. 167 shares
___95. Using the preceding number, the minimum number of votes needed by a candidate to be elected is
a. 2,501 votes
b. 1,250 votes
c. 1,000 votes
d. 835 votes

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