LAW ON CORPORATION

LAW ON CORPORATION

University

20 Qs

quiz-placeholder

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LAW ON CORPORATION

LAW ON CORPORATION

Assessment

Quiz

Other

University

Hard

Created by

Cristina Jones

Used 237+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is generally entered to put the company upon a sound financial basis and to enable it to take care of its obligations thereby avoiding liquidation snd bankruptcy. (Choose the best answer.)

Merger

Consolidation

Merger and Consolidation

Reorganization

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In the revised code of Corporation, the following includes in the new ammendment of the contents of the articles of Merger or Consolidation except?

There will be a single Corporation

The carrying amount and fair values of the assets and liabilities of the respective companies as of the agreed cut-off date.

The provisional or pro-forma values as merged or consolidated using the accounting method.

The method to be used in the merger or consolidation of accounts of the companies.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Statement 1: Merger is effected notwithstanding the fact that the corporation is solvent.

Stement 2: Consolidation is the uniting or amalgation of two or more existing corporation to form a new corporations.

Both statement is true.

Only statement 1 is true.

Only statement 2 is true.

Neither of the statement is true.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is true about the termination of a membership of a non-stock corporation?

The by-laws or the AOI may terminated the members provided it was approved by SEC.

The membership may be terminated in the manner and for causes provided in the AOI or by laws.

In order to terminate a member, it is needed to be approved by BOD.

Nons of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following is false about dissolution, choose the exception?

When a corporation dissolved, it ceases to be a juridical entity and can no longer pursue the business for which it was incorporated.

When a corporation dissolved it ceases to be a justifiable entity and can no longer pursue the business for which it was incorporated.

When a corporation dissolved, it ceases to be a juridical entity and can pursue the business for which it was incorprated provided it was approved by law.

When an corporation dissolved, it ceases to be a justifiable entity and can pursue the business for which it was incorporated provided it was approved by law.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following is the formal and procedural requirements when no creditors are affected in a voluntary dissolution, except one.

Majority vote of the board of directors or trustees

Sending of notice of each stockholders or member either by registered mail or personal delivery atleast 20 days tp the meeting scheduled by the board for the purpose of submitting the board action to dissolved the corporation.

Both of the given is an exception

None of the given is an exception

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It was agreed that Ana Company will take over and acquire all the assets and liabilities of Charlie Company and by virtue of which Ana Company will absorb Charlie Company which is to be dissolved. What is true about Ana Company?

Ana Company is known as the absorbed corporation

Ana Company is known as the surviving corporation.

Ana company is known both the absorbed snd surviving corporation.

None of the above is true.

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