AC 42 : Corporation Part 1 Online Quiz

Which law was replaced by the Revised Corporation Code?

• a. Batas Pambansa Blg. 22

• b. Batas Pambansa Blg. 68

• c. Republic Act No. 11232

• d. Republic Act No. 11534

Which of the following is a corporation established for charity?

• a. Eleemosynary corporation

• b. Ecclesiastical corporation

• c. Public corporation

• d. Open corporation

The Revised Corporation Code provides that the number of a corporation’s incorporators shall not be lower than five (5) but not more than fifteen (15).

• True

• False

Section 13 of the Revised Corporation Code provides that at the time of incorporation, at least 25% of the authorized capital stock must be subscribed and at least 25% of the total subscription must be paid upon subscription, and in no case shall the paid-in capital be less than P5,000.

• True

• False

A corporation must initially register with the Department of Trade and Industry (DTI) before commencing its operations.

• True

• False

A corporation or a partnership can be a corporator but cannot be an incorporator.

• True

• False

Statement 1: All incorporators are corporators of a corporation, but not all corporators are incorporators.

Statement 2: All incorporators are subscribers, but a subscriber need not be an incorporator.

Statement 3: An incorporator of a corporation can be an incorporator of another corporation.

Statement 4: A corporator of a corporation cannot be a corporator of another corporation. Choose the best answer:

• a. Only one statement is correct.

• b. Two statements are correct.

• c. All statements are correct.

• d. None of the statements is correct.

A partnership can be a corporator in a corporation but a corporation cannot be a general partner in a partnership.

• True

• False

It is a book of printed blank certificates of stock.

• a. Subscription book

• b. Minutes book

• c. Stock certificate book

• d. Stock and transfer book

Between common share of stock and preferred share of stock, preferred shares are rarely given voting privileges.

• True

• False