Special Quiz (Sept 16 2023

Who are "INCORPORATORS"

• Those stockholders or members mentioned in the articles of incorporation as originally forming and composing the corporation and who are signatories thereof.

• 
  A person who has interest in a corporation by reason of his investment therein.

• Those who compose a corporation, whether as stockholders or as members.

• Persons who compose the governing board of a corporation.

Define "DIRECTORS AND TRUSTEES".

• Those stockholders or members mentioned in the articles of incorporation as originally forming and composing the corporation and who are signatories thereof.

• Persons who compose the governing board of a corporation.

• Those who compose a corporation, whether as stockholders or as members.

• A person who has interest in a corporation by reason of his investment therein.

Who are "Corporators"?

• A person who invites investors and subscribers before the formation and organization of a corporation. Contracts entered into by a promoter are called pre-incorporation subscriptions.

• Members of the governing board of a stock corporation while trustees, non-stock corporation.

• A person who has interest in a corporation by reason of his investment therein.

• Those who compose a corporation, whether as stockholders or as members.

Partnerships cannot be incorporators.

• True

• False

An independent director must be a college graduate or has exposure on the business of the corporation.

• True

• False

Vacancies in the BOD/BOT shall be filled by the

stockholders if the cause of the vacancy is removal

• True

• False

Vacancies in the BOD shall be filled up by the remaining

directors or trustees constituting a quorum

if the reason of the vacancy is removal.

• True

• False

The remaining BOD constituting a quorum shall fill up the vacancy in the Board if the cause of the vacancy is expiration of term of office

• True

• False

The vacancies in the BOD in case of an increase in the number of directors shall be filled up by the remaining Board members constituting a quorum

• True

• False

General Rule: The President may be the Treasurer provided he/she provides a bond for this purpose.

• True

• False