ACT1110 - Integrated Reviewer 2

ACT1110 - Integrated Reviewer 2

University

10 Qs

quiz-placeholder

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ACT1110 - Integrated Reviewer 2

ACT1110 - Integrated Reviewer 2

Assessment

Quiz

Other

University

Hard

Created by

Christian Joshua Corcuera

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Juan, 35 years old, was elected as a director of Bright Ideas Corporation, a stock corporation. He owns only 10 shares, which is less than 1% of the company’s total shares. However, five years ago, he was convicted of a crime and sentenced to 8 years in prison. According to Section 22 of the Revised Corporation Code, can Juan serve as a director?

Yes, because he owns shares and is of legal age

No, because he owns less than 1% of the company

No, because he was convicted of a serious crime

Yes, because the crime happened five years ago

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Maria, 40 years old, has been very active in the activities of Green Future Foundation, a non-stock and non-profit corporation. She regularly volunteers and is well-respected by members of the organization. She was nominated to serve as a trustee of the foundation. However, it was discovered that she is not an official member of the corporation, as her membership application was never formally approved.

According to Section 22 of the Revised Corporation Code, can Maria serve as a trustee?

Yes, because she is active and respected in the organization

No, because she is not a member of the corporation

Yes, because she is over 18 years old

No, because she is not a stockholder

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the first organizational meeting of XYZ Corporation, the board of directors elected the corporate officers. They appointed Kim Shin, a lawyer who owns 60% of the company’s shares but was not elected as a director, to serve as the President of the corporation. Based on Section 24 of the Revised Corporation Code, is this appointment valid?

Yes, because Kim Shin is the majority shareholder

No, because only minority stockholders can be officers

No, because the President must be a director

Yes, because the President only needs to be of legal age

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Starflower Corporation’s board of directors appointed Do Min-joon, who owns 30% of the shares but was not elected as a director, as Corporate Secretary. The bylaws of the corporation state that all corporate officers must be directors. Separately, the board also appointed Ji Eun-tak, a director, as Treasurer. Based on Section 24 of the Revised Corporation Code and the bylaws of Starflower Corporation, which of the following is true?

Both Do Min-joon and Ji Eun-tak’s appointments are valid because stock ownership is not required for officers

Do Min-joon’s appointment is invalid because the bylaws require all officers to be directors, and he is not a director

Ji Eun-tak’s appointment is invalid because she does not own any shares

Both appointments are invalid because officers cannot be appointed if they don’t own at least 1 share

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In Brilliant Law Firm Corporation, the stockholders decided to hold a special meeting to remove Woo Young-woo as director. Woo Young-woo owns 20% of the shares but allegedly failed to attend board meetings and neglected her duties. The stockholders who attended the meeting represent 55% of the outstanding shares and voted in favor of removing Woo Young-woo. Based on Section 27 of the Revised Corporation Code, is the removal of Woo Young-woo valid?

Yes, because the majority of outstanding shares voted to remove her

No, because Woo Young-woo owns shares and cannot be removed

No, because removal requires at least two-thirds (2/3) of the outstanding capital stock to vote in favor

Yes, but only if Woo Young-woo agrees to the removal

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In Brilliant Law Firm Corporation, minority stockholders owning 20% of the shares are entitled to have one director representing them. Stockholders holding 70% of the outstanding shares voted to remove Choi Woo-jin, the minority representative director, without any cause. Is the removal of Choi Woo-jin valid?

Yes, because stockholders holding more than two-thirds voted to remove him

No, because removal without cause cannot remove a minority representative director

No, because removal requires unanimous consent

Yes, but only if the minority stockholders agree

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Justice & Co. Corporation has 7 directors. Three directors resign at once, leaving 4 directors remaining. The corporation’s bylaws require 5 directors to constitute a quorum for board meetings. At a meeting to fill the vacancies, all 4 remaining directors are present and unanimously vote to fill the 3 vacancies. Is the action of filling the vacancies valid under Section 28 of the Revised Corporation Code and the corporation’s bylaws?

Yes, because all the remaining directors unanimously agreed

No, because the number present did not meet the quorum requirement of the bylaws

Yes, because the majority of the original board is represented

No, because vacancies can only be filled by stockholders

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