UNIVERSITY OF THE EAST – MANILACOLLEGE OF ARTS AND SCIENCESBS LEGAL MANAGEMENTPRELIMINARY EXAMINATIONSALM 1201 (LAW ON BUSINESS ORGANIZATION)1.In 2020, LVMO Corporation entered into a loan agreement with Landbank of thePhilippines (LBP). LVMO Corporation borrowed from LBP the amount of P50,000,000.00 payablewithin one year. In 2021, LVMO Corporation failed to pay its loan from LBP. Meanwhile, Mr.Mayaman, LVMO Corporation’s President and controlling stockholder, has a deposit ofP100,000,000.00 with LBP. Likewise, XYZ corporation has a debt of P10,000,000.00 from LVMOCorporation.In 2022, LVMO Corporation declared bankruptcy brought about by the Covid-19pandemic. Since LVMO Corporation defaulted in its loan payments to LBP, the latter filed anaction for collection of sum of money against Mr. Mayaman as LVMO Corporation’s Presidentand controlling stockholder.a.Will the action of LBP prosper? Explain. (10 pts.)b.If Mr. Mayaman as president and controlling stockholder, and in behalf of LVMOCorporation, will file an action for collection of sum of money against XYZCorporation, will the action prosper? (10 pts.)2.What is the difference between an incorporator and a stockholder? (5 pts)
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3.Can a person be an incorporator and choose not to be a stockholder at the sametime? (5pts)
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