A contract for the acquisition of unissued stock in

A contract for the acquisition of unissued stock in an existing corporation or a corporation
still to be formed shall be deemed a ___________. subscription
The board of directors may, by resolution, order the sale of delinquent stock and shall
specifically state the amount due on each subscription plus all accrued interest, and the
date, time and place of the sale which shall not be less than ____________ nor more than
__________ from the date the stocks become delinquent. 30 days, 60 days
Holders of subscribed shares not fully paid which are not delinquent shall have
___________________________________. all the rights of a stockholder
The issued price of no-par value shares may be fixed in the articles of incorporation or by the
board of directors pursuant to authority conferred upon it by the articles of incorporation or
the by-laws, or in the absence thereof, by the stockholders representing
_________________ of the outstanding capital stock at a meeting duly called for the
purpose.
at least a majority

Assignment 08
Which statement describes a close corporation? Preemptive right extends to treasury
shares
Generally, membership in a non-stock corporation and all rights arising therefrom are
personal and non-transferable
The right of the members of any class or classes to vote may be limited, broadened or Which statement describes a non-stock corporation? Cannot exercise appraisal rights
Which of the following is not part of documentary requirements? Having a nominee or
officer to represent its interest in such corporation
Voting by mail or other similar means by members of non-stock corporations may be
authorized by the by-laws of non-stock corporations with the approval of, and under such
Which of the following companies cannot become a close corporation?
Mining Company Which of the following companies cannot become a close corporation? Oil Company In documentary requirements, application, under oath, filed in ____ including Articles of
Incorporation and by-laws. Securities and Exchange Commission
The articles of incorporation of a close corporation may provide
Select one:
a. for a classification of directors into one or more classes, each of whom may be voted
for and elected solely by a particular class of stock
b. for a classification of shares or rights and the qualifications for owning or holding the
same and restrictions on their transfers as may be stated therein, subject to the provisions
of the following section
c. all of the answers correct
d. for a greater quorum or voting requirements in meetings of stockholders or directors
than those provided in the Corporation Code

Assignment 010