22. The power to revoke corporate franchise for causes specified by law is vested only in the: a. President of Republic of the Philippines. b. Securities and Exchange Commission. c. Court of competent jurisdiction. d. Department of Justice. 23. Corporate dissolution may take place by voluntary inaction which will result in the cessation of its corporate powers and the corporation shall be deemed dissolved. Such voluntary inaction may result from: a. Inaction by the corporation through its failure to formally organize and commence with the transaction of its business or the construction of its works within two (2) years from the date of its incorporation. b. Failure of the corporation to submit the annual reports required by the Securities and Exchange Commission for a period of five (5) years. c. Merger or consolidation with respect to absorbed corporation. d. Failure to pass or adopt by-laws. 24. Watered stocks are share of stock issued by a corporation for a consideration less than its par or issued value or for a consideration in any form other than cash, valued in excess of its par value. In this regard: 25. The voting proportion required to enable a corporation to invest its funds in any other corporation or business or for any purpose other than its primary purpose: 26. Which of the following conditions will allow corporate formation and Securities and Exchange Corporation registration? Authorized Capital Subscribed Capital Paid-up Capital 27. An officer of a corporation may hold two or more position but not as: a. Chairman of the Board and President. b. President and Treasurer. c. Secretary and Treasurer.