CABRIA CPA REVIEW CENTER Page | 10 RFBT_CORPORATION CODE a. To sell, lease, mortgage or otherwise dispose of all or some of the corporate assets, majority vote of directors or trustees and majority of the outstanding capital stock or of the members is needed. b. To issue stock dividends, majority vote of the quorum of the Board of Directors and majority of the outstanding capital stock is required. c. To invest corporate funds in another corporation or business, majority vote of directors or trustees and majority of the outstanding capital stock or of the members is needed. d. To enter into management contract, a majority vote of the Board of Directors and majority of the outstanding capital stock or of the members is required. 67. Any stockholder of a corporation shall have the right to dissent and demand payment of the fair value of his share/s in three of the following corporate acts. Which is the exception? a. In case of any amendment to the articles of incorporation which has the effect of changing or restricting the rights of any stockholder or class of shares b. In cases of merger consolidation c. In cases of sale, lease, exchange, transfer, mortgage, pledge or other disposition of all or substantially all of the corporate assets and property of the corporation d. In case of incurring, creating or increasing bonded indebtedness.
68. The authorized capital stock of a proposed corporation is P100,000 divided into 1,000 shares with a par value of P100 each. At least P25,000 or 250 shares of the authorized capital stock must be subscribed. To meet the minimum amount of subscription that must be paid.
69. Which of the following is not requisite for the existence of a de facto corporation.