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Which of the following is not correct about

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44.Which of the following is not correct about compensa±on ofdirector or trustee?a. The director shall no receive any compensa±on, as suchdirectors, except for reasonable pre diems.b. I f compensa±on is granted to director, the total yearlycompensa±on of directors, as such directors shall notexceed ten (10%) percent of the net income before incometax of the corpora±on during the preceding year.c. The law presumes that the service of the directors, assuch director is free.d. The compensa±on other than the per diems may begranted to the directors by the vote of the majority ofstockholders at a regular or special stockholders’ mee±ng.45.The number of the Board of Trustees of a non-stock nonprofiteduca±onal ins±tu±on should be ---46.X subscribed 10,000 shares in the capital stocks of AAACorpora±on. He paid 50% of the 10,000shares. X asked the Corporate Secretary to issue him thecorresponding stock cer±ficate represen±ng the 50% of what healready paid. The Corporate Secretary of the corpora±on refused.Was the Corporate Secretary correct?8|Page
c. The Corporate Secretary cannot refuse because aCer±ficate of Stock can be issued provided it is indicated inthe Cer±ficate the actual percentage of what has been paid.d. The Corporate Secretary cannot refuse because it is hislegal duty to issue a stock cer±ficate corresponding to thenumber of shares actually subscribed regardless of theactual payment.47.The regular mee±ngs of the board of directors or trustees ofevery corpora±on shall be held:
48.Which of the following statements pertaining to the purpose orpurposes of a stock corpora±on is incorrect?a. A stock corpora±on may have more than one purpose.b. The purposes, if there are several, must be suscep±ble ofbeing lawfully combined.c. The primary purposes and the secondary purposes maybe stated together as one purpose in all ar±cles ofincorpora±on.d. The purposes must be lawful.

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Term
Summer
Professor
MichaelMeyer
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