C such private corporation is ip so facto dissolved

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C. Such private corporation is ip so facto dissolved by operation of law. D. Such failure will be a ground for court-ordered corporate dissolution. Page 16
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72. ABC Co. fails to comply with the minimum Filipino ownership as prescribed by the Constitution. Who has the legal standing to question the juridical personality of such corporation? A. Any creditor of such corporation through an ordinary civil action. B. The state through special civil action called quo warranto proceedings filed by Solicitor General. C. Any stockholder of such corporation through a criminal action. D. Any prospective investor through an administrative action filed before Securities and Exchange Commission. 73. Which of the following is not a valid consideration for the issuance of shares of stocks of a corporation? A. Future services B. Intangible property C. Previously incurred indebtedness D. Amounts transferred from unrestricted retained earnings 74. What is the period for the submission of the by-laws of the corporation in case it is not attached to the articles of incorporation submitted to Securities and Exchange Commission? A. Within 30 days from the submission of articles of incorporation to the Securities and Exchange Commission B. Within 20 days from the issuance of Securities and Exchange Commission of the Certificate of Incorporation C. Within 15 days from the end of the fiscal year of the corporation D. Within 30 days from the issuance of Securities and Exchange Commission of the Certificate of Incorporation 75. As a general rule, what is the maximum surplus profits that can be retained by a stock corporation? A. 50% of paid up capital B. 100% of paid up capital C. 50% of authorized capital stock D. 100% of authorized capital stock 76. In which type of corporation is foreign ownership prohibited by 1987 Constitution? A. Mass media B. Advertising company C. Public utility D. Educational institution 77. Which of the following corporate act may be delegated to the executive committee? A. Distribution of stock dividends B. Investment of corporate funds to other business C. Amendment, repeal or adoption of corporate by-laws D. Approval of compensation scheme of employees Page 17
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COOPERATIVE CODE OF THE PHILIPPINES 78. What is quorum necessary for validity of meeting of General Assembly in ordinary cooperative? A. At least 5% of all the members entitled to vote B. At least 25% of all the members entitled to vote C. At least majority of all the members entitled to vote D. At least 2/3 of all the members entitled to vote 79. It is a type of cooperative that promotes and undertakes savings and lending services among its members. It generates a common pool of funds in order to provide financial assistance to its members for productive and provident purposes. A. Cooperative bank B. Insurance cooperative C. Service cooperative D. Credit cooperative 80. How many years must a single-line cooperative operate before it may transform into a multi- purpose cooperative? A. At least 2 years B. At least 1 year C. At least 3 years D. At least 4 years 81. It is the highest highest policy-making body of the cooperative and shall exercise the powers of the Cooperative as stated in the Cooperative Code.
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