MCQ on Revised Corporation Code

C RA No. 11232: The Code shall be known as the

A. REVISED COOPERATIVE CODE OF THE PHILIPPINES
Section 1 B. REVISED PARTNERSHIP CODE OF THE PHILIPPINES
C. REVISED CORPORATION CODE OF THE PHILIPPINES
D. REVISED CORPORATION OF THE PHILIPPINES
D The following pertains to the characteristics of a
corporation, except:
Section 2 A. CREATED BY OPERATION OF LAW
B. HAS A RIGHT OF SUCCESSION
C. IT IS AN ARTIFICIAL BEING
D. IT HAS THE POWERS, ATTRIBUTES AND PROPERTIES NOT
EXPRESSLY AUTHORIZED BY LAW OR INCIDENTAL TO ITS
EXISTENCE
A It refers to a corporation which have capital stock divided
into shares.
Section 3 A. STOCK CORPORATION
B. NON-STOCK CORPORATION
C. STOCK COOPERATIVE
D. STOCK PARTNERSHIP
C A government corporation is normally created by:
A. GENERAL LAW
Section 4 B. SPECIFIC LAW
C. CHARTER
D. SIGNIFYING LAW
D This refers to a person who brings about or cause to bring
about the information and organization of a corporation.
Section 5 A. INCORPORATORS
B. UNDERWRITER
C. CORPORATE OFFICERS
D. PROMOTER
C This must be in the articles of incorporation
A. CLASSIFICATION OF SHARES, THEIR CORRESPONDING RIGHTS,
Section 6 PRIVILEGES, OR RESTRICTIONS, AND THEIR STATED MARKET
VALUE, IF ANY.
B. CLASSIFICATION OF SHARES, THEIR CORRESPONDING DEMANDS,
PRIVILEGES, OR RESTRICTIONS, AND THEIR STATED MARKET
VALUE, IF ANY.
C. CLASSIFICATION OF SHARES, THEIR CORRESPONDING RIGHTS,
PRIVILEGES, OR RESTRICTIONS, AND THEIR STATED PAR VALUE,
IF ANY.
D. CLASSIFICATION OF SHARES, THEIR CORRESPONDING RIGHTS,
DEMANDS, PRIVILEGES, OR RESTRICTIONS
B The exclusive right to vote and be voted for in the election
of directors, if granted, it must be for a limited period
Section 7 which is:
A. PERIOD NOT TO EXCEED 5 YEARS FROM THE DATE OF
CORPORATION
B. PERIOD NOT TO EXCEED 5 YEARS FROM THE DATE OF
INCORPORATION
C. PERIOD NOT TO EXCEED 3 YEARS FROM THE DATE OF
 CORPORATION
D. PERIOD NOT TO EXCEED 3C YEARS FROM THE DATE OF
INCORPORATION
A This pertains to shares which are redeemable at a fixed date.
A. REDEEMABLE SHARE
Section 8 B. CONVERTIBLE SHARE
C. SUBSCRIBED SHARE
D. FRACTIONAL SHARE
C It refers to stocks which contemplates an original issuance
of shares.
Section 9 A. TREASURY SHARES
B. FRACTIONAL SHARES
C. WATERED STOCKS
D. ORDINARY STOCKS
A A person with a single stockholder is considered
A. ONE PERSON CORPORATION
Section 10 B. SINGLE PERSON CORPORATION
C. LONELY PERSON CORPORATION
D. ELECTED PERSON CORPORATION
B It refers to a corporate term for a specific period
A. IT SHALL ALWAYS BE FIXED BY AMENDING THE ARTICLES OF
Section 11 INCORPORATION.
B. IT MAY BE EXTENDED OR SHORTENED BY AMENDING THE ARTICLES
OF INCORPORATION.
C. IT SHALL ALWAYS BE DELIBERATE BY AMENDING THE ARTICLES
OF INCORPORATION.
D. IT MAY BE EXTENDED BUT NOT SHORTENED BY AMENDING THE
ARTICLES OF INCORPORATION.
B Within stock corporations, minimum authorized capital stock
is:
Section 12 A. REQUIRED
B. NOT REQUIRED
C. FIXED
D. DEFINITE
B Which language shall corporations use in filing articles of
incorporation with the Commission?
Section 13 A. ANY LANGUAGE
B. ANY OFFICIAL LANGUAGE
C. ENGLISH ONLY
D. TAGALOG AND ENGLISH
A The articles of incorporation of all domestic corporation
shall comply substantially with what?
Section 14 A. A FORM
B. AN AMENDMENT
C. A RESTRICTION
D. AN AGREEMENT
A An amendment must be accompanied by a favorable
recommendation of the appropriate government agency is cases
Section 15 of:
A. PRENEED
B. NASA
 C. HOSPITALS
D. HOTELS AND RESTAURANTS
D It has the power to disapprove the articles of incorporation
or any amendment thereto if the same is not compliant with
Section 16 the requirements of this Code.
A. GOVERNMENT
B. COURT
C. SECRETARY
D. COMMISSION
A A corporate name that is not distinguishable is:
A. NOT ALLOWED
Section 17 B. ALLOWED
C. SEMI-ALLOWED
D. UNDER COMPLIANCE
D It is where a corporation which commences its corporate
existence and juridical personality deemed.
Section 18 A. GOVERNMENT
B. COURT
C. SOCIETY
D. COMMISSION
D It is not a requirement before one can qualify as a de facto
corporation.
Section 19 A. THE EXISTENCE OF A VALID LAW UNDER WHICH IT MAY BE
INCORPORATED.
B. AN ATTEMPT IN GOOD FAITH TO INCORPORATE
C. ASSUMPTION OF CORPORATE POWERS
D. EXTRAJUDICIAL COURT AGREEMENT
B It refers to an equivocal and intentional for, when
misapplied, it can easily become a most convenient and
Section 20 effective means of injustice.
A. PREDICATED FRAUD
B. DOCTRINE OF ESTOPPEL
C. DE FACTO OWNERSHIP
D. OSTENSIBLE COMMITMENT
A It shall happen if a corporation fails to formally organize
and commence its business within 5 years from the date of its
Section 21 incorporation.
A. CERTIFICATE OF INCORPORATION SHALL BE DEEMED REVOKE
B. THE CORPORATION SHALL CONTINUE TO EXIST AS DE FACTO
C. THE INCORPORATORS SHALL BE PURSUIT FOR CRIME OF
NEGLIGENCE
D. THE ARTICLES OF INCORPORATION SHALL BE REESTABLISHED
C It refers to the governing body of a corporation.
A. CEO, COO AND CFO
Section 22 B. STOCKHOLDERS
C. BOARD OF DIRECTORS
D. MANAGERS
A For the purposes of quorum, a stockholder or member who
participates through remote communication or in absentia
Section 23 shall be deemed:
A. PRESENT
 B. ABSENT
C. EMANCIPATED
D. INCAPACITATED
A It refers to a position that must be expressly mentioned in
the by-laws in order to be considered as it is.
Section 24 A. CORPORATE OFFICER
B. MANAGER
C. INCORPORATOR
D. STOCKHOLDER
D It mandates that all corporations duly organized pursuant
thereto are required to submit to the SEC the names,
Section 25 nationalities, shareholdings, and residences of the
directors, trustees and officers elected.
A. SEC
B. PENAL CODE
C. GOVERNMENT AGENCIES
D. CORPORATION CODE
A Disqualifications of a director, trustee or officers includes
the following, except:
Section 26 A. CONVICTED BY PRELIMINARY JUDGMENT
B. CONVICTED BY FINAL JUDGMENT
C. FOUND ADMINISTRATIVELY LIABLE FOR ANY OFFENSE INVOLVING
FRAUDULENT ACTS
D. BY A FOREIGN COURT OF EQUIVALENT FOREIGN REGULATORY
AUTHORITY FOR ACTS, VIOLATIONS OR MISCONDUCT
B Removal of directors or trustees may be:
A. WITH CAUSE ONLY
Section 27 B. WITH OR WITHOUT CAUSE
C. BY A STATED MANAGER
D. BY AN OFFICIAL MEMBER
A It is when an election be held if the vacancy is due to term
expiration.
Section 28 A. NO LATER THAN THE DAY OF SUCH EXPIRATION
B. AFTER THE DAY OF EXPIRATION
C. AFTER THE ANNULMENT OF DEEDS
D. ON THE DAY OF CELEBRATION
B They are not involve in the provision on compensation of
directors
Section 29 A. CORPORATE OFFICERS WHO ARE ALSO DIRECTORS
B. CORPORATE OFFICERS WHO ARE NOT DIRECTORS
C. CORPORATE DIRECTORS
D. ANY CORPORATE OFFICER
A It implies the breach of faith and willful failure to respond
to plan.
Section 30 A. BAD FAITH
B. BREACH OF CONTRACT
C. GOOD FAITH
D. BREACH ON MORAL DILEMMA
B A contract of the corporation with one or more of its
directors or trustees, officers or their spouses and
Section 31 relatives within the fourth civil degree of consanguinity or
 affinity is considered:
A. VOID
B. VOIDABLE
C. AGREED
D. ACCEPTED
A These pertains to members of the board of directors in a
certain corporation who are also directors in another
Section 32 corporation.
A. INTERLOCKING DIRECTORS
B. CROSS DIRECTORS
C. INTERDEPENDENT DIRECTORS
D. CROSS-COMPANY DIRECTORS
A His act violating the doctrine of corporate opportunity can
be ratified.
Section 33 A. DIRECTOR
B. STOCKHOLDER
C. SHAREHOLDER
D. MANAGER
A It is a body created by the by-laws and composed of not less
than three members of the board.
Section 34 A. EXECUTIVE COMMITTEE
B. MANAGERIAL COMMITTEE
C. BOARD COMMITTEE
D. EXECUTORY COMMITTEE
A It pertains to an action brought by a stockholder on behalf
of the corporation to enforce corporate rights against the
Section 35 corporation’s directors, officers or other insiders.
A. DERIVATIVE SUIT
B. CRIMINAL SUIT
C. GOVERNMENTAL SUIT
D. CORPORATE SUIT
B It means that a stockholder who dissented and voted against
the proposed corporate action, may choose to get out of the
Section 36 corporation.
A. DELECTUS PERSONAE
B. APPRAISAL RIGHT
C. SHORTENING DECISION
D. CORPORATE RIGHT
B It is a long-term indebtedness secured usually by real
property.
Section 37 A. BOND INDEBTEDNESS
B. BONDED INDEBTEDNESS
C. BONDS INDEBTEDNESS
D. RESTRICTED INDEBTEDNESS
C Its purpose is to enable the shareholder to retain his
proportionate control in the corporation.
Section 38 A. BOND INDEBTEDNESS
B. APPRAISAL RIGHT
C. PRE-EMPTIVE RIGHT
D. CORPORATE RIGHT
C A sale of all or substantially all of the corporation’s
 properties and assets must be authorized by
Section 39 A. MANAGERS’ VOTE
B. OFFICIATING OFFICIALS’ VOTE
C. STOCKHOLDER AND MEMBER’S VOTE
D. CREDITOR AND CEO’S VOTE
C These refer to shares which are less than one share.
A. SINGLE SHARES
Section 40 B. CORPORATE SHARES
C. FRACTIONAL SHARES
D. MEDIUM SHARES
B It includes any corporate property to be used in furtherance
of business.
Section 41 A. ASSETS
B. FUNDS
C. PETTY CASH FUND
D. BONDS
C These are corporate profits set aside, declared, and ordered
to be paid by the directors for distribution among
Section 42 stockholders at a fixed time.
A. RETAINED EARNINGS
B. CASH FUNDS
C. DIVIDENDS
D. COMPENSATION
B This pertains to a person which represents the same interest
of both the managing and the managed corporations.
Section 43 A. INTERLOCKING MANAGERS
B. INTERLOCKING STOCKHOLDERS
C. CROSS MANAGERS
D. CROSS STOCK DIRECTORS
A An act outside or beyond corporate powers.
A. ULTRA VIRES AC
Section 44 B. ULTRA VIRUS ACT
C. ULTRAM VIRES ACT
D. EXTRAJUDICIAL ACT
B Generally, third persons are considered:
A. BOUND BY BY-LAWS
Section 45 B. NOT BOUND BY BY-LAWS
C. BOUND BY THE SEC
D. NOT BOUND BY THE SEC
D A private corporation ay provide the following in its bylaws,
except:
Section 46 A. THE PENALTIES FOR VIOLATION OF THE BYLAWS
B. THE TIME, PLACE AND MANNER OF CALLING AND CONDUCTING
REGULAR OR SPECIAL MEETINGS
C. THE REQUIRED QUORUM IN MEETINGS OF STOCKHOLDERS OR
MEMBERS
D. THE PROVISION DEMANDING EXECUTORY INVESTMENTS AND
SHARES
C It shall issue the certification for it to be effective upon
its issuance on the amended or new by-laws.
Section 47 A. COURT
 B. GOVERNMENT
C. SEC
D. CORPORATION
A Meetings of directors, trustees, stockholders, or members may
be at a
Section 48 A. REGULAR OR SPECIAL
B. FIXED OR PRE-EMPTIVE
C. EARLY OR LATE
D. REGULAR OR FIXED
B The following are requirements for stockholders’ or members’
meetings, except:
Section 49 A. HELD AT A PROPER PLACE
B. HELD AT A STATED DATE AT NO APPOINTED TIME
C. CALLED BY THE PROPER PERSON
D. THERE MUST BE A PREVIOUS NOTICE
C This is a kind of meeting wherein at least one week written
notice shall be sent to all stockholders or members.
Section 50 A. REGULAR MEETING
B. PRE-EMPTIVE MEETING
C. SPECIAL MEETING
D. FIXED MEETING
A It is counted as the basis of the presence of a quorum in
meetings.
Section 51 A. OUTSTANDING CAPITAL STOCK
B. ORDINARY STOCK PURCHASED
C. WATERED STOCKS
D. SUBSCRIBED SHARES
B It is conducted monthly anywhere in or outside of the
Philippines.
Section 52 A. SPECIAL MEETING
B. REGULAR MEETING
C. PRE-EMPTIVE MEETING
D. REGULAR MEETING
A A person that shall preside at meetings.
A. CHAIRMAN
Section 53 B. VICE PRESIDENT
C. MANAGER
D. PRESIDING MANAGER
A Generally, they have the right to attend and vote at meetings
of stockholders unless they authorized their pledgee.
Section 54 A. MORTGAGOR
B. MORTGAGEE
C. ASSIGNEE
D. CREDITOR
D It shall consent in order to vote in case of shares of stock
owned jointly by two or more persons.
Section 55 A. COURT
B. SEC
C. CORPORATE MANAGERS
D. CO-OWNERS
D This pertains to stock with no voting right.
 A. ORDINARY SHARES
Section 56 B. WATERED STOCK
C. FRACTIONAL STOCK
D. TREASURY SHARES
B The following are requirements for validity of a proxy,
except:
Section 57 A. SHALL BE IN WRITING, IN ANY FORM AUTHORIZED IN THE
BYLAWS
B. SHALL BE SIGNED BY SEC
C. SHALL BE FILED BEFORE THE SCHEDULED MEETING WITH THE
CORPORATE SECRETARY
D. NO PROXY SHALL BE VALID AND EFFECTIVE FOR A PERIOD
LONGER THAN 5 YEARS AT ANY ONE TIME.
C It is a trust created by an agreement between a group of the
stockholders of a corporation and the trustee.
Section 58 A. CORPORATE TRUST
B. CIVIL TRUST
C. VOTING TRUST
D. STOCK AND BOND TRUST
D It is any contract for the acquisition of unissued stock in
an existing corporation or a corporation still to be formed.
Section 59 A. CORPORATE CONTRACT
B. PARTNERSHIP CONTRACT
C. SEC CONTRACT
D. SUBSCRIPTION CONTRACT
D It pertains to a kind of subscription.
A. INCORPORATION SUBSCRIPTION
Section 60 B. POST-INCORPORATING SUBSCRIPTION
C. COOPERATING SUBSCRIPTION
D. PRE-INCORPORATION SUBSCRIPTION
B Stock shall not be issued for a consideration at the value
A. MORE THAN THE PAR OR ISSUED PRICE
Section 61 B. LESS THAN THE PAR OR ISSUED PRICE
C. MORE THAN THE MARKET VALUE OR PRICE
D. LESS THAN THE MARKET VALUE OR PRICE
B It is an evidence of the holder’s ownership of the stock and
of his rights as a shareholder.
Section 62 A. SHARES OF STOCKS
B. CERTIFICATE OF STOCK
C. CERTIFICATE OF CORPORATE MEMBERSHIP
D. SHARES OF DIVIDENDS
A A certificate of stock shall not be issued to this person
until the full amount of subscription, interest and expenses
Section 63 has been paid.
A. SUBSCRIBER
B. STOCKHOLDER
C. BOND HOLDER
D. DEBTOR
B It is the basis of the solidary liability of directors.
A. CORPORATE LIABILITY OF THEIR POSITION
Section 64 B. FIDUCIARY CHARACTER OF THEIR POSITION
 C. RANKS OF THEIR POSITION
D. CREDITOR-DEBTOR RELATIONSHIP OF THEIR POSITION
C They are held liable to the corporation for interest on all
unpaid subscriptions from the date of the subscription.
Section 65 A. SHAREHOLDER
B. STOCKHOLDER
C. SUBSCRIBE
D. CREDITOR
A It is when the payment of unpaid subscription or any
percentage thereof shall be made.
Section 66 A. DATE STATED IN THE CALL MADE BY THE BOARD
B. DATE SPECIFIED IN THE CORPORATE CONTRACT
C. DATE THE SUBSCRIBER WANTS TO PAY
D. DATE OF ISSUANCE OF THE SHARES
B This refers to a bidder who shall offer to pay the full
amount of the balance on the subscription for the smallest
Section 67 number of shares.
A. MAXIMUM BIDDER
B. HIGHEST BIDDER
C. MINIMUM BIDDER
D. LOWEST BIDDER
B No action shall be maintained unless a complaint is filed
from the date of sale, of this long
Section 68 A. AFTER SIX MONTHS
B. WITHIN SIX MONTHS
C. AFTER TEN MONTHS
D. WITHIN TEN MONTHS
D A corporation may collect the amount due on any unpaid
subscription, with accrued interest, costs and expenses
Section 69 through:
A. GOVERNMENT CONTRACT
B. CORPORATE CREDITORS
C. CORPORATE FINANCERS
D. COURT
A This pertains to a person who is not included in the
determination of quorum because he is not entitled to vote.
Section 70 A. HOLDER OF DELINQUENT STOCK
B. HOLDER OF ORDINARY STOCK
C. HOLDER OF TREASURY STOCK
D. HOLDER OF WATERED STOCK
D Holders of subscribed shares not fully paid which are not
delinquent shall have:
Section 71 A. LESS RIGHTS OF A STOCKHOLDER
B. MINIMAL RIGHTS THAN A STOCKHOLDER
C. MORE RIGHTS THAN A STOCKHOLDER
D. ALL RIGHTS OF A STOCKHOLDER
A The following pertains to the liabilities of stockholders,
except:
Section 72 A. LIABILITIES FOR PAID SUBSCRIPTION
B. LIABILITIES FOR WATERED STOCK
C. LIABILITIES FOR DIVIDEND UNLAWFULLY PAID
 D. LIABILITIES FOR INTEREST ON UNPAID SUBSCRIPTION
A It pertains to where information relating to the corporation
shall be kept and preserved.
Section 73 a. PRINCIPAL OFFICE
B. PRIMARY OFFICE
C. GENERAL OFFICE
D. OFFICE OF CUSTOMER SERVICE
A It shall have no right to inspect or demand reproduction of
corporate records.
Section 74 A. COMPETITOR
B. BONDED STOCKHOLDER
C. SHAREHOLDER
D. MEMBERS
D This is union whereby one or more existing corporations are
absorbed by another corporation that survives and continues
Section 75 the combined business.
A. INTERLOCKING CORPORATIONS
B. MOTHER CORPORATION
C. COURT
D. MERGER
A A notice of the meeting shall state which of the following:
A. PURPOSE AND SUMMARY OF THE PLAN OR MERGER OR
Section 76 CONSOLIDATION
B. PURPOSE ONLY
C. AGENDA ONLY
D. NAMES OF ATTENDEE
A It refers to who shall certify the articles of merger or
articles of consolidation.
Section 77 A. SECRETARY
B. TREASURER
C. CREDITOR
D. MANAGER
B It is when a consolidation become effective.
A. UPON MERE AGREEMENT OF THE MEMBERS
Section 78 B. UPON THE ISSUANCE OF THE CERTIFICATE OF CONSOLIDATION
C. UPON THE MEETING AGREED
D. UPON THE APPROVAL OF PRESIDENT
A Its approval is needed on the certificate of consolidation.
A. SEC
Section 79 B. GOVERNMENT
C. COMPETITORS
D. CREDITORS
D It refers to who may compel the corporation to purchase his
shares at their fair value in a close corporation.
Section 80 A. CREDITOR
B. MEMBER
C. MANAGER
D. STOCKHOLDER
A It is when the fair value of the shares of the dissenting
stockholder determined.
Section 81 A. AS OF THE DAY PRIOR TO THE DATE ON WHICH THE VOTE IS
 TAKEN
B. AS OF THE DAY OF ISSUANCE
C. AS OF THE DAY OF COLLABORATION
D. AS OF THE DAY OF INCORPORATION
B The voting and dividend rights shall immediately be restored
if the dissenting stockholder is not paid the value of the
Section 82 said shares within:
A. 40 DAYS
B. 30 DAYS
C. 20 DAYS
D. 10 DAYS
A This refers to the person who is no longer allowed to
withdraw from his decision once he demands payments of his
Section 83 shares.
A. DISSENTING STOCKHOLDER
B. CORPORATE STOCKHOLDER
C. CREDITOR
D. ANY STOCKHOLDER
B Generally, it shall bear the costs of appraisal.
A. SEC
Section 84 B. CORPORATION
C. COURT
D. CREDITOR
C It is when a dissenting stockholder submit the certificates
of stock representing the shares to the corporation.
Section 85 A. AFTER 10 DAYS
B. AFTER 30 DAYS
C. WITHIN 10 DAYS
D. WITHIN 30 DAYS
B The provisions governing stock corporations, when pertinent,
shall be applicable to
Section 86 A. PARTNERSHIP
B. NONSTOCK CORPORATION
C. COOPERATIVES
D. SOLE PROPRIETORSHIP
C This refers to the corporation that may be formed or
organized for charitable, religious, educational,
Section 87 professional and fraternal purposes.
A. STOCK CORPORATION
B. NONSTOCK CORPORATION
C. VOID CORPORATION
D. ELEEMOSYNARY CORPORATION
C This right of the members of any class or classes may be
limited, broadened, or denied to the extent specified in the
Section 88 articles of incorporation or the bylaws.
A. ATTEND MEETING
B. SHARE DIVIDENDS
C. VOTE
D. SUE AND BE SUED
B The following statements does not define the concept of
membership in a nonstock corporation except
Section 89 A. INTERPERSONAL AND UNLIMITED
B. PERSONAL AND NONTRANSFERABLE
C. TRANSFERABLE AND DETERMINED
D. OBSOLETE AND ORGANIZED
A This pertains to one of the requirements for termination of
membership
Section 90 A. OPPORTUNITY TO BE HEARD
B. NOTICE TO THE PUBLIC
C. MUST BE DONE IN PROXY
D. MEMBERS SHOULD PRACTICE JUDGEMENT OF THE COURT
B Trustees shall hold office for
A. MORE THAN 2 YEARS
Section 91 B. NOT MORE THAN 3 YEARS
C. NOT MORE THAN 5 YEARS
D. LESS THAN 8 YEARS
C Prior to any scheduled election, the list of members and
proxies shall be updated for
Section 92 A. 1 WEEK
B. 10 DAYS
C. 20 DAYS
D. 2 WEEKS
D The assets of a nonstock corporation undergoing the process
of dissolution shall be applied and distributed as follows,
Section 93 except
A. ASSETS HELD BY THE CORPORATION UPON A CONDITION
REQUIRING RETURN, TRANSFER OR CONVEYANCE, AND WHICH
CONDITION OCCURS BY REASON OF THE DISSOLUTION, SHALL BE
RETURNED, TRANSFERRED OR CONVEYED
B. ALL LIABILITIES AND OBLIGATIONS OF THE CORPORATION SHALL
BE PAID, SATISFIED AND DISCHARGED
C. ASSETS RECEIVED AND HELD BY THE CORPORATION SUBJECT TO
LIMITATIONS PERMITTING THEIR USE ONLY FOR CHARITABLE,
RELIGIOUS, BENEVOLENT, EDUCATIONAL OR SIMILAR PURPOSES
SHALL BE TRANSFERRED OR CONVEYED TO ONE OR MORE
CORPORATIONS
D. ASSETS MAY BE DISTRIBUTED TO SUCH PERSONS, SOCIETIES,
ORGANIZATIONS, HOMELESS PERSONS AND CORPORATIONS,
WHETHER OR NOT ORGANIZED FOR PROFIT
A Within this, the plan of distribution of assets may be
adopted
Section 94 A. BY A MAJORITY OF VOTE OF BOARD OF TRUSTEES AND APPROVAL
OF 2/3 OF THE MEMBERS HAVING VOTING RIGHTS PRESENT OR
REPRESENTED BY PROXY AT THE MEETING
B. APPROVAL OF 2/3 OF THE MEMBERS HAVING VOTING RIGHTS
PRESENT OR REPRESENTED BY PROXY AT THE MEETING
C. BY A MAJORITY OF VOTE OF MEMBERS AND APPROVAL OF 2/3 OF
THE BOARD OF TRUSTEES HAVING VOTING RIGHTS PRESENT OR
REPRESENTED BY PROXY AT THE MEETING
D. BY A MAJORITY OF VOTE OF BOARD OF TRUSTEES AND APPROVAL
OF 75% OF THE MEMBERS HAVING VOTING RIGHTS PRESENT OR
REPRESENTED BY PROXY AT THE MEETING
 D The following cannot incorporate as a close corporation,
except
Section 95 A. BANKS
B. PUBLIC UTILITIES
C. EDUCATIONAL INSTITUTIONS
D. NONSTOCK EXCHANGES
A The articles of incorporation of a close corporation may
provide for the following, except:
Section 96 A. A CLASSIFICATION OF VOTING RIGHTS AND QUALIFICATIONS OF
OWNING OR HOLDING SHARES
B. A CLASSIFICATION OF DIRECTORS INTO ONE OR MORE CLASSES
C. A GREATER QUORUM OR VOTING REQUIREMENTS
D. THE BUSINESS OF THE CORPORATION SHALL BE MANAGED BY THE
STOCKHOLDERS OF THE CORPORATION
A It refers to one of the conditions for the validity of
restriction on the right to transfer shares.
Section 97 A. THEY MUST APPEAR IN THE ARTICLES OF INCORPORATION AND IN
THE BY-LAWS AS WELL AS IN THE CERTIFICATE OF STOCK
B. SAID DOCUMENTS SHALL BE MORE THAN ONEROUS THAN THE
GRANTING OF NONEXISTING STOCKHOLDERS OR CORPORATION WITH
TERMS AND CONDITIONS
C. STOCKHOLDERS MUST APPEAR IN QUORUM IN ALL THE MEETINGS
TO DISGRANT SHARES OUTSTANDING
D. SAID RESTRICTIONS SHALL BE MORE THAN ONEROUS THAN
GRANTING THE EXISTING STOCKHOLDERS OR CORPORATIONS WITH
SUCH REASONABLE TERMS
B Stock transfers in violation of the restriction can still be
registered in the books of the Corporation in this case.
Section 98 A. IF ALL THE STOCKHOLDERS OF THE CLOSE CORPORATION WILL
NOT CONSENT
B. IF ALL THE STOCKHOLDERS OF THE CLOSE CORPORATION CONSENT
C. IF THE CLOSE CORPORATION HAS AMENDED ITS BY-LAWS
D. IF THE CLOSE CORPORATION HAS NOT AMENDED ITS ARTICLES OF
INCORPORATION
C Agreements duly signed and executed by and among all
stockholders before the formation and organization of a close
Section 99 corporation shall:
A. NOT SURVIVE THE INCORPORATION AND SHALL BE VOIDABLE
BETWEEN STOCKHOLDERS
B. SURVIVE THE INCORPORATION BUT SHALL NOT CONTINUE AND
CONSIDERED UNBINDING BETWEEN STOCKHOLDERS
C. SURVIVE THE INCORPORATION AND SHALL CONTINUE TO BE VALID
AND BINDING BETWEEN STOCKHOLDERS
D. NOT SURVIVE THE INCORPORATION ALONE
B It pertains to a person who failed to attend that may ratify
an action within his corporate powers taken at a meeting held
Section 100 without proper call or notice.
A. PRESIDENT
B. DIRECTOR
C. CHAIRPERSON
D. MANAGER
 A This right of stockholders in a close corporation shall
extend to all stock to be issued.
Section 101 A. PRE-EMPTIVE RIGHT
B. VOTING RIGHT
C. PROPERTY RIGHT
D. RIGHTS TO DIVIDEND
B As a general rule, amendment of articles of incorporation
shall be:
Section 102 A. DISAPPROVED BY AT LEAST TWO-THIRDS OF THE OUTSTANDING
CAPITAL STOCK
B. APPROVED BY THE AFFIRMATIVE VOTE OF AT LEAST TWO-THIRDS
OF THE OUTSTANDING CAPITAL STOCK
C. DISAPPROVED BY AT LEAST THREE-FOURTHS OF THE OUTSTANDING
CAPITAL STOCK
D. APPROVED BY THE AFFIRMATIVE VOTE OF AT LEAST THREE-
FOURTHS OF THE OUTSTANDING CAPITAL STOCK
A It refers to a remedy in case of deadlock.
A. SEC SHALL HAVE THE POWER TO ARBITRATE
Section 103 B. GOVERNMENT SHALL HAVE THE POWER TO ARBITRATE
C. STOCKHOLDER SHALL HAVE THE POWER TO ARBITRATE
D. COURT SHALL HAVE THE POWER TO ARBITRATE
A In this case, any stockholder of a close corporation may
compel the dissolution of corporation.
Section 104 A. ANY OF ACTS OF THE DIRECTORS, OFFICERS OR THOSE IN
CONTROL OF THE CORPORATION IS ILLEGAL
B. ANY ACTS OF THE EMPLOYEES OF THE CORPORATION IS ILLEGAL
C. CORPORATE ASSETS ARE BEING APPLIED OR WASTED
D. CORPORATE ASSETS ARE BEING UTILIZED AND DONATED
A It governs educational corporations.
A. SPECIAL LAWS AND BY THE GENERAL PROVISIONS OF THE
Section 105 CORPORATION CODE
B. GENERAL LAWS AND BY THE GENERAL PROVISIONS OF THE
CORPORATION CODE
C. SPECIAL LAWS AND GENERAL LAWS
D. GENERAL LAWS AND GOVERNMENT PROVISIONS
D It pertains to the number of the board of trustees of a non-
stock educational corporation.
Section 106 A. SHALL BE MORE THAN 5 BUT LESS THAN 15, MULTIPLES OF 5
B. SHALL NOT BE LESS THAN 3 NOR MORE THAN 15, MULTIPLES OF
5
C. SHALL BE MORE THAN 5 BUT LESS THAN 15, MULTIPLES OF 5
D. SHALL NOT BE LESS THAN 5 NOR MORE THAN 15, MULTIPLES OF
5
A It refers to a religious corporation formed by the chief
archbishop, bishop, priest, minister, rabbi or other
Section 107 presiding elder of a religious denomination.
A. CORPORATION SOLE
B. CORPORATION AGGREGATE
C. GOCC
D. CHURCH
A A corporation sole may be formed by the chief archbishop,
 bishop, priest, minister, rabbi or other presiding elder of a
Section 108 religious denomination for this purpose.
A. ADMINISTERING AND MANAGING THE AFFAIRS, PROPERTIES AND
TEMPORALITIES
B. PROVIDING GUIDANCE AS TO THE PURPOSE OF THE SECT
C. EMPOWERING THE RELIGION AND ITS EXISTENCE
D. GOVERNING MEMBERS THROUGH PERSONAL DEVELOPMENT
B This refers to the person who must file with the Commission
the articles of incorporation.
Section 109 A. MEMBERS
B. CHIEF ARCHBISHOP
C. GOVERNMENT AGENCY
D. SEC
D This is where the articles of incorporation must be verified
by affidavit or affirmation with the required documents.
Section 110 A. GOVERNMENT AGENCY
B. CORPORATION
C. COURT
D. SEC
D A corporation sole may sell or mortgage real property held by
it by obtaining an order from:
Section 111 A. GOVERNMENT AGENCY
B. SEC
C. CORPORATION
D. REGIONAL TRIAL COURT
B They shall become the corporation sole on the accession to
the office of the chief archbishop.
Section 112 A. MEMBERS
B. SUCCESSORS
C. GOVERNMENT
D. VICE PRESIDENT
C It is where a verified declaration of dissolution shall be
filed for dissolution and voluntary settlement of affairs by
Section 113 the corporation sole.
A. GOVERNMENT
B. COURT
C. SEC
D. COMPANY
B It is incorporated by an aggregate of persons.
A. PARTNERSHIP AGGREGATE
Section 114 B. RELIGIOUS SOCIETIES
C. CORPORATION SOLE
D. GOCC
A Provisions of the Code shall apply to One Person
Corporations:
Section 115 A. SUPPLETORILY
B. FOR CONSULTATION
C. MINIMALLY
D. EXTENDEDLY
A This cannot be formed as a One Person Corporation.
A. BANKS
Section 116 B. COMMERCIAL PRODUCTS
C. BANANA PRODUCTION
D. MAKE-UP MANUFACTURING COMPANIES
C A One person Corporation shall not be required to have
minimum authorized capital:
Section 117 A. SHARE PRICE
B. REVENUE
C. STOCK
D. MEMBERS
C The following are included in the articles of incorporation
of a One Person Corporation, except:
Section 118 A. RESIDENCE OF TRUSTEE
B. ADMINISTRATOR
C. EMPLOYEE INFORMATION
D. RESIDENCE OF NOMINEE
B Under the One Person Corporation, articles of incorporation
is needed to be submitted while corporate by laws are:
Section 119 A. ALSO REQUIRED
B. NOT REQUIRED
C. VOIDABLE
D. VOID
C “OPC” is indicated in the corporate name of a One Person
Corporation which is located:
Section 120 A. BELOW THE CORPORATE NAME
B. AT THE BEGINNING OF A CORPORATE NAME
C. BELOW OR AT THE END OR A CORPORATE NAME
D. AT THE BEGINNING OR AT THE END OF A CORPORATE NAME
C This refers to the person who shall be the sole director and
president of the One Person Corporation.
Section 121 A. MEMBER
B. EMPLOYEE
C. SOLE STOCKHOLDER
D. MANAGER
C This refers to the length of time wherein the appointed
treasurer, secretary and other officers are notified to the
Section 122 Commission.
A. 15 DAYS FROM APPOINTMENT
B. 10 DAYS FROM APPOINTMENT
C. 5 DAYS FROM APPOINTMENT
D. 1 WEEK FROM APPOINTMENT
A It has the power to designate other functions to the
corporate secretary.
Section 123 A. OPC
B. GOVERNMENT
C. SEC
D. COURT
A This refers to the person who shall designate a nominee and
an alternate nominee.
Section 124 A. SINGLE STOCKHOLDER
B. GOVERNMENT
C. MANAGER
 D. SEC
D This refers to the person who shall sit as director and
manage the affairs of the One Person Corporation until the
Section 125 stockholder regains the capacity to assume such duties.
A. VICE PRESIDENT
B. SECRETARY
C. MANAGER
D. NOMINEE
B If the nominee and alternate nominee is changed, the articles
of incorporation
Section 126 A. NEEDS TO BE REVISED
B. NEED NOT TO BE AMENDED
C. RENEWED BY SEC
D. SUBMITTED TO THE COURT
B This shall contain all actions, decisions, and resolutions
taken by the One Person Corporation.
Section 127 A. COMPANY LEDGER
B. MINUTES BOOK
C. BUSINESS TRANSACTION DOCUMENTS
D. COMPANY DIARY
B This person shall sign the written resolution for actions
needed on any matter.
Section 128 A. MANAGERS
B. SINGLE STOCKHOLDER
C. MEMBERS
D. EMPLOYEE
C A corporation is placed under delinquent status if they fail
to submit reportorial requirements:
Section 129 A. 5 TIMES WITHIN 5 YEARS
B. 3 TIMES WITHIN 2 YEARS
C. 3 TIMES WITHIN 5 YEARS
D. 5 TIMES WITHIN 10 YEARS
B It shall be shown by the sole shareholder claiming limited
liability.
Section 130 A. CORPORATION GENERATES ENOUGH PROFIT
B. CORPORATION WAS ADEQUATELY FINANCED
C. CORPORATION ASSETS ARE RETAINED
D. CORPORATION LIABILITIES ARE CONTROLLED
C If the One Person Corporation is converted from this type of
stock corporation, it shall succeed the latter and be legally
Section 131 responsible for all the latter’s outstanding liabilities as
of the date of conversion.
A. TREASURY STOCK
B. WATERED STOCK
C. ORDINARY STOCK
D. PREFERRED STOCK
D Under the conversion from a One Person Corporation to an
Ordinary Stock Corporation, a notice shall be filed with the
Section 132 Commission within:
A. 2 WEEKS
B. 20 DAYS
 C. 40 DAYS
D. 60 DAYS
C Under the corporation code, dissolution can either be:
A. PERPETUAL OR PERIODIC
Section 133 B. AT A FIXED DATE OR AT WILL
C. VOLUNTARY OR INVOLUNTARY
D. JUDICIAL OR MANDATORY
B If a voluntary dissolution shall not affect the creditors,
the following procedures shall be included, except:
Section 134 A. A MEETING MUST BE HELD UPON CALL OF THE DIRECTORS OR
TRUSTEES
B. AT LEAST 10 DAYS PRIOR TO THE MEETING, NOTICE SHALL BE
GIVEN TO EACH SHAREHOLDER OR MEMBER
C. A RESOLUTION TO DISSOLVE MUST BE APPROVED BY THE
MAJORITY VOTE OF THE BOARD OF DIRECTORS AND VERIFIED BY
AT LEAST MAJORITY OF THE OUTSTANDING CAPITAL
D. A VERIFIED REQUEST FOR DISSOLUTION SHALL BE FILED WITH
THE COMMISSION
C This shall be filed to the Commission if a voluntary
dissolution affects creditors.
Section 135 A. ARTICLES OF INCORPORATION
B. BYLAWS
C. PETITION
D. BALANCE SHEET
B This is one of the procedures in the dissolution by
shortening corporate term.
Section 136 A. A VOLUNTARY DISSOLUTION MAY BE AFFECTED BY AMENDING THE
BYLAWS
B. A COPY OF THE AMENDED ARTICLES OF INCORPORATION SHALL BE
SUBMITTED TO SEC
C. APPROVAL OF THE SEC ON THE AMENDED BYLAWS
D. MINUTE BOOKS SHALL BE SUBMITTED TO THE COURT FOR
VERIFICATION
A It is the form a withdrawal of the petition for dissolution
shall be verified.
Section 137 A. IN MOTION
B. MAJORITY OF VOTES
C. SEC ORDINANCE
D. ARBITRATION OF COURT
D The following may be grounds for dissolution of the
dissolution, except:
Section 138 A. NON-USE OF THE CORPORATE CHARTER
B. CONTINUOUS INOPERATION OF A CORPORATION
C. UPON RECEIPT OF A LAWFUL COURT ORDER
D. UPON FINDING BY PRELIMINARY JUDGEMENT
A This act shall cover the applicable provisions for banks.
A. NEW CENTRAL BANK ACT
Section 139 B. CENTRAL BANK OF THE PHILIPPINE ACT
C. CORPORATION CODE
D. COOPERATIVE CODE
B It is formed, organized or existing under any laws other than
 those of the Philippines.
Section 140 A. DOMESTIC CORPORATION
B. FOREIGN CORPORATION
C. GOCC
D. RELIGIOUS CORPORATION
B Foreign corporations shall continue to do business in the
Philippines subject to the:
Section 141 A. PROVISIONS OF FOREIGN CODE AND BYLAWS
B. PROVISIONS OF THE REVISED CORPORATION CODE AND OTHER
SPECIAL LAWS
C. PROVISIONS OF THE SEC AND REGIONAL TRIAL COURT
D. PROVISIONS PROVIDED BY THE GOVERNMENT AGENCIES
C It is where foreign corporations’ the application for a
license to transact business shall be submitted.
Section 142 A. GOVERNMENT
B. COURT
C. COMMISSION
D. BUSINESS UNITS
A Foreign corporations shall submit to the SEC the copy of
these documents.
Section 143 A. ARTICLES OF INCORPORATION AND BYLAWS
B. FINANCIAL POSITION AND BUSINESS PURPOSES
C. BUSINESS PLAN
D. LICENSE UNDER MOTHER COUNTRY AND NAME OF EMPLOYEES
A It refers to an individual residing in the Philippines and he
must be of good moral character and of sound financial
Section 144 standing.
A. RESIDENT AGENT
B. PRESIDENT
C. MANAGER
D. MEMBER
B Its purpose is not only to acquire jurisdiction over the
person of the defendant, but also to give notice to the
Section 145 defendant that an action has been commenced against it.
A. MANAGER
B. SUMMON
C. PRESIDENT
D. MEMBER
C A foreign corporation lawfully doing business in the
Philippines shall be bound by all laws, rules and regulations
Section 146 applicable to:
A. MOTHER COUNTRY
B. DOMESTIC CORPORATIONS OF ALL CLASS
C. DOMESTIC CORPORATIONS OF THE SAME CLASS
D. GOVERNMENT AGENCY PROVISIONS
A Filing the articles of incorporation or bylaws of a foreign
corporation shall not itself enlarge or alter:
Section 147 A. AUTHORIZED BUSINESS PURPOSES
B. MODE OF BUSINESS TRANSACTIONS
C. CONTENTS ABOUT THE CORPORATION
D. NAME OF THE CORPORATION
 A At this case, a foreign corporation shall obtain an amended
license.
Section 148 A. DESIRES TO PURSUE OTHER OR ADDITIONAL PURPOSES IN THE
PHILIPPINES
B. IT CHANGES LOCATION
C. IT ADDS EMPLOYMENT RATE
D. IT DECLARES REVENUE INCOME
C These laws shall permit a foreign corporation and a domestic
corporation for it to merge or consolidate.
Section 149 A. PROVISIONS OF THE COURT
B. GOVERNMENT AGENCY DECLARATIONS
C. PHILIPPINE LAWS AND BY THE LAWS OF ITS INCORPORATION
D. PROVISIONS SET BY THE REGIONAL TRIAL COURT AND SEC
B Foreign corporations transacting in the Philippines without
license shall be:
Section 150 A. ALLOWED TO MAINTAIN OR INTERVENE IN ANY ACTION, SUIT OR
PROCEEDING IN ANY COURT
B. PERMITTED TO MAINTAIN OR INTERVENE IN ANY ACTION, SUIT
OR PROCEEDING IN ANY COURT OR ADMINISTRATIVE AGENCY
C. NOT BE SUED OR PRECEDED AGAINST BEFORE PHILIPPINE COURT
D. ADOPTED TO BE A DOMESTIC CORPORATION
A The Commission may revoke or suspend the license of a foreign
corporation upon any of the following grounds, except:
Section 151 A. FAILURE TO FILE ITS QUARTERLY REPORT OR PAY ANY FEES AS
REQUIRED BY THIS CODE
B. FAILURE TO APPOINT AND MAINTAIN A RESIDENT AGENT IN THE
PHILIPPINES
C. FAILURE, AFTER CHANGE OF ITS RESIDENT AGENT OR ADDRESS,
TO SUBMIT TO THE COMMISSION A STATEMENT OF SUCH CHANGE
D. ANY OTHER GROUND AS WOULD RENDER UNFIT TO TRANSACT
BUSINESS IN THE PHILIPPINES
B This is a document issued by the Commission upon the
revocation of the foreign corporation’s license.
Section 152 A. CERTIFICATE OF INCORPORATION
B. CERTIFICATE OF REVOCATION
C. ANNULMENT OF RIGHTS
D. CERTIFICATE OF WITHDRAWAL
D No certificate of withdrawal shall be issued by the
Commission unless the following requirements are met, except:
V 153 A. ALL CLAIMS WHICH HAVE ACCRUED IN THE PHILIPPINES HAVE
BEEN PAID, COMPROMISED OR SETTLED
B. ALL TAXES, IMPOSTS, ASSESSMENTS, AND PENALTIES, IF ANY,
LAWFULLY DUE TO THE PHILIPPINE GOVERNMENT OR ANY OF ITS
AGENCIES OR POLITICAL SUBDIVISIONS, HAS BEEN PAID
C. THE PETITION FOR WITHDRAWAL OF LICENSE HAS BEEN
PUBLISHED ONCE A WEEK FOR THREE CONSECUTIVE WEEKS IN A
NEWSPAPER OF GENERAL CIRCULATION IN THE PHILIPPINES
D. DONATIONS AND EMPLOYEE INTEREST MUST BE COMPLIED AS PER
REQUEST
B This pertains to the agency that investigates an alleged
violation of the Revised Corporation Code
Section 154 A. NATIONAL ELECTRIFICATION ADMINISTRATION
B. COMMISSION
C. GOVERNMENT
D. PHILIPPINE NATIONAL POLICE
A The SEC, through its designated officer, may do the
following, except:
Section 155 A. ADMINISTER OATHS AND COMPETITIONS
B. ISSUE SUBPOENA AND SUBPOENA DUCES TECUM
C. TAKE TESTIMONY IN ANY INQUIRY OR INVESTIGATION
D. MAY PERFORM OTHER ACTS NECESSARY TO THE PROCEEDINGS OR
TO THE INVESTIGATION
B It refers to the length of time the ex parte order is
considered valid.
Section 156 A. MINIMUM OF 2 WEEKS
B. MAXIMUM OF 20 DAYS
C. MINIMUM OF 25 DAYS
D. MAXIMUM OF 30 DAYS
C When the refusal amounts to clear and open defiance of the
Commission’s order, decision, or subpoena, the Commission may
Section 157 impose a daily fine that amounts to:
A. 2,000 PESOS
B. 1,500 PESOS
C. 1,000 PESOS
D. 500 PESOS
A The following sanctions may be impose by the Commission if
the provision of the Corporation Code has been violated,
except:
Section 158 A. IMPOSITION OF FINE RANGING FROM 3,000 TO 2,000,000 PESOS
B. ISSUANCE OF A PERMANENT CEASE AND DESIST ORDER
C. SUSPENSION OR REVOCATION OF THE CERTIFICATE OF
INCORPORATION
D. DISSOLUTION OF THE CORPORATION AND FORFEITURE OF ITS
ASSETS
C The unauthorized use of corporate name shall be punished with
this amount.
Section 159 A. 20,000 TO 250,000 PESOS
B. 15,000 TO 230,000 PESOS
C. 10,000 TO 200,000 PESOS
D. 5,000 TO 150,000 PESOS
C These refers to people who wilfully holds office, or wilfully
conceals disqualification that shall be punished with a fine
Section 160 of 10,000 to 200,000 pesos, and shall be permanently
disqualified.
A. DIRECTOR, MANAGER AND EMPLOYEE
B. MANAGER, SECRETARY AND TREASURER
C. DIRECTOR, TRUSTEE AND OFFICER
D. OFFICER, PRESIDENT AND EMPLOYEE
A This action shall be punishable with a fine ranging from
10,000 to 200,000 pesos or 20,000 to 400,000 if detrimental
Section 161 to the public.
A. UNJUSTIFIED FAILURE OR REFUSAL BY THE CORPORATION, OR BY
 THOSE RESPONSIBLE FOR KEEPING AND MAINTAINING CORPORATE
RECORDS
B. FAILURE TO COMPLY WITH THE PROCEDURES GIVEN BY THE
PROVISIONS OF THIS CODE
C. FAILURE TO USE SPECIFIC DOCUMENT TYPE THAT SHALL BE
SUBMITTED AND VERIFIED BY THE COMMISSION
D. FAILURE TO PAY TAXES IMPOSED BY THE GOVERNMENT THROUGH
ITS REPRESENTATIVES
B This person shall be punish with a fine if a wrongful
certification is detrimental to the public.
Section 162 A. EVERY EMPLOYEE
B. AUDITOR
C. SECRETARY
D. MANAGER
D If this person, in collusion with the corporation’s directors
or representatives, certifies the financial statements
Section 163 despite of incompleteness or inaccuracy, he shall be fined
with 80,000 to 500,000 pesos.
A. TREASURER
B. INDEPENDENT DIRECTOR
C. MANAGER
D. INDEPENDENT AUDITOR
D It refers to the amount fined if a corporation obtains a
corporate registration through fraud.
Section 164 A. 50,000 TO 500,000
B. 100,000 TO 1,000,000
C. 150,000 TO 1,500,000
D. 200,000 TO 2,000,000
A It refers to an act punished with a fine ranging from 200,000
to 2,000,000 pesos.
Section 165 A. FRAUDULENT CONDUCT OF BUSINESS
B. VIOLATION OF THE CODE
C. TOLERATING GRAFT AND CORRUPTION
D. RETALIATION OF WHISTLE BLOWERS
A It refers to an act punished with a fine ranging from 100,000
to 5,000,000 pesos.
Section 166 A. ACTING AS INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
B. FRAUDULENT CONDUCT OF BUSINESS
C. ENGAGING INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
D. RETALIATION AGAINST WHISTLE BLOWERS
A It refers to an act punished with a fine ranging from 100,000
to 1,000,000 pesos.
Section 167 A. ENGAGING INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
B. COLLUSION OF INDEPENDENT DIRECTOR
C. CERTIFICATION OF INCOMPLETE REPORTS
D. ACTING AS INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
A It refers to an act punished with a fine of ranging from
500,000 to 1,000,000 pesos.
Section 168 A. TOLERATING GRAFT AND CORRUPTION
B. FRAUDULENT CONDUCT OF BUSINESS
C. COLLUSION OF INDEPENDENT DIRECTOR
 D. ACTING AS INTERMEDIARIES FOR GRAFT AND CORRUPT PRACTICES
C This refers to a person who provides truthful information
relating to the commission of any offense or violation.
Section 169 A. AGENT
B. SECURITY COMMISSIONER
C. WHISTLE BLOWER
D. MANAGER
C Liability for any of the foregoing offenses and the other
administrative, civil, or criminal liability under the
Section 170 Revised Corporation Code shall be:
A. JOINT
B. SOLIDARY
C. SEPARATE
D. ADJUSTED
D The following may be held liable if the offender is a
corporation, except:
Section 171 A. DIRECTORS
B. OFFICERS
C. EMPLOYEES
D. SHAREHOLDERS
D These pertains to people punished with a fine not exceeding
that imposed was imposed on the principal offenders.
Section 172 A. CRIMINAL COURT
B. COMMISSION
C. GOVERNMENT
D. AIDERS AND ABETTORS
A It means the total shares of stock issued under binding
subscription agreements to subscribers or stockholders.
Section 173 A. OUTSTANDING CAPITAL STOCK
B. REVENUE
C. ASSETS
D. SUBSCRIBED SHARES
D Their name can be designated other than as board of trustees.
A. CHIEF OFFICERS
Section 174 B. MANAGERS
C. OFFICERS
D. GOVERNING BOARDS
B They are authorized to collect, retain, and use fees, fines,
and other charges pursuant to the Revised Corporation Code.
Section 175 A. COURT
B. COMMISSION
C. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
D. AUTHORITY
A They shall determine if the corporate vehicle has been used
by any corporation, business r industry to frustrate the
Section 176 provisions of the Revised Corporation Code.
A. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
B. COMMISSION
C. COURT
D. AUTHORITY
D These are submitted annually and within such period as may
 prescribed by the Commission.
Section 177 A. BANK STATEMENTS
B. ARTICLES OF INCORPORATION
C. BYLAWS
D. REPORTORIAL REQUIREMENTS
C This has the power to visit over all corporations.
A. COURT
Section 178 B. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
C. COMMISSION
D. AUTHORITY
A This has jurisdiction to issue a restraining order,
preliminary injunction, or preliminary mandatory injunction
Section 179 in any case directly or indirectly interfering with the
powers, duties and responsibilities of SEC.
A. COURT OF APPEALS
B. GOVERNMENT
C. BARANGAY CHIEFS
D. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
D They are to develop and implement an electronic filing and
monitoring system.
Section 180 A. NEDA
B. COURT OF APPEALS
C. DOST
D. SEC
C The following are bound by the arbitration agreement, except:
A. DIRECTORS
Section 181 B. OFFICERS
C. CREDITORS
D. MANAGERS
D The powers, authorities, and responsibilities of this agency
involving party-list organizations are transferred to the
Section 182 Commission on Elections.
A. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
B. AUTHORITY
C. NATIONAL ELECTRIFICATION AUTHORITY
D. COMMISSION
A This exercises primary authority over corporations such as
banks, nonbank financial institutions, and insurance
Section 183 companies under their supervision and regulation.
A. BANGKO SENTRAL NG PILIPINAS
B. CHINA BANK
C. COMMISSION ON AUDIT
D. NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY
A No right or remedy in favour of or against any corporation,
its stockholders, members, directors, trustees, or officers
Section 184 shall be:
A. REMOVED OR IMPAIRED
B. SATISFIED
C. REVISITED
D. RENEWED
B It is period to comply given to a corporation lawfully
 existing and doing business in the Philippines affected by
Section 185 the requirements of the Revised Corporation Code.
A. NOT MORE THAN 1 YEAR
B. NOT MORE THAN 2 YEARS
C. LESS THAN 3 YEARS
D. LESS THAN 4 YEARS
B Provisions of the Revised Corporation Code which are not
affected by invalid or unconstitutional provisions of the Act
Section 186 shall:
A. BE VOIDED
B. CONTINUE IN FULL FORCE AND EFFECT
C. DISCONTINUE WITH ADJUSTMENTS
D. BE REVISITED AND RENEWED
D Regulation contrary to the provisions of the Revised
Corporation Code is now:
Section 187 A. MANDATED TO BE FOLLOWED
B. HELD IN JURISDICTION OF THE COURT
C. ADJUSTED TO THE ARTICLES OF INCORPORATION
D. REPEALED
B This is where the Act shall be published.
A. BARANGAY ORDINANCES
Section 188 B. OFFICIAL GAZETTE
C. INTERNATIONAL NEWSPAPERS
D. COMPANY