1. The ordinary stock corporation converted from a one-person corporation shall succeed the latter and be legally responsible for all the latter's outstanding liabilities as of the date of conversion. True or False?

2. Voting requirement for the amendment of the by-laws of a corporation. Choose the correct answers

• Majority of the board of directors
• 2/3 of the outstanding capital stock
• Majority of the board of directors consented by majority of the stockholders
• Majority of the board of directors consented by 2/3 outstanding capital stock.

3. Majority of BOD plus Majority of the OCS is the vote required in dissolution if there are no creditors. True or False?

4. A stock which has been issued by a corporation as fully paid up when in fact is not, because it has been issued as bonus or otherwise, without any consideration at all, or for less than par, or for property, labor, or services at an overvaluation. Choose the correct answer:

• Watered
• Promotion
• Treasury
• Bonus

5. The distinction between a proxy and a voting trust is that in a voting trust: Choose the correct answer

• Answer not given
• The trustee has no legal title to the shares of the transferring stockholders
• Unless coupled with interest is irrevocable at any time
• Is not limited to any particular meeting