1. What are the exceptional cases wherein the courts may pierce the veil of corporate fiction so that the stockholders, directors or officers will become personally liable for corporate debts?

When the corporate entity is used to commit fraud or to justify a wrong or to defend a crime or to commit tax evasion. (Fraud cases)

When the corporate entity is used as a mere alter ego, business conduit or instrumentality of a person or another entity. (Alter ego cases)

When the corporate entity is used to defeat public convenience such as in case of labor case. (Defeat public convenience cases)

When piercing of the corporate fiction is necessary to achieve justice or equity. (Equity cases)

Any of the above.

2. Which of the following does not have juridical personality as a corporation?

Corporation by prescription

De facto corporation

Ostensible corporation or corporation by estoppel

De jure corporation

3. It refers to a type of shares of stocks issued without an arbitrary amount stated in its certificate of stock but must have an issue price. Only common stocks may be classified as this type of shares of stocks while preferred stocks cannot be classified as this type of shares of stocks.

Par value shares

No par value shares

Issued value shares

Present value shares