1. When did the Revised Corporation Code of the Philippines took effect?

A. 23 February 2020

B. 23 February 2018

C. 23 February 2021

D. 23 February 2019

2. I. The declaration of dividends out of the capital and not surplus profits is violation of the doctrine of piercing the veil of corporate fiction.

II. When the corporation is used as an alter ego or conduit to avoid the performance of an obligation is a violation of the trust fund doctrine.

A. Both statements are wrong.

B. Both statements are correct.

C. First is correct, second is wrong.

D. First is wrong, second is correct.

3. It is the written acknowledgment of the interest of the stockholder in the corporation A. Voting Trust

B. Certificate of Stock

C. Acknowledgment Receipt

D. Proxy

4. ABS Corporation was incorporated on 4 May 1970 with a corporate term of fifty (50) years. What is the effect of the passage of the RCCP on ABS Corporation's corporate term?

A. ABS Corporation may extend its corporate term by amending its articles of incorporation.

B. ABS Corporation is dissolved by the passage of the RCCP.

C. ABS Corporation's term thru the passage of the RCCP is now perpetual existence.

D. ABS Corporation's corporate term remains fifty (50) years.

5. Their names are mentioned in the articles of incorporation as originally forming the corporation and are signatories thereof.

A. Incorporators

B. Stockholders

C. Corporators

D. Members

6. Which of the following is correct about jointly owned stocks?

A. Each owner may do whatever he or she wants being an owner.

B. Consent of all the co-owners shall be necessary in voting shares of stock owned jointly by two (2) or more persons.

C. Each owner can vote for the stocks.

D. All the owners are entitled their proportionate share of vote.

7. What is the term of office of the Board of Trustees?

A. 2 years

B. 1 year

C. 3 years

D. 4 years

8. ABS Corporation was incorporated on 4 May 1970 with a corporate term of fifty (50) years. Under the RCCP, which is correct?

A. ABS Corporation should initiate their extension of term within five (5) years prior to the expiration of the corporate term.

B. ABS Corporation need not do anything if the stockholders wish to adopt the perpetual existence under the RCCP.

C. ABS Corporation should initiate their extension of term within three (3) years prior to the expiration of the corporate term.

D. ABS Corporation's corporate term is not affected by the passage of the RCCP.

9. The llowing requirements are for incorporators, except:

A. One incorporator is allowed as in the case of One Person Corporations

B. For natural persons, they should be of legal age

C. Incorporators must not be more than fifteen (15).

D. They should be natural persons

10. I. Under existing SEC Rules, if the principal office of the corporation will transfer within the same city or municipality, there is no need to amend the Articles of Incorporation.

II. Under existing SEC Rules, if the principal office of the corporation will transfer to a different city or municipality, there is a need to amend the Articles of Incorporation.

A. Only statement Il is correct.

B. Both statements are incorrect.

C. Both statements are correct.

D. Only statement I is correct.