16. Which of the following conforms with the requirements of the Revised

Corporation Code?

A. Every incorporator must be citizens of the Philippines

B. An incorporator in a domestic corporation may be an alien and a nonresident

C. Corporations may be formed for the exercise of profession

D. Every incorporation must subscribe at least 5 shares

17. What vote is needed to consider every decision to be valid corporate act? 1 point.

A. A majority of the directors present at the meeting

B. 2/3 of the directors present at the meeting

C. A majority of the directors present at the meeting where there is a quorum

D. 2/3 of the directors present at the meeting at which there is a quorum

18. What vote is required to amend the Articles of Incorporation?

A. Majority vote of the BOD

B. Majority vote of the BOD and outstanding capital stock

C. Majority vote of the BOD and 2/3 of the outstanding capital stock

D. 2/3 of the outstanding capital stock plus approval by SEC

19. The vote required to declare cash dividends is:

A. Majority of BOD present at a meeting where there is quorum

B. Majority of outstanding capital stock

C. Majority of BOD and outstanding capital stock

D. Majority of BOD

20. C, President of B Corp. mortgaged B Corp.'s property without authority to 1 point

secure a loan of another corp. he owns

A. The mortgage is valid since the corporation are related

B. The mortgage is ultra vires

C. The mortgage contract is valid since C does not need authority to mortgage

D. The mortgage is void and illegal