21.A, B & C are general partners with C & D as limited partners in ABCDE Co, Ltd. A acted alone as managing partner to allow the admission of F as general partner and G as limited partner for the authority to do both is stated in the certificate. If X has defaulted in his debt to the partnership, who cannot file an action for collection of sum of money?

a.A & B c. D & E

b.B & C d. None of them

____ 22. Which corporation is allowed to declare dividends to its corporators?

a.Ecclesiastical corporation c. stock corporation

b.Eleemosynary corporation d. non-stock corporation

____ 23. This is a type of corporation where it consists of two or more persons

a.Corporation sole c. Religious corporation

b.Corporation aggregate d. Cooperative

____ 24. Golden State Corporation, issued shares to Mr. X on February 14, 2019. These shares have in it rights exercisable by Golden State to repurchase shares after 5 years upon issuance. On February 20, 2024, Golden State Corp. executed its rights. Which is correct?

a.The shares issued by Golden State are convertible shares

b.The shares issued by Golden State are promotional shares

c.The shares issued by Golden State are redeemable shares

d.none of the above

____ 25. On December 29, 2019, X Corporations issued shares of to its major creditor, Y. The right gives rise to Y to be able to change the debt of X Corp. into such shares after 1 year. On December 30, 2020, Y exercise the feature of this share. The shares issued to Y by X Corporation is called

a.Preferred shares c. Promotional Shares

b.Convertible Shares d. Redeemable Shares