3. The by-laws of Gawa Corporation provide for 5 directors and that the quorum to transact business is at least 3/4 of all the directors. How many directors, then, must be present in all meetings, is it 3 directors or 4 directors? Explain.

4. What is the relation among persons who attempt but fail to form a corporation and who carry on business under the corporation name? Explain.

5. Ako is a stockholder of Na Corporation. The former mortgaged his building to Dy. Ako failed to pay so Dy foreclosed the property. May the corporation file an action on behalf of its stockholder for the recovery of properties belonging to the latter? Explain.

6. What is the effect of change of corporate name?