31.The articles of incorporation of XYZ Corporation provide, among other matters, for an authorized capital stock P1, 000,000.00 divided into 10,000 shares at P100.00 par value per share. Five thousand (5,000) shares have been subscribed at P100.00 per share of which 3,000 shares have been paid in full while 2,000 shares have been paid at 80% of the subscription price. Of the 3,000 shares paid in full, 100 shares were reacquired at par value. The issued capital stock of the corporation is:

a.P360,000.00 c. P500,000.00

b.P300,000.00 d. P290,000.00

____ 32. The following position is presented to you. I. President; II Treasurer III. Secretary IV. Chairman of the Board. Who of the foregoing must be a director of the corporation?

a.I & II c. I & III

b.III & IV d. I & IV

____ 33. The Incredible Hawk Corporation is a non-stock educational corporation for pilots and was established on June 1, 2019. Immediately after forming, the composition of the board of trustees is five (5). The by-laws did not indicate the term of office for each trustee. How long will a board of trustee serve?

a.June 1, 2020 c. June 1. 2022

b.May 31, 2020 d. May 31, 2023

____ 34. Which of the following may become a director of a corporation?

a.Creditor of the corporation c. Non-resident foreign stockholder

b.Resident Filipino minor stockholder d. Non-resident Filipino insane stockholder

____ 35. It is a kind of dividend which gives the stockholder the option to receive cash of stock dividend.

a.Composite dividend c. Bond dividend

b.Optional dividend d. Preferred dividend