36. The by-laws of the religious corporation provides that a member may be expelled from the society even without prior notice and hearing is this valid?

A. Yes because the basis of membership in a religious organization is absolute adherence to a common religious or spiritual belief and as a general rule there is no room for dissention in a religious organization. B. No because it is unusual and objectionable.

No because it is oppressive and unreasonable.

No under all instances.

37. After the dissolution of a corporation, what is the remaining period of the corporate body?

2 years from the time it is dissolved for the purpose of liquidation of its corporate affairs but not for entering into new business.

3 years from the time it is dissolved for the purpose of liquidation of its corporate affairs but not for entering into new business.

1 years from the time it is dissolved for the purpose of liquidation of its corporate affairs but not for entering into new business.

4 years from the time it is dissolved for the purpose of liquidation of its corporate affairs but not for entering into new business.

38. Which of the following matters must be provided in the Articles in Corporation instead of By-Laws?

Denial of pre-emptive right

Creation of executive committee

Provision on compensation of directors

Provision on additional corporate officers

39. In which of the following corporate acts is appraisal right not available to a dissenting stockholder?

Incurring or increasing bond indebtedness

Shortening or extending corporate term

Sale, disposal, pledge or mortgage of all or substantially all the assets

Investment of corporate funds to other business different from the primary and secondary purpose

40. Under Revised Corporation Code, the following are the corporations vested with public interest that are required to have independent directors in its Board of Directors, except

Corporations covered by Section 17.2 of "Securities Regulation Code" namely those whose securities are registered with SEC, corporations listed with an exchange (PS E) or with assets of at least P50,000,000 and having 200 or more shareholders, each holding at least 100 shares of a class of its equity shares.

Banks and quasi-banks, non-stock savings and loan associations, pawnshops, corporations engaged in money service business, preneed, trust and insurance companies, and other financial intermediaries

Other corporations engaged in business vested with public interest similar to the above, as may be determined by the SEC, after taking into account relevant factors which are germane to the objective and purpose of requiring the election of an independent director, such as the extent of minority ownership, type of financial products, or securities issued or offered to investors, public interest involved in the nature of business operations, and other analogous factors.

Closely-held corporation or family-owned corporation or One Person Corporation (OPC).