____ 41. What is the voting requirement for members to revoke the delegated power given to the BOT to amend by-laws?

a.Majority of BOT and members c. Majority of BOT and 2/3 of members

b.2/3 of the members d. Majority of the members

____ 42. First Statement: The passing of the By-Laws to the SEC may be a condition subsequent for the awarding of the certificate of incorporation

Second Statement: A corporation applying for its license with the SEC cannot submit its By-laws after submission of its Articles of Incorporation, they should be submitted together.

a.Both statements are true c. First statement is true, second is false

b.Both statements are false d. First statement is false, second is true

____ 43. The following are the requirements imposed on a voting trust agreement, except:

a.The agreement must be in writing and notarized and specify the terms and conditions thereof.

b.A certified copy of such agreement shall be filed with the corporation and with the Securities and Exchange Commission; non-compliance, however, said agreement is effective and enforceable.

c.The certificate or certificates of stock covered by the voting trust agreement shall be cancelled and new ones shall be issued in the name of the trustee or trustees stating that they are issued pursuant to said agreement.

d.It shall be noted that the transfer in the name of the trustee or trustees is made pursuant to said voting trust agreement.

____ 44. Team Liquid Corporation is composed of 15 board members. During the current, they are considering purchasing a new building for their new office in Dagupan City. Unfortunately, not all of the members are available in the proposed meeting for said agenda. How many members should be present to be able to have a quorum?

a.7 of the board members c. 2/3 of the board members

b.8 of the board members d. Majority of the board members

____ 45. I. A stock corporation can hold a meeting anywhere in the Philippines.

II. A non-stock corporation can also hold a meeting anywhere in the Philippines. Which is correct?

a.I is true; II is false c. Both are true

b.I is false; II is true d. Both are false