7. Shares of stock that have been issued by the corporation for consideration reflected as equal to the par or issued value of the shares, when in fact the amount actually received was less, would technically be called -

a. Discounted stock

b. Premium Stock

c. Watered Stock d. Void stock

8. Which of the following best describes a corporation organized under the laws of the State of New York but owned 100% by Filipino Citizens?

a. A New York Corporation

b. A Filipino-owned corporation

c. A Filipino-owned corporation

d. A Filipino-owned New York Corporation

9. Which of the following reflects a correct legal precept?

a. Private corporations under the Corporation Code are created by law

b. A private corporation may always be held civilly liable for negligent acts committed by its employees.

c. The corporate obligations are, as a rule, not the obligations of the corporate officers as long as the absence of liability of the latter is reflected in the corporate bylaws.

d. Private corporations under the Corporation Code may either be de facto or de jure.

10. Which of the following is in conformity with both law and jurisprudence?

a. The separate personality of a corporation may be disregarded when an incorporator dominates and controls the outstanding capital stock.

b. Shares cannot maintain a suit in their own names to recover corporate property.

c. A corporation does not fall within the constitutional protection against unreasonable searches and seizures.

d. A corporation has a right against self-discrimination

11. An Article of Incorporation is a contract between the following, except:

a. Securities and Exchange Commission and Corporation

b. State and Corporation

c. Corporation and Share holders

d. State and Share holders.

12. A corporation by prescription is a

a. corporation sole

b. de facto corporation

c. eleemosynary corporation

d. corporation by estoppel