81. It refers to the right to demand payment of the fair value of his shares, after dissenting from a proposed corporate action involving a fundamental change in the corporation in the cases provided by law. This right may be waived by a shareholder if he has done so knowingly and intelligently.

A. Pre-emptive right

B. Appraisal right

C. Pactum right

D. Demandable right

82. How many days from the approval or decision of the appraisers of stocks shall the amount be paid to the dissenting shareholders?

A. 30 days

B. 20 days

C. 10 days

D. 60 days

83. It is a corporation where no part of its income is distributable as dividends to its members and the capital of the corporation is not divided into shares of stocks.

A. Stock corporation

B. Non-stock corporation

C. Open corporation

D. Close corporation

84. Unless otherwise provided in the articles of incorporation or by-laws, what is the number of the board of trustees of ordinary non-stock corporation?

A.It should be not less than 5 but not more than 15.

B. The number of trustees shall be fixed in the articles of incorporation or bylaw which may or may not be more than fifteen (15)

C. It should be not less than 5 but not more than 10 D. It should be not less than 5 but not more than 20.

85. In order to be classified as a close corporation, it must strictly comply with the requirements of law. The following are the requisites of a close corporation to be classified as such, except

A.The number of stockholder must not exceed 20

B. Issues stocks are subject to transfer restrictions such as right of first refusal or a right of pre-emption in favor of the stockholders or the corporation.

C. The corporation shall not be listed in the stock exchange or its stocks should not be public offered

D.At least 2/3 of the voting stocks or voting rights are not owned or controlled by another corporation which is not a close corporation.

E. The close corporation must engage in business imbued with public interest.

86. What is the required vote for the ratification of the amendment of the articles of incorporation of a close corporation?

A.Always affirmative vote of at least 2/3 of the outstanding capital stock whether with or without voting rights.

B. Always affirmative vote of at least 2/3 of the outstanding capital stock whether with voting rights.

C. Always affirmative vote of at least majority of the outstanding capital stock whether with or without voting rights.

D.Affirmative vote of at least 2/3 of the outstanding capital stock whether with or without voting rights or of such greater proportion of shares as may be specifically provided in the articles of incorporation.

87. What is the required vote for the incorporation of religious society as a corporate aggregate? A. At least 2/3 of its membership.

B. At least majority of its membership.

C. At least 1/3 of its membership.

D. At least 'A of its membership.

88. When may the successors in office of any archbishop, bishop, priest or minister become the corporation sole' and be allowed to transact business as such?

A. Upon their accession to office

B. Upon submission to SEC of a copy of their commission, certificate of election or letters of appointment duly certified by any notary public.

C. Both A and B must be present.

D. Neither A nor B.

89. How may a private corporation created under Corporation Code?

A. Voluntary mode only

B. Involuntary mode only

C. Either voluntary mode or involuntary mode

D. Neither voluntary mode nor involuntary mode

90. Under the Revised Corporation Code, what is the minimum number of days of giving notice to stockholders or members prior to vote for voluntary dissolution?

A.At least twenty (20) days prior to the meeting for the voting of voluntary dissolution where no creditors are affected.

B.At least thirty (30) days prior to the meeting for the voting of voluntary dissolution where no creditors are affected.

C.At least ten (1 0) days prior to the meeting for the voting of voluntary dissolution where no creditors are affected.

D.At least forty (40) days prior to the meeting for the voting of voluntary dissolution where no creditors are affected.

91. Using the preceding number, which of the above mentioned grounds of involuntary dissolution refer automatic causes of corporate dissolution meaning dissolution ip so facto by operation of law without need of SEC or court order?

A. A and B only

B. A, B and C only

C. A, B, C and L only

D. A, B, C, D and L only

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

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

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

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

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

93. What is the period for the submission of the General Information Sheet of the Corporation to the SEC?

A. Within 30 calendar days from date of the actual annual stockholders' or members meeting

B. Within 60 calendar days from date of the actual annual stockholders' or members meeting

C. Within 90 calendar days from date of the actual annual stockholders' or members meeting

D. Within 120 calendar days from date of the actual annual stockholders' or members meeting

94. Which of the following matters shall be indicated in the articles of incorporation instead of by-laws?

A. Place of principal office within the Philippines

B. Quorum for validity of meeting of directors

C. Qualifications of directors

D. Penalties for violation of by-laws

95. Which type of company is prohibited from issuing no-par value common shares?

A. Educational institution

B. Trust company

C. Oil company

D. Call center company

96. Which of the following corporate acts may be validly performed by executive committee?

A.Selection of the major supplier of the corporation

B. Distribution of stock dividends

C. Amendment of corporate by-laws

D Rehabilitation of the corporation

97. Which corporate act may be validly done by the board of directors alone?

A. Increase of authorized capital stock

B. Adoption of original by-laws

C. Acquisition of treasury shares

D. Amendment of articles of incorporation

98. What type of shares of stocks may become the subject matter of unpaid subscription contract?

A. Par value shares of stocks

B. No par value shares of stock

C. Both A and B

D. Neither A nor B

99. What is the term used when for retained earnings with debit balance?A. Deficit

B. Deficiency

C. Delinquency

D. Default

100. What government agency is entrusted with supervision and regulation of ordinary private corporation?A. Bangko Sentral ng Pilipinas

B. Insurance Commission

C. Securities and Exchange Commission

D. Bureau of Internal Revenue