Answer in True or False only

1. 2. 3. 4. 5. 13" 1D. 11. 12. 13. 14-. 15. Stockholders can never compel the Board of Directors to declare dividends. Joint venture is a contract of partnership. Death of stockholder does not dissolve corporation. The death of a partner dissolves the partnership by operation oflaw. Partners may stipulate in the articles of partnership that partnership will continue despite death of any of the partners. in exercising pre-emptive rights, the corporation code only refers to common shares. Acts of a partner which is not apparently for carrying on ofL'ne usual business does not bind the partnership. Upon dissolution, the partners still has the authority to represent the partnership. The corporation by estoppel is founded on principles of equityr and it is designed to prevent justice and fairness. Partners may refuse render information ofall things affecting the partnership to any partner. Corporation can only do such acts and things as the law allows it to do. if a director consents to the issuance of watered stocks. he cannot be held personally or solidarily liable when he is acting for and in behalfof the corporation. Partners may individually dispose of real property of the partnership even when in partnership name. [le Facto l[Corporation and [le ]ure {Corporation have the same rights, liabilities. duties and obligations. Any partner who refuses to contribute an additional share to the capital shall be obliged to sell his interest to the other partners. 16. A partner who extended credit to the partnership prior to dissolution has an authority to wind up partnership affairs. 17. Wrongful act or omission of any partner acting for partnership affairs does not make the partnership liable. 18. Directors are fiduciary representatives of the corporation and the stockholders as a body. 19. A limited partner is liable for partnership obligations when he contributes services. 20. No transfer of stocks shall be valid except as between the parties, until the transfer is recorded in the books of the corporation. 21. Owners of delinquent shares has the right to receive dividends. 22. Heirs of the deceased stockholder may inspect corporate books and records of the corporation where their parent may have been such a shareholder. 23. All partners are liable pro rata with all their properties and after partnership assets have been exhausted, for all partnership debts.24. The courts are without authority to substitute its judgment as against the said Board of Directors. 25. The corporation may refuse to register a valid stock transfer. 26. Stock subscriptions are deemed divisible. 27. Stock certificates cannot be transferred by the delivery of the stock certificate duly endorsed by the owner or his attorney-in-fact. 28. The capital stock of stock corporations shall be divided into shares. 29. Any contract for the acquisition of unissued stocks is deemed a Subscription Contract, no matter how the parties will refer to it. 30. Unpaid subscriptions will be a debt owing to the stockholders