answer the following questions
Item 17 of 50 The following statements are presented to you: . All ultra-vires acts are illegal acts. illegal acts are ultra-vires acts. Select the correct response O l is true: Il is false. Both statements are false. O l is false: II is true. Both statements are true Which of the following is false concerning treasury shares? Select the correct response: They are entitled to dividends. O They may be disposed of for a price lower than the par value, provided such price is reasonable. They are not outstanding shares. They have no voting rights A. B. C. D. E. F. and G are directors of Cagayan Appliances Corporation (CAC). a tracer of appliances, whose articles of incorporation provide for 7 directors. On September 11, 2020. the board of directors met to approve a contract for the purchase of appliances from A who is an importer of appliances. Present during the meeting were A. B. C. D. and E, with A. B. C. and D voting for the approval of the contract. Assuming that the contract is fair and reasonable under the circumstances, what is the status of the contract between the corporation and A? Select the correct response: O Voidable O Unenforceable. Valid O Void. physically present, and the rest were presen Seventy-nine Corporation, a dealer of garments and with principal office in Valenzuela City, held the meeting of its stockholders at the Gazebo Royale in Visayas Avenue, Quezon City. Stockholders owning 75%% of the capital stock were of the Corporation provide that contracts e rest were present via Microsoft Teams. In the said meeting the corporation, by the vote of 80% of the outstanding capital stock, approved the purchase of sewing machines worth Php 5,000,000. The by-laws ovide that contracts in excess of Php 3,000,000 must first be ratified by the stockholders. The contract for the purchase of the sewing machines was unanimously approved by the board of directors before it was presented to the stockholders for ratification. A stockholder who did not vote for the approval of the resolution, now questions its validity on the ground that the meeting was held outside the place where the principal office of the corporation is located. What is the status of the contract for the purchase of the sewing machines? Select the correct response O Valid Voidable O Void. O Unenforceable Item 21 of 50 The highest bidder in a delinquency sale is the one willing to pay the Select the correct response full amount of the balance of the subscription, accrued interest, cost of advertisement and expenses of sale for the smallest number of shares. nignest amount for the highest number of shares. lowest amount for the lowest number of shares. full amount of the balance of the subscription, accrued interest, cost of advertisement and expenses of sale for the highest number of shares. Item 22 of 50 1 Poin Santiago is the owner of 500 shares of stock of Center Sales Corporation whose articles of incorporation provide for 5 directors. In the annual election of directors, the following ran for the position of director: Anzis, Baccay, Cabaruan, De Leon, Ellana, and Furigay. Santiago asks you which of the following is the incorrect way of c Select the correct response: 500 votes each for Anzia, Baccay. Cabaruan, De Leon, and Ellane. 500 votes each for the 6 candidates. 2500 votes for Anzia 1,000 votes for Anzia, 1,000 for Baccay, and 1,000 for Cabaruan Which of the following is not a qualification of directors of a stock corporation? Select the correct response: Each director must be the owner of at least 1 share of stock. Such shares of stock must stand in their name in the books of the corporation during their term as directors. The number of directors should not exceed 15. Majority of the directors must be citizens of the Philippines. The subscriber of unpaid shares which are not delinquent shall be entitled to the following rights, except the right to Select the correct response inspect corporate books. dividends. vote. a stock certificate. Which of the following statements pertaining to no-per shares is incorrect? Select the correct response: Shares without par value may not be issued for a consideration of less than Php 5 per share. Subscriptions to no-par shares are de () No-bar shares may not be issued ov banks. trust companies. insur ilaina and loan associations
