COBLAW2 (Law on Business Organizations: PARTNERSHIP) -PHILIPPINES

PLEASE MAKE SURE ITS CORRECT AND ACCURATE! THANK YOU SO MUCH!

(a) A Corporation is a publicly listed corporation and its shares are traded in the Philippine Stock Exchange. A Family owns and maintains 70% ownership of A Corporation. What is their purpose for this? Explain

(b) A Corporation earned 300% of its capital of 1 Million as its income for 2022. The Board of Directors resolved to declare 1 Million as dividends and retain 2 Million as company funds. Can they do it? How and Why?

(c) X is a director in A Corporation, a construction company. X's second cousin is the owner of B Corporation, a cement manufacturing company where X is also a Director. Can A Corporation enter into a supply agreement for cement with B Corporation? Explain

(d) X is an incorporator of A Corporation, he subscribed 2,000 shares out of the capital of 10,000 shares. However, X only paid for 500 shares. The Board of Directors declared his shares due and demandable and asked X to settle the balance immediately. X failed to pay. The company increased its capital stock and will issue 10,000 new shares. X claims that he has a pre-emptive right of 2000 shares from the new 10,000 shares. Is X correct in asserting such right? Explain.

Your answer

(e) X was a director of A Corporation, while there he embezzled corporate funds and was administratively removed from the company and was also convicted to 6 years imprisonment. 6 years after he was released from prison, being still a stockholder of A Corporation, ran and got elected as a director again, is this possible? Why or why not?