Director X is a doctor and a board of director of BEF Corporation. BEF Corporation is engaged in the production of face masks. Director X through his duties in the hospital found out that the Philippine General Hospital is looking for a supplier of face masks. Instead of sharing the information to the BEF Corporation, Director X volunteered himself to be the supplier of face masks. Is this act correct? * () No. Director X took a business opportunity away from the corporation. () Yes. Director X is not acting in behalf of the corporation so he can enter into private contracts. O Yes. Director X is not holding any office in the corporation which gives him the authority to enter into contracts for the corporation. O None of the aboveWhat is the required vote if the cooperative wants to change its by-laws? * Majority of the board of directors and 2/3 votes of all the members with voting rights Majority of the board of directors and majority votes of all the members with voting rights O 2/3 votes of all the members of the cooperative O) 2/3 votes of all the members with voting rightsAn election in the DEF Corporation was conducted. After the election, five (5) of the stockholders alleged that there were mistakes in the final count. The by-laws of the corporation does not state how an election contest shall be handled. What is the remedy of the corporation? * The election contest will cause another election to be held. O) The election contest will be settled by the courts. O The election contest shall be referred to an arbitration. (O) The election contest will not impede the oath taking of the newly voted directors.J, director of the ABC Corporation, has shown his desire to step down as a director because he is going abroad. A meeting was scheduled for the voting of a new director. However, a typhoon struck the principal office where the voting should have been held. J can no longer postpone his commitment abroad so he proceeded without waiting for his successor. What happens to the position of J as a board of director? * O J is no longer a board of director because he is no longer in the country to perform his functions. O J remains to be a board of director until his successor is voted. O J remains to be a board of director because he did not make the Securities and Exchange Commission aware of his desire to step down. () ) must renounce his position in writing so that he is officially no longer a director.ABC Limited Partnership has flourished in the business of shoemaking. Unfortunately, on its 15th year of existence, one of the limited partners, Jose. died due to old age. What is the consequence of the death of Jose to the partnership? * O The partnership will be converted to a general partnership The partnership must file for the application of insolvency proceedings The partnership will remain to exist The partnership will be dissolved