EXPLAIN BRIEFLY WHY THE STATEMENT IS FALSE. DO NOT REPEAT THE STATEMENT AND REVERSE THE SITUATION.

1. Holders of non-voting shares are not entitled to vote.
2. All corporators are incorporators.
3. The minimum number of incorporators is five.
4. Corporations with certificates of incorporation prior to the effectivity of the Revised Penal Code shall retain its corporate term.
5. A corporate term may not be extended earlier than three years prior to the original expiry date.