Question
JKL Inc. is a corporation formed and organized under the revised corporation code as a condominium project. Its ownership is as follows: A, Filipino, 5%
JKL Inc. is a corporation formed and organized under the revised corporation code as a condominium project. Its ownership is as follows:
A, Filipino, 5%
B, Filipino, 5%
C, American, 2%
D, American, 3%
ABC Corp., 50% (it is owned by 60% Filipino and 40% American)
DEF Corp., 25% (it is owned by 40% Filipino and 60% American)
XYZ Corp., 10% (all of the stockholders are Japanese)
The Corporation has 5 directors. 1 Filipino, 3 Americans and 1 Japanese.
a. What is the citizenship of the corporation?
b. Is there a violation of the law that will warrant the revocation of its corporate existence? (State your reasons, showing your computation if applicable.)
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