JURISDICTION: PHILIPPINES

46. Election of directors/trustees may be done via Zoom if:

A. The corporation is vested with public interest

B. If it is allowed in the bylaws

C. If all the stockholders agree

D. Both a and b

47. I. Shortening of corporate term must not be made earlier than 3 years prior to its original expiry.

II. The corporate term may be shortened by amending the articles of incorporation

A. Both statements are true

B. Both statements are false

C. Only Statement I is true

D. Only Statement Il is true

48. Which of the following statements about redeemable shares is false?

A. Redeemable shares may be redeemed regardless of existence of unrestricted retained

earnings

B. Redeemable shares once redeemed are retired

C. Redeemable shares may be issued by all corporations

D. Terms and conditions for the redemption of redeemable shares must be stated in the

articles of incorporation and certificate of stock

49. Which of the following is true?

A. Maritess can form a one person corporation to practice her profession as a CPA

B. Two partnerships can form a corporation

C. A trust can form a one person corporation

D. Each incorporator must own at least 10 shares

50. The amendments to the Articles of Incorporation will take effect upon:

A. Approval by the SEC

B. From the filing with the SEC if not acted upon within 6 months from date of filing for a

cause not attributable to corporation

C. Both a and b

D. None of the above