M, a stockholder of the GHF Corporation, was able to talk to a very rich investor. M was able to convince the investor to contribute P3Million to the GHF Corporation. Considering that M is a stockholder, M drafted a contract with the investor. M submitted this to the board of directors. The board did not accept the contract drafted by M because M has no authority to enter into such kind of contracts. M, on the other hand, alleged that they must accept it because it is for the benefit of the corporation. Who among these parties is correct? () Mis correct because all stockholders are assumed as agents of the corporation. () The board is correct because only the incorporators can enter into such kind of contracts. () The board is correct because only the directors can act in behalf of the corporation. O) Mis correct because the act is beneficial to the corporation.Statement 1: All partnerships must be in a written form so that all the interests of the partners are protected by law. This written contract will also guide the creditors to efficiently satisfy the obligations of the partnership. Statement 2: All partnerships may acquire properties in the name of the partnership. These properties acquired need not be in the name of any partner because of the separate and juridical personality of the partnership. Which of these statements are correct? * Statement 1 and Statement 2 O None of the above O Only Statement 2 O Only Statement 1XYZ Corporation was able to obtain it Certificate of Incorporation. However, the Corporation was not able to secure the needed capital. Five years have lapsed from the date of the issuance of Certificate of Incorporation. What is the consequence of this scenario? * OF O The Certificate of Incorporation is revoked O The Certificate of Incorporation can be transferred to another corporation and be declared as a subsidiary corporation. O The Corporation remains to exist. The Certificate of Incorporation is suspendedM is suggested as the independent director in a transportation corporation. However, his nomination is being questioned because one stockholder found out that M entered into a contract with another transportation corporation where M is assigned as the consultant. Will M's nomination as independent director prosper? * No. Even a possibility that there will be interference in his duties as an independent director is a ground to O reject M's nomination. () Yes. M has not shown any acts that show conflict of interest between the two transportation corporations. O No. M is already part of the other transportation corporation so he cannot be voted as an independent director. O) Yes. There is no showing that M will be biased as an independent directorIn a corporation, there are several ways of electing a board of director. The following are ways of conducting an election, except one: O Remote communication O Personal vote O Numerical vote O Written vote