President X, Secretary Y, and Treasurer V have been very diligent with their functions in the corporation. After the lapse of several years, the board of directors that voted is obliged to step down because of expired term. What is the consequence of this stepping down to the officers X, Y, and V? *CO The officers need not step down unless there is a protest against them. () The officers need not step down because their terms of office are separate from that of the board of director: O The officers must also step down. () The officers may remain as such if they are elected by the stockholders in the same position.It was alleged that FEG Corporation is entering into transactions that are not beneficial to the stockholders. This caused the filing of the dissolution by one of the stockholders. What principle can be used to avoid the dissolution? * O Entity principle Autonomy principle Trust fund doctrine Business judgment rule. A corporation's purpose is to sell coffee beans harvested inside and outside of the Philippines. One of the directors entered into a contract with a delivery service. The contract provides that the corporation will be providing the beans, the details of the buyer, while the delivery service will be tasked to ensure safe and quick delivery of the products. The stockholders are not questioning the validity of the contract because it is not within the purpose of the corporation. Who among the parties are correct? * * () The stockholders are correct because a corporation can only do things that are within its authority. O The director is correct because it did not identify the corporation as liable for any obligations entered into between the director and the delivery service. O The stockholders are correct because the contract is not valid. Every contract must be with the unanimous decision of the stockholders. () The director is correct because the contract is an implied authority.ABC Corporation is engaged in the business of delivering products in the entire Philippines. It found out that there is an increasing demand for locally made wines. The board of directors are planning to invest some of the unrestricted earning of the corporation to this blooming business. What vote is required? * O Majority vote of the board of directors Approved by the majority vote of the board of director ratified by 2/3 of the outstanding capital stock O None of the above O) Majority vote of the outstanding capital stock and majority vote of the board of directorB, stockholder of XYZ Corporation, has a subscribed stock. However, B was never able to pay the remaining price of the share. Being a popular person, B is being nominated to be a director. Will his nomination prosper? * CC O Yes. Provided that 2/3 of the holder of subscribed capital stock nominated for B, he can be nominated as a board of director O) Yes. Every stockholder has a right to be nominated () No. B holds a delinquent share of stock so he cannot be nominated () No. B must first show his qualities as a director before he can be nominated