Question 14

1pts

1st Statement: The number of trustees shall be fixed only in the articles of incorporation which may or may not be more than fifteen (15).

2nd Statement: They shall hold office for not more than three (3) years until their successors are elected and qualified.

Group of answer choices

Both statements are not true

Only 1st statement is true

Both statements are true

Only 2nd statement is true

Flag this Question

Question 15

1pts

Which of the following statements pertaining to non-stock corporations is incorrect?

Group of answer choices

Any incidental income may be distributed as dividends to its members.

The meetings of members may be held outside or municipality where the principal off corporation is located.

Members may vote by mail.

The number of trustees may be more than 15

Flag this Question

Question 16

1pts

Which of the directors of a corporation have a tenure of three (3) years?

Group of answer choices

Religious

answer not given

Stock

membership corporations

Educational

Flag this Question

Question 17

1pts

The number of the Board of Trustees in a non-stock corporation?

Group of answer choices

May be more than fifteen upon its organization provided the same is stated in the article of incorporation only.

May be less than five upon its organization

May be more than fifteen upon its organization provided that is stated in the article of incorporation or the by-laws.

Shall not be less than five but not more than fifteen.

Flag this Question

Question 18

1pts

What cannot be a close corporation?

Group of answer choices

All answers are correct.

Banks

Stock exchanges

Oil companies

Flag this Question

Question 19

1pts

The business of this corporation can be managed by the stockholders:

Group of answer choices

eleemosynary

close

non-stock

open

Flag this Question

Question 20

1pts

Restrictions on the right to transfer shares must appear in the

I. articles of incorporation

II. in the by-laws

III.in the certificate of stock

Group of answer choices

II and III

II only

I and II

I, II, and III.

Flag this Question

Question 21

1pts

The close corporation may, at its option, refuse to register the transfer in the name of the transferee whenever a person to whom stock of a close corporation has been issued or transferred has, or is conclusively presumed to have notice of the following:

I.the person's ineligibility to be a stockholder of the corporation

II. that the transfer of stock would cause the stock of the corporation to be held by more than the number of persons permitted under its articles of incorporation

III.that the transfer does not violate a restriction on transfer of stock

Group of answer choices

I, II, and III.

I and III

II and III.

I and II.