Question:

1.Seven persons desiring to form a stock corporation filed with the SEC articles of incorporation and paying the fees therefor. Thereafter, and before the issuance of the certificate of incorporation and actually engaged in business. State whether there was a legal organization of the corporation. Why?

2. Only Me Corporation, of which 95% of the issued outstanding shares of stock were owned by Willie, had financial obligations to its employees by way of unpaid wages and allowances. Only Me Corporation was dissolved by shortening its corporate life and all its assets turned over to Monterde Corporation, of which 90% of the subscribed shares were held by Willie and her husband. Then, Only Me Corporation ceased to operate. May the employees of Only Me Corporation proceed against Monterde Corporation to recover their unpaid claims? Reason

3.Kurbey, a delinquent stockholder has 50 delinquent shares valued at P10 per share amounting to P500. The accrued interest is P150 while the expenses for the sales is P350. If the bidders are: William willing to pay the P1,000 for 30 shares; Aki willing to pay the P1,000 for 40 shares, and Olly willing to pay the P1,000 for 45 shares. Who is the highest bidder? Explain.

Required: Answer the cases concisely.