Question 29

1pts

1st Statement: When a single stockholder acquires all the stocks of an ordinary stock corporation, the latter may apply for conversion into a One Person Corporation.

2nd Statement: A One Person Corporation may not be converted into an ordinary stock corporation.

Group of answer choices

Only 1st statement is true

Both statements are true

Both statements are not true

Only 2nd statement is true

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Question 30

1pts

It is the extinguishment of the franchise of a corporation and the termination of its corporate existence.

Group of answer choices

Dissolution

Winding-up

Liquidation

Consummation

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Question 31

1pts

What is the voting proportion required for the voluntary dissolution of the corporation where no creditors are affected?

Group of answer choices

Majority votes of the board of directors and 2/3 votes of the outstanding capital stock.

Majority vote of the board of directors and majority vote of the stockholders

Majority votes of the board of directors and majority vote of the outstanding capital stock

Majority vote of the board of directors and 2/3 vote of the stockholders

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Question 32

1pts

What is the voting proportion required for the voluntary dissolution of the corporation where creditors are affected?

Group of answer choices

Majority vote of the board of directors and majority vote of the stockholders

Majority votes of the board of directors and 2/3 votes of the outstanding capital stock.

Majority vote of the board of directors and 2/3 vote of the stockholders

Majority votes of the board of directors and majority vote of the outstanding capital stock

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Question 33

1pts

The following may be grounds for dissolution of the corporation, except:

Group of answer choices

If a corporation does not formally organize and commence its business within five (5) years from the date of its incorporation

Merger or consolidation

Upon finding by final judgment that the corporation was created for the purpose of committing, concealing or aiding the commission of securities violations, smuggling, tax evasion, money laundering, or graft and corrupt practices.

Upon receipt of a lawful court order dissolving the corporation

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Question 34

1pts

The following are methods of dissolving a corporation: (Phil CPA, 86-2; 91-2-M)

I. Expiration of the term

II.Failure to organize and commence business within five years from date of issuance of certificate of incorporation.

III. Shortening of the corporate term

Group of answer choices

II and III

I and III

I and II.

I, II, and III.

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Question 35

1pts

1st Statement: Foreign Corporations are required to obtain license from the SEC to enable them to do business in the Philippines.

2nd Statement: The foreign corporation must appoint a resident agent so that court may acquire jurisdiction over the foreign corporation

Group of answer choices

Only 2nd statement is true

Both statements are not true

Only 1st statement is true

Both statements are true