Revised Corporation Code Of The Philippines

1.) If a corporation is vested with public interest, what percentage of its Board must be independent directors?

2.) What percentage of the subscription must the valuation of property be if the latter is used as payment of stock?

3.) The yearly compensation of directors shall in no case exceed what percentage of the NET income before income tax of the corporation during the preceding year?

Choices:

A. 10%

B. 20%

C. 25%

D. 30%

4.) What vote is needed for the merger/consolidation of the corporation with another corporation?

5.) What vote is needed for the grant of compensation for directors/trustees/officers?

6.) What vote is needed for the amendment of the articles of incorporation?

7.) What vote is needed for entering into a management contract with another corporation?

8.) What vote is needed for the filling of vacancies in the Board if it still constitutes a quorum for reasons other than removal?

9.) What vote is needed for Investing corporate funds in another corporation or business for other purpose other than primary purpose?

10.) What vote is needed for the denial of pre-emptive right?

11.) What vote is needed for selling, disposing, leasing, encumbering all or substantially all of corporate assets?

Choices:

A. majority vote of directors

B. ratificatory vote of at least 2/3 OCS/members

C. majority vote of OCS/members

D. majority vote of directors + ratificatory vote of at least 2/3 OCS/members

E. majority vote of directors + majority vote of OCS/members