Statement 1: A cooperative has articles of incorporation and by-laws. Statement 2: A cooperative requires 50 members before it starts. Which of these statements is correct? * O None of the above O Only Statement 2 O Only Statement 1 O Statement 1 and Statement 2A corporation started its operations after a certificate of incorporation was issued to it. It was able to start its business for at least 5 months. However, the stockholders failed to pay their contributions on time. This led to the stoppage of work in the corporation. This inoperation has lasted for 8 years. What is the possible result to the corporation? * CC O) The certificate of incorporation is suspended The corporation is declared delinquent O The certificate of incorporation is revoked O) The corporation is declared de facto corporationABC Limited Partnership has flourished in the business of shoemaking. Unfortunately, on its 15th year of existence, one of the limited partners, Jose. died due to old age. What is the consequence of the death of Jose to the partnership? * O The partnership will be converted to a general partnership The partnership must file for the application of insolvency proceedings The partnership will remain to exist The partnership will be dissolvedThe power to declare dividends in a corporation requires how many votes? * * O Approved by the majority vote of the board of director ratified by 2/3 of the outstanding capital stock O) Majority vote of the outstanding capital stock and majority vote of the board of director O) 2/3 votes of the outstanding capital stock O) Majority vote of the board of directors. What is a possible ground for the denial of an application of a cooperative's name?* O It uses numbers and special characters O It uses general terms It uses a name of a person It is similar to another cooperative