Statement I: Formal organization and commencement requires the adoption of by-laws and the election of the board of directors (BOD) and of administrative officers including taking such other steps to enable it to transact the legitimate business or accomplish the purpose for which it was created.

Statement II: If a corporation does not formally organize and commence the transaction of its business within two (2) years from the date of its incorporation, its certificate of incorporation shall be deemed revoked.

Group of answer choices

A. Statement I is true; Statement II is false

D. Statement I is false; Statement II is true

C. Both statements are true

E. Both statements are false