SUB: BUSINESS LAWS AND REGULATIONS/ RCC

21.Unless a longer time is provided in the by-laws, the notice of regular meetings stating the date, time and place of the meeting must be sent to every director or trustee at least?

a.Two (2) days prior to the scheduled meeting.

b.One (2) week prior to the scheduled meeting

c.One (1) week prior to the scheduled meeting

d.One (1) day prior to the scheduled meeting.

22.The articles of incorporation or amendment to articles of incorporation of the following corporation must be accompanied by a favorable recommendation of the appropriate government agency, except?

a.Pawnshops

b.Banks

c.Non stock saving and loan associations (NSSLAs)

d.Foreign exchange dealer.

23.A and B agreed to contribute their respective farms to form a partnership. A immediately delivered his land. B waited until after 2 months so he could harvest some rice in his farm. What may the parties do?

a.A should also be allowed to harvest any fruits in his land.

b.B should deliver the land and the rice he harvested.

c.A should ask for a rescission of the contract of partnership.

d.B is allowed to keep his land until a formal demand is made.

24.Which of the following is excluded as part of common fund in universal partnership of all present property even there is stipulation regarding property subsequently acquired?

a.Property subsequently acquired by onerous title including the fruits.

b.Property subsequently acquired by inheritance, legacy or donation.

c.The fruits of the property subsequently acquired by inheritance

d.The fruits of the property subsequently acquired by onerous title.

25.The board of director may create an executive committee composed of?

a.At least three (3) directors.

b.At least three (3) members whether director or non-director

c.not less than (2) two members whether director or non-director

d.not less than (2) two members of the board.

26.An action brought by a stockholder against the corporation for direct violation of his contractual rights

a.Corporate suit

b.Individual suit

c.Derivative suit

d.Representative suit

27.One who has agreed to take stock from the corporation on the original issue of such stock is called

a.Members

b.Subscribers

c.Incorporators

d.Promoters

28.The following corporation requires independent directors, except?

a.Educational Corporation

b.Non-Stock Savings and Loan Associations (NSSLAs)

c.Corporation with assets of at least Fifty million pesos (P50,000,000.00) and having two hundred (200) or more holders of shares, each holding at least one hundred (100) shares of a class of its equity shares

d.Pre-need

29.A, B & C are partners in ABC & Co. to which T is indebted in the amount of P300,000. A, B & C agreed that they will just divide equally the partnership credit of P300,000. A and B were able to collect P100,000 each from T, but when C was collecting T had already become insolvent.

a.A and B will share with C the P200,000 already collected.

b.A and B will just be allowed to retain what they had collected.

c.A and B will return to the partnership capital the P200,000.

d.To equalize the situation C will be allowed to withdraw P100,000 from the partnership funds.

30.The Commission may disapprove the articles of incorporation or any amendment thereto under the following grounds, except?

a.The articles of incorporation or any amendment thereto is not substantially in accordance with- the form prescribed herein.

b.The corporate by laws is not attached to the article of incorporation

c.The purpose or purposes of the corporation are patently unconstitutional, illegal, immoral or contrary to government rules and regulations;

d.The certification concerning the amount of capital tock subscribed and/or paid is false