TIMED TASK

Statement 1. The board of the following corporations vested with public interest shall have independent directors constituting at least thirty percent (30%) of such board. Statement 2. Immediately after their election, the directors of a corporation must formally organize and elect: (a) a president, who must be a director; (b) a treasurer, who must be a citizen; (c) a secretary, who must be a citizen and resident of the Philippines; and (d) such other officers as may be provided in the bylaws. Only the second statement is correct Both statements are correct Both statements are wrong Only the first statement is correct