TRUE OR FALSE

1. Natural persons who are licensed to practice a profession, and partnerships or associations organized for the purpose of practicing a profession are allowed to organize as a corporation.

2. A partnership can join another partnership in order to form a corporation.

3. Corporation created under the Revised Corporation Code can legally exist for fifty years renewable for another fifty years.

4. Corporation which were issued a Certificate of Incorporation under BP 68 now have perpetual existence.

5. Amendments of the Articles of Incorporation may take effect from the date of its filing if not acted upon the Securities and Exchange Commission within six (6) months from the date of its filing for a cause not attributable to the corporation.

6. Amendment to articles of incorporation of banks needs favorable recommendation from the Bangko Sentral ng Pilipinas.

7. Independent Director is necessary for corporations vested with public interest, in which case, they shall compose at least 20% of the Board of Directors.

8. Executors, administrators, guardians or other persons in a position of trust can be elected as directors.

9. The disposition of all the shares of the Director happened after the election is a ground for the cessation of being a director in such corporation.

10. Incorporators must be residents of the Philippines.

11. A SEC Commissioner will hold office for a period of seven (7) years from the time of his or her appointment by the Chairman of the Commission.

12. A security issued or guaranteed by the government of any country with which the Philippines maintains diplomatic relations is considered an exempt security on the basis of reciprocity.

13. A judicial sale, or sale by an executor, administrator, guardian or receiver or trustee in insolvency or bankruptcy is considered an exempt transaction.

14. The issuance of bonds or notes secured by mortgage upon real estate or tangible personal property, when the entire mortgage together with all the bonds or notes secured thereby are sold to multiple purchasers at a single sale is considered an exempt transaction.

15. Securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission