TRUE OR FALSE

1. The acquisition of the substantial and controlling shares of stocks of the corporation entitles the buyer of the shares to the possession of the corporate property

2 The Congress is allowed to create government-owned and controlled corporations through special charters.

3 If the articles of incorporation and / or by-laws is silent on the authority of the corporation to declare dividends, it means the corporation is a non-stock corporation.

4 Treausry shares are regarded as property acquired by the corporation which may be re-issued or resold by the corporation at a price fixed by the board of directors.

5 A, B, C, D, and E, who are friends since childhood, recenltly passed the licensure examination for Accountancy and took their oath of office as Certified Public Accountant. As such, they are qualified to form and organize a private corporation under the RCC to pursue a common profession