TRUE OR FALSE

26 All corporations issue shares of stock and are either public or private. profits on the basis of the shares held. WIN Ballada Corporations: Basic Considerations | 539 fue. corporation on of the state. incorporator share transact corporate e parties as in the reholder subscriber to at hentation of the apart from its Stock corporations have their share capital divided into shares and are authorized to distribute to the holders of such share dividends or allotments of the accumulated 28. The president of a corporation must be a director of the corporation 29. Incorporators can be artificial beings. 30. Death of a shareholder will not dissolve the corporation. 31. Preference shares of stock should only be issued as par value shares. 32. A de jure corporation is a corporation existing in fact and in law. 33. Shares without par value may be issued for a consideration less than P5,00 per 34. The liability of the shareholders for the payment of corporate debts is limited to the value of their shares. 35. A corporation shall have a corporate term of 50 years unless its articles of incorporation states it as of perpetual existence. 36. Any person, partnership, association or corporation, singly or jointly with others but not more than fifteen (15) in number, may organize a corporation for any lawful purpose or purposes. 37. 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 38. Under the old Corporation Code, the minimum number of incorporators was five. Under the RCCP, one person can form a corporation, the one person corporation 39. Corporations vested with public interest shall have independent directors constituting at least 25% of such board, 40. Foreign corporations are allowed to give donations in aid of any political party or candidate or for purposes of partisan political activity. 41. In the articles of incorporation, the principal place of business must be a specific address within the Philippines. 42. A majority of the incorporators must be residents of the Philippines. 43. The incorporators and the treasurer sign the articles of incorporation 44. If a corporation does not formally organize and commence its business within 3 years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the 3-year period. 45. If the corporation is vested with public interest, the board has the option to elect a compliance officer 46. OPC is a corporation with a single stockholder, who may be a natural or artificial person, a trust or an estate. 47. The OPC has a personality separate and distinct from the single stockholder as such the sole shareholder's liability is always limited to his investment. 48. The treasurer who may or may not be a director is not required to be a resident of the Philippines. 49. The single stockholder shall be the sole director and president of the OPC. 50. The single stockholder may be appointed as the corporate secretary of the OPC. of the other mappoint the ital must be must be paid 0. to continue able for all religious fic, social, ors of a