True or False: Choose True, if the statement is correct and False, if it is incorrect.

1. The application of the doctrine of the doctrine of piercing the veil of corporate fiction is encouraged to protect the stockholders of a corporation.
2. Properties acquired by the corporation are in effect owned by its members and stockholders.
3. The provision governing stock corporations, when relevant shall be applied to non-stock corporations.
4. The right to vote is inherent in and incidental to the ownership of corporate stocks.
5. Both unissued and issued stocks form part of the outstanding capital stock of a corporation.
6. In non-stock corporations, voting rights do not have anything to do with membership unlike in stock corporations.
7. As a rule, voting by proxy or thru representatives is not allowed in non-stock corporations.
8. For convenience, professionals who practice their professions are allowed to create a corporation for their practice.
9. A corporation is allowed by law to change its name by amending its articles of incorporation and by-laws.
10. Only a natural person, trust or an estate may form a One Person Corporation.
11. Consolidation becomes effective upon the agreement of the trustee/directors and members/stockholders of the concerned corporations to the plan for consolidation.
12. Acts of management in a corporation include acts that are left to the discretion of the stockholders and members.
13. Whether or not the contracts and transactions entered into by a corporation are binding will be decided on by its governing body.
14. As a rule, the removal of the directors or trustees may be with or without cause.
15. As a rule, a contract entered into by a corporation with one or more of its trustees or directors, members or stockholders or corporate officers is void.
16. The purpose of the right of pre-emption to enable a shareholder to retain proportionate control in the corporation.
17. Because stock corporations are intended for profit, the declaration and distribution of dividends to stockholders is required.
18. As a rule, the bylaws of a corporation bind third persons and entities.
19. In case of conflict in the provisions of the articles of incorporation and the provisions of the bylaws, the latter prevails being a more detail set of rules on how the corporation should be governed.
20. The power to amend or repeal the bylaws of a corporation may be delegated to the board of trustees or directors.
21. In the determination of the existence of a quorum during a meeting, stockholders or members attending via remote communication are not counted.
22. As a rule, voting by proxy or in person is an option conferred to stockholders and members in all meetings.
23. When the bylaws of a corporation so provide, directors and trustees may attend meetings by proxy.
24. In the determination of who should attend meetings of stockholders and members, pieces of information in stock and transfer book of the corporation will be considered.
25. Treasury shares shall have no voting rights as long as such shares remain in the treasury.
26. In case of shares of stocks owned jointly by two or more persons, in order to vote the same, the consent of all the co-owners shall be necessary.
27. Unless indicated otherwise in the bylaws of a corporation, quorum should be counted as one-half plus one of the members or holders of outstanding capital stock.
28. Notice of meetings, shall be sent through the means of communication provided in the bylaws.
29. Membership in and all rights from a non-stock corporation are personal and non-transferrable.
30. Shares of stocks shall not be issued in exchange for promissory notes.