Corporation Code of the Phils.- Exercises
Multiple Choice
1. The following are the attributes of a private corporation. What is the exception? A) It is an artificial being B) It is created by law C) It has the right of succession D) Its power attributes, or properties are expressly authorized by law or incident to its existence E) None of the above
2. A corporation has a personality of its own because it is legal or a juridical person. Which among the following is not a consequence of its separate personality? A) It may acquire and possess property of all kinds are well as incur debts and other contractual obligations. B) It has a nationality or citizenship of its own apart from that of the stockholder’s C) Its obligations are obligations of the majority shareholder: D) It enjoys constitutional protection.
3. Piering the veil of corporate entity is considered an exception to the rule of corporate fiction, i.e, that a corporation possesses a personality of its own separate and distinct from the personalities of the corporators of the corporation. Which of the following is the consequence of ‘piercing the veil of corporate entity’? A) The corporation will be considered a mere association of persons without a personality of its own B) The persons composing the corporation will be considered the same as the corporation; C) The liabilities of the corporation may be considered the liabilities of the stockholders or vice-versa; D) All the above
4. Which of the following is not a similarity between a corporation and a partnership? A) Both have juridical personalities distinct from those of the individuals composing them; B) Both can act only through their agents C) Both have continuity of existence D) Both may own property in their own names
5. They are corporations formed or organized for the government of a portion of state or those created by the state as its own device for the accomplishment of its own public purposes. A) Private corporations B)
1. The following are the attributes of a private corporation. What is the exception? A) It is an artificial being B) It is created by law C) It has the right of succession D) Its power attributes, or properties are expressly authorized by law or incident to its existence E) None of the above
2. A corporation has a personality of its own because it is legal or a juridical person. Which among the following is not a consequence of its separate personality? A) It may acquire and possess property of all kinds are well as incur debts and other contractual obligations. B) It has a nationality or citizenship of its own apart from that of the stockholder’s C) Its obligations are obligations of the majority shareholder: D) It enjoys constitutional protection.
3. Piering the veil of corporate entity is considered an exception to the rule of corporate fiction, i.e, that a corporation possesses a personality of its own separate and distinct from the personalities of the corporators of the corporation. Which of the following is the consequence of ‘piercing the veil of corporate entity’? A) The corporation will be considered a mere association of persons without a personality of its own B) The persons composing the corporation will be considered the same as the corporation; C) The liabilities of the corporation may be considered the liabilities of the stockholders or vice-versa; D) All the above
4. Which of the following is not a similarity between a corporation and a partnership? A) Both have juridical personalities distinct from those of the individuals composing them; B) Both can act only through their agents C) Both have continuity of existence D) Both may own property in their own names
5. They are corporations formed or organized for the government of a portion of state or those created by the state as its own device for the accomplishment of its own public purposes. A) Private corporations B)