CORPORATION at Far Eastern University | Flashcards & Summaries

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TESTE DEIN WISSEN

-          Create special committees of temporary or permanent nature and determine the members’ term, composition, compensation, powers, and responsibilities

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Maj BOD/Trustees + Maj SH/Members

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are those organized for purposes other than religion.
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Lay Corporations

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type of corporations which are prohibited for having any other purpose not peculiar to them

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1. Educational, religious, and other non-stock corp

2. Insurance companies cannot engage in commercial banking and vice cersa

3. Stock brokers

3. 

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organized not for the purpose of public charity but for the benefit, pecuniary or otherwise, of its members. 
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CIVIL LAY CORP

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requisites for a valid de facto corp

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VGC
1. There exists a valid law under which it may be incorporated; 

2. An attempt in good faith to incorporate (colorable compliance) 

3. Use of corporate powers 
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determine which of the ff corp has juridical separate personality

- De Jure

- De Facto

- By Estoppel

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De Jure and De facto only

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created for charitable and benevolent purposes such as those organized for the purpose of maintaining hospitals and houses for the sick, aged or poor. 
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ELEEMOSYNARY LAY CORP

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period of extension of corporate term

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TESTE DEIN WISSEN
The same section also changed the period of extension of corporate term from 5 years to 3 years prior to expiration I and that such extension takes effect on the day following the original or subsequent expiry dates. 
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TESTE DEIN WISSEN

what details of incorporators are needed to be present in AOI?

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TESTE DEIN WISSEN

NNR

Name

Nationalities

Residence

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Section 22 of the RCC, the following corporations vested with public interest shall have _________________ constituting at least ___ of such board:

a. Corporations covered by the Securities Regulations Code; 

b. Banks and quasi-banks, non-stock savings and loans associations, pawnshops, corporations engaged in money service business, pre-need, trust and insurance companies, and other financial intermediaries; and

c. Other corporations engaged in business vested with public interest similar to the above, as may be determined by the SEC.

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independent directors ; 20% 

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___________________ is a person who, apart from shareholdings and fees received from the corporation, is independent of management and free from any business or other relationship which could, or could reasonably be perceived to materially interfere with the exercise of independent judgment in carrying out the responsibilities as a director. 
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An independent director 

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are composed exclusively of 
ecclesiastics organized for spiritual purposes or for administering properties held for religious ones. They are organized to secure public worship or perpetuating the right of a particular religion. 
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TESTE DEIN WISSEN
Ecclesiastical Corporations 
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Q:

-          Create special committees of temporary or permanent nature and determine the members’ term, composition, compensation, powers, and responsibilities

A:

Maj BOD/Trustees + Maj SH/Members

Q:
are those organized for purposes other than religion.
A:

Lay Corporations

Q:

type of corporations which are prohibited for having any other purpose not peculiar to them

A:

1. Educational, religious, and other non-stock corp

2. Insurance companies cannot engage in commercial banking and vice cersa

3. Stock brokers

3. 

Q:
organized not for the purpose of public charity but for the benefit, pecuniary or otherwise, of its members. 
A:

CIVIL LAY CORP

Q:

requisites for a valid de facto corp

A:
VGC
1. There exists a valid law under which it may be incorporated; 

2. An attempt in good faith to incorporate (colorable compliance) 

3. Use of corporate powers 
Mehr Karteikarten anzeigen
Q:

determine which of the ff corp has juridical separate personality

- De Jure

- De Facto

- By Estoppel

A:

De Jure and De facto only

Q:
created for charitable and benevolent purposes such as those organized for the purpose of maintaining hospitals and houses for the sick, aged or poor. 
A:

ELEEMOSYNARY LAY CORP

Q:

period of extension of corporate term

A:
The same section also changed the period of extension of corporate term from 5 years to 3 years prior to expiration I and that such extension takes effect on the day following the original or subsequent expiry dates. 
Q:

what details of incorporators are needed to be present in AOI?

A:

NNR

Name

Nationalities

Residence

Q:

Section 22 of the RCC, the following corporations vested with public interest shall have _________________ constituting at least ___ of such board:

a. Corporations covered by the Securities Regulations Code; 

b. Banks and quasi-banks, non-stock savings and loans associations, pawnshops, corporations engaged in money service business, pre-need, trust and insurance companies, and other financial intermediaries; and

c. Other corporations engaged in business vested with public interest similar to the above, as may be determined by the SEC.

A:

independent directors ; 20% 

Q:
___________________ is a person who, apart from shareholdings and fees received from the corporation, is independent of management and free from any business or other relationship which could, or could reasonably be perceived to materially interfere with the exercise of independent judgment in carrying out the responsibilities as a director. 
A:

An independent director 

Q:
are composed exclusively of 
ecclesiastics organized for spiritual purposes or for administering properties held for religious ones. They are organized to secure public worship or perpetuating the right of a particular religion. 
A:
Ecclesiastical Corporations 
CORPORATION

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