Corporation: Basic Considerations

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Are usually investment bankers who have agreed to use his best efforts to market all or part of an issue

underwriters

Are usually investment bankers who have offered for sale shares he has purchased from a controlling stockholder.

underwriters

Is a person who apart from his fees and shareholdings is independent of management and free from any business or other relationship

independent director

Is a person who apart from his peace and shareholdings is independent of management and free from any business or other relationship which could, or could reasonably be perceived to, materially interfere with his exercise of independent judgement in carrying out the responsibilities of a director.

independent director

A ______, shall have at least TWO INDEPENDENT DIRECTORS or at least 20% of the members of the board, whichever is the lesson

publicly held corporation

The election of the _____ is done during the annual stockholders meeting by the stockholders themselves.

independent directors

Classes of shares in general.

par value shares no par value shares voting shares non-voting shares ordinary shares preference shares promotion shares treasury shares convertible shares

One in which a specific amount is fixed in the articles of incorporation and appearing on the certificate of stock.

par value shares

Is the minimum issue price of the shares.

par value

Section 6 of the code states that preference are preferred shares of stock may be issued only as _____.

par value shares

One without any value appearing on the face of the certificate of stock.

no par value shares

May have a stated value which may be fixed in the articles of incorporation or by the board of directors or the shareholders. Thus, the issue price may vary from time to time as it is usually fixed based on the book value of the corporations shares.

no par value share

The ______ of a NO PAR VALUE SHARE is 5 PESOS per share.

MINIMUM STATED VALUE

The MINIMUM STATED VALUE of a ______ is 5 PESOS per share.

NO PAR VALUE SHARE

The MINIMUM STATED VALUE of a NO PAR VALUE SHARE is _____ per share.

5 PESOS

Shares issued without par value are deemed _____.

fully paid

Banks, trust companies, insurance companies, public utilities and building and loan associations are not permitted to issue _______shares of stock.

no par value

Those issued with the right to vote.

voting shares

Those issued without the right to vote.

non voting shares

These shares entitle the holder to an equal pro-rata division of profits without any preference.

ordinary shares

Be shares entitled the holder to certain advantages or benefits over the holders of ordinary shares.

preference shares

Those issued to promoters as compensation in promoting the incorporation of a corporation, or for services rendered in launching or promoting the welfare of the corporation.

promotion shares

A stock that has been issued by the corporation as fully paid and later reacquired but not retired.

treasury shares

A stock which is convertible or changeable from one class to another class.

convertible shares

At the time of incorporation, at least 25% of the ________ as stated in the articles of incorporation must be SUBSCRIBED and at least 25% of the ______ must be paid upon SUBSCRIPTION.

AUTHORIZED CAPITAL STOCK (or Share Capital) TOTAL SUBSCRIPTION

At the time of incorporation, at least 25% of the AUTHORIZED CAPITAL STOCK (or Share Capital) as stated in the articles of incorporation must be _____ and at least 25% of the TOTAL SUBSCRIPTION must be paid upon ______.

SUBSCRIBED SUBSCRIPTION

In no case shall the ______ be less than 5,000 pesos.

paid-in capital

The ultimate control of the corporation rests with the _____

shareholders

They are the owners of the corporation.

shareholders

They elect the top governing body of the corporation, the members of the board of directors.

shareholders

Is responsible for the formulation of the overall policies for the corporation and for the exercise of corporate powers.

board of directors

The board of directors elects the _____.

chairman of the board

The election of the professional management team or the administrative officers is interested to the _____.

board

Hierarchy of corporate structure

shareholders elect the board of directors elect the officers hire employees

_____ of the Corporation of the Philippines, states that the PRESIDENT of the corporation must be a DIRECTOR of the corporation, but he cannot act as a President and Secretary or as a President and Treasure at the same time.

Section 25

Section 25 of the Corporation of the Philippines, states that the ______ of the corporation must be a DIRECTOR of the corporation, but he cannot act as a President and Secretary or as a President and Treasure at the same time.

PRESIDENT

Section 25 of the Corporation of the Philippines, states that the PRESIDENT of the corporation must be a ______ of the corporation, but he cannot act as a President and Secretary or as a President and Treasure at the same time.

DIRECTOR

Section 25 of the Corporation of the Philippines, states that the PRESIDENT of the corporation must be a DIRECTOR of the corporation, but he cannot act as a ______ or as a ______ at the same time.

President and Secretary President and Treasurer

The _____ is the only officer required by law to be a director.

president

It is generally the duty of the _____ to make and keep its records and to make proper entries of the votes, resolutions and proceedings of the shareholders and directors in the management of the corporation.

corporate secretary

Is the proper officer interested with the authority to receive and keep the money of the corporation and receivers them as he may be authorized.

corporate treasurer

Corporate books and records

minutes book stock and transfer book book of accounts subscription book shareholders ledger subscribers ledger stock certificate book

It contains the minutes of the meetings of the directors and shareholders.

minutes book

It is a record of the names of shareholders, installments paid and unpaid by shareholders and the dates of payment, any transfer of stock and dates thereof, by whom and to whom made.

stock and transfer book

This represent the record of all business transactions. It normally includes the journal and the ledger.

books of accounts

It is a book of printed blank subscription.

subscription book

It is a ledger which details the number of shares issue to each shareholder.

shareholders ledger

It is a subsidiary ledger for the subscriptions receivable account; it reports the individual subscriptions of the subscribers.

subscribers ledger

It is a book of printed blank certificates of stock.

stock certificate book

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Corporations: Basic Considerations

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Corporations: Share Capital, Retained Earnings, and Financial Reporting

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purr

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