RCC 3 Flashcards
It includes any corporate property to be used in furtherance of business.
FUNDS
These are corporate profits set aside, declared, and ordered to be paid by the directors for distribution among stockholders at a fixed time.
DIVIDENDS
This pertains to a person which represents the sameinterest of both the managing and the managed corporations.
INTERLOCKING STOCKHOLDERS
An act outside or beyond corporate powers
ULTRA VIRES ACT
Generally, third persons are considered:
NOT BOUND BY BY-LAWS
A private corporation ay provide the following in its bylaws, except:
A. THE PENALTIES FOR VIOLATION OF THE BYLAWS
B. THE TIME, PLACE AND MANNER OF CALLING AND CONDUCTING REGULAR OR SPECIAL MEETINGS
C. THE REQUIRED QUORUM IN MEETINGS OF STOCKHOLDERS OR MEMBERS
D. THE PROVISION DEMANDING EXECUTORY INVESTMENTS AND SHARES
D. THE PROVISION DEMANDING EXECUTORY INVESTMENTS AND SHARES
It shall issue the certification for it to be effective upon its issuance on the amended or new by-laws.
SEC
Meetings of directors, trustees, stockholders, or members may be at a
REGULAR OR SPECIAL
The following are requirements for stockholders’ ormembers’ meetings, except
A. HELD AT A PROPER PLACE
B. HELD AT A STATED DATE AT NO APPOINTED TIME
C. CALLED BY THE PROPER PERSON
D. THERE MUST BE A PREVIOUS NOTICE
B. HELD AT A STATED DATE AT NO APPOINTED TIME
This is a kind of meeting wherein at least one weekwritten notice shall be sent to all stockholders ormembers.
SPECIAL MEETING
It is counted as the basis of the presence of a quorum in meetings.
OUTSTANDING CAPITAL STOCK
is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident
to its existence.
CORPORATION
It means that the corporation is treated as a person which is separate and apart from
its individual members or stockholders.
CORPORATION AS AN ARTIFICIAL BEING
