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Problem 1: ABC Corporation has more than 200 shareholders of which are holding at least 100 ordinary shares. According to degree of participation, this corporation is
a. open corporation.
b. a close corporation.
c. publicly-held corporation.
d. de jure corporation.
Problem 2: Under the Revised Corporation Code of the Philippines, which of the following statements is correct?
a. At least 25% of the authorized capital stock must be subscribed and at least 25% of the subscribed must be paid-up.
b. If a corporation has commenced its business but subsequently becomes inoperative for a period of at least five consecutive years, its certificate of incorporation shall be deemed revoked as of the day following the end of the five-year period.
c. Majority of the incorporators must be resident of the Philippines.
d. Minimum number of directors is required for educational corporations.
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