True or False 1. The power to borrow or obtain a loan is one of the enumerated corporate powers under the Code, it is really an inherent or implied power of every corporation since it flows from its being granted the capacity to contract or to obligate itself as a juridical person under Article 46 of the Civil Code. In addition, the express powers to enter into the accessory contracts of "pledge" or "mortgage" under Section 35(g), must necessary include the power to enter into the accessory contract of loan 2.Cash dividends are declared by the majority of the quorum of the board of directors with the concurrence of the stockholders representing at least 2/3 of the outstanding capital stock 3.It is a well-established principle that the contents of the bylaws that contravene the Constitution and the laws of the land are deemed void; and that in case of contradiction to any of the provisions of the articles of incorporation, the By-Laws' provision/s shall prevail 4.The Supreme Court declared void the bylaw provision that granted to the corporation a right of first refusal over shares sought to be disposed by shareholders 5.Since articles of incorporation provisions are intramural in nature and are not meant to bind parties outside the corporate family, it stands to reason that the public dealings with the corporation are not supposed to be interested in the provisions of its articles of incorporation, and therefore should not be bound thereby
True or False
1. The power to borrow or obtain a loan is one of the enumerated corporate powers under the Code, it is really an inherent or implied power of every corporation since it flows from its being granted the capacity to contract or to obligate itself as a juridical person under Article 46 of the Civil Code. In addition, the express powers to enter into the accessory contracts of "pledge" or "mortgage" under Section 35(g), must necessary include the power to enter into the accessory contract of loan
2.Cash dividends are declared by the majority of the quorum of the board of directors with the concurrence of the stockholders representing at least 2/3 of the outstanding capital stock
3.It is a well-established principle that the contents of the bylaws that contravene the Constitution and the laws of the land are deemed void; and that in case of contradiction to any of the provisions of the articles of incorporation, the By-Laws' provision/s shall prevail
4.The Supreme Court declared void the bylaw provision that granted to the corporation a right of first refusal over shares sought to be disposed by shareholders
5.Since articles of incorporation provisions are intramural in nature and are not meant to bind parties outside the corporate family, it stands to reason that the public dealings with the corporation are not supposed to be interested in the provisions of its articles of incorporation, and therefore should not be bound thereby
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