Question

S1: A majority of the directors or trustees of all corporations organized in the Philippines must be citizens of the Philippines

S2: Any two or more positions may be held concurrrently by the same person, except that no one shall act as president and secretary or as secretary and treasurer at the same time
A. Only S1 is true
B. Only S2 is true
C. Both are false
D. Both are true

Answer 1

S1: A majority of the directors or trustees of all corporations organized in the Philippines must be citizens of the Philippines. S2: Any two or more positions may be held concurrently by the same person, except that no one shall act as president and secretary or as secretary and treasurer at the same time. Both statements are true.

Step-by-step explanation:

Statement 1 (S1) states that a majority of the directors or trustees of all corporations organized in the Philippines must be citizens of the Philippines.

Statement 2 (S2) states that any two or more positions may be held concurrently by the same person, except that no one can act as president and secretary or as secretary and treasurer at the same time.

Both S1 and S2 are true. S1 establishes the requirement for the majority of directors or trustees to be Filipino citizens, which is in line with the policy of Filipino ownership and control of corporations in the Philippines. S2 sets a restriction on holding certain positions concurrently to avoid concentration of power.