Final answer:
A de facto corporation operates like a legal corporation despite a technical deficiency in its incorporation process; requisites include valid law, corporate powers use, and good faith organization. Non-issuance of a certificate of incorporation by the SEC is not a requisite for de facto corporation status.
Step-by-step explanation:
The concept of a de facto corporation pertains to a company that operates with all the functions of a corporation without the formal acknowledgement of the state due to a technical deficiency in its incorporation process. The requisites for de facto corporation status typically include having a valid law under which it is incorporated, the actual use of corporate powers, and an attempt in good faith to organize as a corporation. The option that is not a requisite for de facto corporation status is non-issuance by the SEC of a certificate of incorporation. This might happen because although the organizers of the corporation have attempted to comply with all legal incorporation requirements, due to some error or oversight, the formal certificate has not been granted. Nonetheless, the corporation may still operate as if it were legally incorporated.