Question

1. The meetings of the BOD of a stock corporation may be held anywhere in the world

2. The meeting of the members of a non-stock corporation may be held anywhere within the Philippines
A. True, False
B. False, True
C. Both are false
D. Both are true

Answer 1

Option B is correct; the Board of Directors of a stock corporation can meet anywhere in the world, but non-stock corporation member meetings are typically required to be held within the Philippines. The statement about proprietors in a proprietary colony having no responsibilities beyond collecting profits is false.

Step-by-step explanation:

The correct answer to the student's question is option B - False, True. Corporate meetings for stock corporations can indeed vary in location, but they are typically required to abide by the laws and regulations where the corporation is incorporated, which may restrict meeting locations. In many jurisdictions, the Board of Directors (BOD) may hold meetings anywhere in the world unless restricted by the corporation's bylaws or local laws. However, for non-stock corporations, meetings of members are generally required to be held within the jurisdiction where the corporation is established. This is usually to ensure that governance remains subject to the local regulations and laws where the non-stock corporation operates.

Regarding the statement about proprietary colonies, it is false that proprietors have no responsibilities except to collect profits. Proprietors also had administrative and governmental responsibilities in addition to their financial interests.