No corporation shall possess or exercise corporate powers other than those conferred by this Code or by its articles of incorporation and except as necessary or incidental to the exercise of the powers conferred.Group of answer choicesTrueFalse

All shareholders of a corporation have the right to share in the profits of the corporation.Group of answer choicesTrueFalse

A corporation is a distinct ______ entity and, as such, can have a name and take advantage of the legal powers of natural persons.Multiple choice question.patrioticillegallegalretributive

A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incidental to its existence.Group of answer choicesTrueFalse

he following are contents of the articles of incorporation, except:Group of answer choicesThe name of the corporationThe time, place and manner of calling and conducting regular or special meetings of the directors or trusteesThe place where the principal office of the corporation is to be located, which must be within the PhilippinesThe term for which the corporation is to exist, if the corporation has not elected perpetual existence

Discuss the procedure for the incorporation of companies under the Companies Act.