OPC

Question 1

Who can incorporate as OPC?

NET

Answer 1

natural person
estate
trustee

Question 2

OPC liability

Answer 2

GR: separate liability
Except: joint and severally
cant prove the independence of personal
property from OPC

Question 3

Not applicable to OPC

ABM

Answer 3

1. authorized stock
2. by-laws
3. minutes of the meeting ( pero minutes book yes)
   kasi nga isa niya lang

Question 4

When to appoint officers (treasurer, sec, others)of OPC?

clue: A-O

Answer 4

15 days from receipt of COI

Question 5

Period to submit names of OPC officers to SEC?

clue: A-O -10 days

Answer 5

5 days from appointment, notify SEC

Question 6

Who can be director in an OPC?

Answer 6

the single stockholder himself is the automatic stockholder

Question 7

conversion of OPC to stock corp & vice versa requires liquidation.
if the OPC acquires ALL stocks of a stock corporation, it is converted to stock corp
effectivity of conversion

Answer 7

False
True
issuance of amended COI

Question 8

period to notify SEC of

1. OPC conversion to stock corporation and
2. final disposition by the legal heirs with transferred OPC shares

Answer 8

60 days notice to SEC from occurrence

Question 9

NOT allowed to be OPC

clue: PNB Chacha

Answer 9

Public
Natural person to exercise prof
Banks, quasi- banks, pre-need, trust, insurance
Non-CHArtered GOCC

Question 10

transfer of shares to legal heirs of OPC

Answer 10

1. within 7 days from receipt of affidavit

2. legal heirs must notify SEC within 60 days on what to do with OPC

Question 11

Validity of nominee and alternate nominee

Answer 11

written consent attached to AI

Question 12

Change of nominee and alternate nominee requires AI amendment

Answer 12

false.

written consent of new designated people is enough

Question 13

1. President secretary is not allowed due to incompatible duties.
2. President treasurer is allowed provided that

Answer 13

1. True
   2.
   - give a bond
   - written undertaking to administer faithfully the funds

Question 14

Duties of OPC Secretary

read lang

Answer 14

• maintaining of minutes book
• notify nominee or alternate nominee 5 days from occurrence of the death of the stockholder
• notify SEC 5 days from occurrence + stating the name, residence, contact details of legal heirs
• call the nominee or alternate nominee and the known legal heir to a meeting for
  
  • election of new director
  • amendment of AI and other matters

Question 15

An OPC must contain OPC in its name as a basis also of its limited liability

Answer 15

True