Classes of Corporations

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1. Section3 classifies corporations formed or organized under the Revised Corporation Code into which basic classes?
2. Which features define a stock corporation under Section3?
3. Under Section86, what generally distinguishes a nonstock corporation, subject to dissolution provisions?
4. A lawful nonstock corporation earns incidental profit and uses it as necessary for its authorized educational purpose. …
5. An entity has capital divided into shares and authority to distribute surplus profits according to shares held. It call…
6. A nonstock cultural corporation earns revenue from events. Officers propose dividing the remaining income among themsel…
7. An adviser says the Code's general stock-corporation rules can never apply to a nonstock corporation. Another says ever…
8. Distinguish stock and nonstock corporations under Sections3 and86.
9. Can a nonstock corporation earn incidental profit? Explain the permitted use.
10. Explain why a charitable name does not by itself establish either nonstock status or every claimed legal exemption.
11. Under Section107, religious corporations are classified into which forms?
12. Which purpose is expressly permitted for a nonstock corporation by Section87?