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Question Type

Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

Two qualified adult individuals propose to form an ordinary stock corporation. Each subscribes to at least one share. All other requirements are satisfied and no special-law exception is involved. A reviewer rejects the proposal solely because it has fewer than five incorporators. Is that reason correct under section 10?

Choose the Best Answer

No; the current section does not require at least five incorporators. Yes; every corporation requires fifty founders. Yes; exactly fifteen must always organize a corporation. No; because articles of incorporation are never required.

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