15-16 The primary responsibility of a bank acting as a registrar of capital stock is to Ascertain that dividends declared do not exceed the statutory amount allowable in the state of incorporation. Account for stock certificates by comparing the total shares outstanding to the total in the shareholders’ subsidiary ledger. Act as an independent third party between the board of directors and outside investors concerning mergers, acquisitions, and the sale of treasury stock. Verify that stock has been issued in accordance with the authorization of the board of directors and the articles of incorporation.
Added by Jennifer G.
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A registrar is responsible for maintaining the record of the ownership of a corporation’s stock, ensuring that the number of shares issued and outstanding is accurate and properly recorded. Show more…
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Cameron B.
11. Shareholders may be natural or juridical persons. 17. Shares of stock cannot be transferred without the consent of the other shareholders. 18. Shareholders of a corporation elect the board of directors, who in turn appoint the top officers of the corporation. 19. Under the RCCP, at least twenty-five percent of authorized share capital must be subscribed and at least twenty-five percent of the total subscription must be paid upon subscription. In no case shall the paid-up capital be less than P5,000. 20. A corporation has continuity of existence which permits the business to continue regardless of changes in ownership or the death of a shareholder. 21. Only natural persons can be incorporators. 22. Any individual shareholder in a corporation may personally be held liable for all debts incurred by the corporation. 23. Non-stock corporations may be formed or organized for charitable, religious, educational, professional, cultural, recreational, fraternal, literary, scientific, social, civic service, or similar purposes. 24. A corporation is created by agreement of the shareholders. 25. All incorporators (if they continue to be shareholders) are corporators of a corporation.
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