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Question VI
VI. Gawsengsit Corp. is a corporation incorporated in Singapore. It invested in Bumblebee Corp., a Philippine corporation, by acquiring 30% of its shares. As a result, Gawsengsit Corp. nominated 30o/o of the directors of Bumblebee Corp., all of whom are Singaporeans and officers of Gawsengsit Corp.
Choose the correct statement relating to Gawsengsit Corp. (1%)
(a)(A) Gawsengsit Corp. is doing business in the Philippines and requires alicense from the Securities and Exchange Commission (SEC).
(b)(B) Gawsengsit Corp. is not doing business in the Philippines by its mere investment in a Philippine corporation and does not need a license from the SEC.
(c)(C) Gawsengsit Corp. has to appoint a resident agent in the Philippines.
(d)(D) Gawsengsit Corp. cannot elect directors in Bumblebee Corp.
(e)(E) All the above choices are incorrect.
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