MTQ-P 24

Mark and Gari decided to become partners in a computer shop business called "FriYay
Gaming." Both Mark and Gari own several computers and other equipment that can be
used for the business and has both decided to invest it into the partnership. As a general
rule, what property rights does each partner have in the equipment?
a. The partner with more invested equipment owns all the property.
b. They own only their personal property, not partnership property.
c. They are co-owners of all the partnership property.
d. They co-own the partnership property only if the partnership is a partnership at will.

The answer is the statement “They are co-owners of all the partnership property” in letter C.

Based on Art. 1779, the property which belongs to each of the partners at the time of the constitution
of the partnership becomes the common property of all the partners, as well as all the profits which
they may acquire there with.

Applying the legal basis on the question, the computers and equipment both partners invested into the
partnership became the common property of both parties because they have both decided to invest it
into the partnership at the same time with the constitution of their partnership.

Therefore, basing on Art. 1779, the answer for this question is the statement in letter C.
MTQ-CORP 03
Which of the following is not decided with an election/voting?
a. Filling a vacancy in the Office of Director
b. Removal of a Trustee
c. Disqualification from being elected as a director/trustee/officer
d. Creation of an executive committee

The answer is the statement “Disqualification from being a director/ trustee/officer” in letter
C.

As stated in the Revised Corporation Code Sec. 26, A person shall be disqualified from
being a director, trustee, or officer of any corporation if, within five (5) years prior to the
election or appointment as such, the person was: (a) Convicted by final judgment: (1) Of an
offense punishable by imprisonment for a period exceeding six (6) years; (2) For violating
this Code; and 3) For violating Republic Act No. 8799, otherwise known as “The Securities
Regulation Code”; (b) Found administratively liable for any offense involving fraud acts; and
(c) By a foreign court or equivalent foreign regulatory authority for acts, violations or
misconduct similar to those enumerated in paragraphs (a) and (b) above.

Therefore, comparing it with the other situations in the question above, the statement about
the disqualification from being elected as director/trustee/officer is the answer because
filling a vacancy in the Office of Director, removal of a trustee, and creation of an executive
committee all requires a decision made through voting or election.

In conclusion, as based on the Revised Corporation Code Sec. 26, the answer is letter C.