Commercial Law, 2012 Bar — Question 64

MULTIPLE CHOICE

AAA Corporation is a foreign corporation that wants to operate a representative office here in the Philippines. As required by the Corporation Code, there is a need to appoint a Resident Agent as a condition precedent to the issuance of a license to transact business in the Philippines. After two (2) years, AAA Corporation removed its Resident Agent and did not appoint anyone anymore. Which statement is the most accurate? A) This can be a ground for revocation or suspension of its license to do business. B) There is no more effect in the license because anyway at the time of registration, a resident agent was appointed. C) This can be a ground for suspension only. D) This will result in automatic revocation of its license to do business in the Philippines.

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