Determine whether the statement is legally correct (TRUE) or otherwise (FALSE).

1.) A corporation de facto, having no legal personality in law, is a corporation by estoppel.

2.) An amendment to the Articles of Incorporation takes effect upon approval by the SEC or from the date of filing if not acted upon within 6 months if the delay is not attributable to the corporation.

3.) The Revised Corporation Code refers to Batas Pambansa Blg. 68.

4.) A corporation by estoppel has been granted a Certificate of Incorporation by the SEC.

5.) The Constitutional basis of the formation of organizations is provided for in Article XII, Sec.16 of the Philippine Constitution.

6.) Preferred shares are rarely given voting privileges.

7.) Corporate name is a right in rem, which a corporation may assert and protect against the whole world.

8.) The corporation which has for its primary purpose the business of banking can have for its secondary purpose the business of insurance.

9.) If a corporation is not made by operation of law, it becomes a corporation by estoppel.

10.) A corporation may also be created by the mere passage of a special law.

11.) In piercing the veil of corporate fiction, the stockholders become liable instead of the corporation.

12.) Under the RCC, corporate term shall not exceed 50 years at any given time.