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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 30% 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) Gawsengsit Corp. is doing business in the Philippines and requires a license from the Securities and Exchange Commission (SEC).
(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) Gawsengsit Corp. has to appoint a resident agent in the Philippines.
(D) Gawsengsit Corp. cannot elect directors in Bumblebee Corp.
(E) All the above choices are incorrect.