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SUPREMECOURTREPORTSANNOTATEDVOLUME454
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_______________
*
SECOND DIVISION.
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not reflect the totality of shares which have been subscribed, more
so when the articles of incorporation show a significantly larger
amount of shares issued and outstanding as compared to that
listed in the stock and transfer book.
Same Same Same One who is actually a stockholder cannot
be denied his right to vote by the corporation merely because the
corporate officers failed to keep its records accurately.One who is
actually a stockholder cannot be denied his right to vote by the
cor
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incorpo
_______________
1
at p. 123.
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at pp. 6777.
4Id.,
at pp. 7884.
59
59
at pp. 8492.
6Id.,
at p. 15.
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8Id.,
at p. 18.
9Id.,
at p. 109.
10Id.,
at pp. 109110.
60
60
at pp. 221259.
Rollo, p. 241.
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61
61
at pp. 355358.
15Id.,
at pp. 383385.
16Id.,
at p. 387.
17
425 Phil. 65, 78 374 SCRA 262, 272 (2002), citing 46 Am. Jur. 514.
18
Republic v. Court of Appeals, 381 Phil. 558, 564 324 SCRA 560, 565
(2000).
62
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62
v. Court of Appeals, 388 Phil. 550, 556 332 SCRA 747, 749
(2000).
20Cagayan
at p. 557 p. 753.
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24Id.,
at p. 357.
25Id.,
at p. 35.
26Id.,
at p. 130.
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65
P20,000.00
COMMON STOCK700
P70,000.00
TOTAL
....
8. That the amount of the entire capital stock which has been
actually subscribed is TWENTY ONE THOUSAND SIX
HUNDRED PESOS (P21,600.00) and the following persons have
subscribed for the number of shares and amount of capital stock
set out after their respective names:
SUBSCRIBER
SUBSCRIBED
AMOUNT SUBSCRIBED
No. of Shares
Par Value
Crispulo J. Onrubia
120 Founders
P 2,400.00
_______________
Sec. 14. Contents of articles of incorporation.All corporations organized under
this Code shall file with the Securities and Exchange Commission articles of
incorporation in any of the official languages duly signed and acknowledged by all
of the incorporators, containing substantially the following matters, except as
otherwise prescribed by this Code or by special law:
...
8. If it be a stock corporation, the amount of its authorized capital stock in
lawful money of the Philippines, the number of shares into which it is divided, and
in case the shares are par value shares, the par value of each, the names,
nationalities and residences of the original subscribers, and the amount subscribed
and paid by each on his subscription, and if some or all of the shares are without
par value, such fact must be stated . . . .
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120 "
2,400.00
Martin P.
Sagarbarria
100 "
2, 000.00
Mauricio G. Gallaga
50 "
1, 000.00
Luis Renteria
50 "
1, 000.00
140 "
2, 800.00
40 "
800.00
Carlos M. Onrubia
80 "
1,600.00
700
P 14,000.00
Faustina M. de
Onrubia
SUBSCRIBER
Crispulo J. Onrubia
SUBSCRIBED
AMOUNT
SUBSCRIBED
No. of Shares
Par Value
12 Common
P 1,200.00
12 "
1,200.00
Martin P.
Sagarbarria
8"
800.00
Mauricio G. Gallaga
8"
800.00
Luis Renteria
8"
800.00
12 "
1,200.00
8"
800.00
Carlos M. Onrubia
8"
800.00
76
P7,600.0030
Juan H. Acayan
Faustina M. de
Onrubia
Treasurers Affidavit, which stated the shares actually subscribed and the
amount actually paid, and that at least 20 percent of the entire capital
stock has been subscribed and 25 percent thereof had been actually paid.
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67
32
34Bitong
v. Court of Appeals, 354 Phil. 516, 536 292 SCRA 503, 523 (1998).
35
36
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Under Sec. 31 of the old Code, quorum for the election of directors
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39Id.,
40
at p. 98.
70
42
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a corporation. In an American case, persons
claiming
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42
42Krosnar
526, 423 A2d 370, cited in 18A Am. Jur. 2d 738, p. 608.
43
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45Id.,
at p. 92.
72
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