Академический Документы
Профессиональный Документы
Культура Документы
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*THIRD DIVISION.
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concurring.
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The Facts
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RTC Disposition
xxx Thus, the petitioners David C. Lao and Jose C Lao do not
appear to have become registered stockholders of Pacific Foundry
Shop corporation, as they do not appear to have acquired shares
of stock of the corporation either as subscribers or by purchase
from a holder of outstanding shares or by purchase from the
corporation of additionally issued shares.
xxxx
Secondly, the claim or contention of the petitioners David C.
Lao and Jose C. Lao is wanting in merit because they have no
stock certificates in their names. A stock certificate, as we very
well know, is the evidence of ownership of corporate stock. If ever
the said peti
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CA Disposition
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563
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Amended Decision
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Our Ruling
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23Id., at p. 41.
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25Rollo, p. 48.
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quirements with the SEC. This maybe against the law but
practice, no matter how long continued, cannot give rise to any
vested right.
If a transferee of shares of stock who failed to register such
transfer in the Stock and Transfer Book of the Corporation could
not exercise the rights granted unto him by law as stockholder,
with more reason that such rights be denied to a person who is
not a stockholder of a corporation. Petitionersappellants never
secured such a standing as stockholders of PFSC and
consequently, their petition should be denied.26
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