CORPORATION LAW 2nd Semester, AY 2011-2012 I. GENERAL A. Definition (Sec.

2; Articles 44(3), 45, 46, and 1775, Civil Code) q Tayag v. Benguet Consolidated Inc. 26 SCRA 242 (1968)

q Monfort Hermanos Agricultural Devt. Corp. v. Monfort III 434 SCRA 27 (2004) q q PSE v. Court of Appeals, 281 SCRA 232 (1997) Tan Boon Bee & Co. Inc. v. Jarencio, 163 SCRA 205 (1988)

B. Advantages and Disadvantages

C. Distinguished from other entities (sole proprietorship, joint venture, cooperative, sociedad anonimas, cuentas en participacion, corporation sole [Sec. 110], partnership, limited partnership, business trust)

D. Nature and Attributes Corporation as a person q q q q q q q Smith Bell & Co. v. Natividad, 40 Phil. 144 (1920) Bache & Co v. Ruiz, 37 SCRA 823 (1971) Stonehill v. Diokno, 20 SCRA 383 (1967) Bataan Shipyard & Engineering v. PCGG, 150 SCRA 181 (1987) PNB v. CA, 83 SCRA 237 (1978) Ching v. Secretary of Justice, 481 SCRA 602 (2006) Prime White Cement Corp. v. IAC, 220 SCRA 103 (1993)

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q Filipinas Broadcasting Network v. Ago Medical and Educational Center, 448 SCRA 413 (2005)

E. Kinds of Corporations 1. Vis--vis State: Public, quasi-public, private

q Boy Scouts of the Philippines v. COA, G.R. No. 177131, June 7, 2011 q Marilao Water Consumers Association Inc. v. IAC, G.R. No. 72807, September 9, 1991 q Feliciano v. Commission on Audit, 419 SCRA 363 (2004) q Shipside Inc. v. CA, 352 SCRA 334 (2001) q Camparedondo v. NLRC, 312 SCRA 47 (1999) q Strategic Alliance Devt Corp v. Radstock Securities Ltd., et al, 607 SCRA 413 (2009) q PNOC-Energy Development Corp. v. NLRC, 201 SCRA 487 (1991)

2.

As to place of incorporation : (Sec. 123) Domestic, foreign

3. As to purpose (Sec. 88, 106-109, 116): municipal, religious, educational, charitable, scientific or vocational, business

4. As to number of members (Sec. 110, 96): Corporation sole, close, aggregate q Roman Catholic Apostolic Administrator of Davao, Inc. v. LRC, 102 Phil. 596 (1957) See also Republic v. IAC, 168 SCRA 165 (1988)

5.

As to existence of shares: Stock (Sec. 3), Non-stock (Sec. 87-88) 2

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6. As to legal status: de jure, de facto (Sec. 20), corporation by estoppel (Sec. 21) q Arnold Hall v. Piccio, 86 Phil 603 (1950) q Sawadjaan v. CA, 459 SCRA 516 (2005) q Albert v. University Publishing Co., 13 SCRA 84 (1965) q Cranson v. IBM Corp., 234 Md 477, 200 A. 2D33 (1964)* q Intl Express Travel v. CA, 343 SCRA 674 (2000) q Asia Banking Corporation v. Standard Products Co., Inc., 46 Phil. 145 (1924)

II. ESTABLISHMENT OF CORPORATIONS

A. REQUIREMENTS FOR INCORPORATION

1. Articles of Incorporation (Sec. 14-15, 97)

2. Corporate name (SEC Memo Circ. No. 5, s. 2008; SEC Memo Circ. No. 12, s. 2008) q Lyceum of the Philippines Inc. v. CA, 219 SCRA 610 (1993) q Philips Export B.V. et al v. CA, 206 SCRA 457 (1992) q Phil. First Insurance Co. v. Hartigan, 74 SCRA 252 (1970)

3. Purpose (Sec. 14[2], 88) Marie Cecile R. Quintos UP College of Law 3

q Ulep v. The Legal Clinic, 223 SCRA 378 (1993) q Alhambra Cigar & Cigarette Mfg v. SEC, 24 SCRA 269 (1968)

4. Principal Office (Sec. 14[3]) q Clavecilla Radio Systems v. Antillon, 19 SCRA 379 (1967) q Hyatt Elevators v. Goldstar Elevators, 473 SCRA 705 (2005)

5. Corporate term (Sec. 11)

6. Incorporators (Sec. 10)

7. Capitalization (Sec. 12, 13)

a.

Concept of Capital/Capital Stock/Share q NTC v. CA, 311 SCRA 508 (1999) q Gamboa v. Teves, G.R. No. 176579, June 28, 2011 q Stockholders of F. Guanzon and Sons, Inc. v. Register of Deeds of Manila, 6 SCRA 373 (1962)

b.

Kinds of shares of stock (Sec. 6-9, 41, 57) q Republic Planters Bank v. Agana, 269 SCRA 1 (1997) q CIR v. Manning, 66 SCRA 14 q San Miguel Corp. v. Sandiganbayan, 340 SCRA 289 (2000) q Delpher Trades Corp v IAC, 157 SCRA 349 (1988)

c. Marie Cecile R. Quintos UP College of Law

Purpose of classification of shares 4

d. Stock ownership in certain corporations (Sec. 140; Republic Act (R.A.) No. 7042, as amended by R.A. No. 8179, IRR, Executive Order No. 584, Commonwealth Act No. 108)

e.

Trust Fund Doctrine (see Art. 2238, Civil Code) q NTC v. CA, 311 SCRA 508 (1999), supra q Donnina Halley v. Printwell, Inc., G.R. No. 157549, May 30, 2011 q Ong Yong v. Tiu, 401 SCRA 1 (2003)

f.

Close corporations (Sec. 96)

g.

No transfer clause (Sec. 15 [Eleventh Article], 97) q J.G. Summit Holdings Inc. v. CA, 450 SCRA 169 (2005)

h.

By-laws (Sec. 46-47) q SMC v. Mandaue Packing Products Plants Union-FFW, 467 SCRA 107 (2005) q Grace Christian High School v. CA, 281 SCRA 133 (1997) q China Banking Corp v. CA, 270 SCRA 503 (1997)

B. REQUIREMENTS UNDER SPECIAL LAWS (Sec. 17, last par.) q Gamboa v. Teves, G.R. No. 176579, June 28, 2011, supra

C. GROUNDS FOR REJECTION (Sec. 17)

D. COMMENCEMENT OF CORPORATE EXISTENCE (Sec. 19, 22)

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Cagayan Fishing Devt Co. v. Sandiko, 65 Phil 233 (1937)

E. AMENDMENT OF ARTICLES OF INCORPORATION AND BY-LAWS (Sec. 16, 48)

F. REGULATION OF CORPORATIONS BY THE SEC (Sec. 5.2, SRC vis--vis P.D. 902)

III. THE CORPORATION AS AN ENTITY

A. In General: Separate Juridical Personality

q q q q q q

Land Bank of the Philippines v. CA, 364 SCRA 375 (2001) Good Earth Emporium v. CA, 194 SCRA 544 (1991) DBP v. NLRC, 186 SCRA 841 (1990) Sunio v. NLRC, 127 SCRA 390 (1984) Traders Royal Bank v. CA, 177 SCRA 789 (1989) EPG Construction v. CA, 210 SCRA 230 (1992)

B. Exception: Doctine of Piercing the Veil of Corporate Fiction 1. General Principles q Suldao v. Cimech System Construction, Inc., 506 SCRA 256 (2006) q Concept Builders Inc. v. NLRC, 257 SCRA 149 (1996) 2. Elements; Basis for applying doctrine q PNB v. Andrada Electric & Engineering Co., 381 SCRA 244 (2002) q PNB v. Ritratto Group Inc., 362 SCRA 216 (2001) 3. When applicable Fraud q First Philippine International Bank v. Court of Appeals, 252 SCRA 259 (1996) q Shoemart v. NLRC, 225 SCRA 311 (1993) Marie Cecile R. Quintos UP College of Law 6

q Marvel Building Corp v. David, 94 Phil 376 (1954)

Alter-ego; instrumentality rule q Yutivo Sons v. CTA, 1 SCRA 160 (1961) q Lipat v. Pacific Banking Corp., 402 SCRA 339 (2003) q La Campana Coffee Factory v. Kaisahan ng Manggagawa 93 Phil 160 (1953) q NAFLU v. Ople, 143 SCRA 125 (1986)

Parent-subsidiary q Reynoso IV v. Court of Appeals 345 SCRA 335 (2000) q General Credit Corp. v. Alsons Dev. and Investment Corp., 513 SCRA 225 (2007) 4. When not applicable q Francisco Motors Corp. v Court of Appeals, 309 SCRA 72 (1999) q Traders Royal Bank v. CA, 269 SCRA 15 (1997) q Indophil Textile Mill Workers Union-PTGWO v. Calica, 205 SCRA 697 (1992) q Umali v. CA, 189 SCRA 529 (1990) q q q q q IV. Del Rosario v. NLRC, 187 SCRA 777 (1990) Yu v. NLRC, 245 SCRA 134 (1995) Boyer-Roxas v. Court of Appeals, 211 SCRA 470 (1992) Nisce v. Equitable PCI Bank, Inc., 516 SCRA 231 (2007) Marubeni Corporation v. Lirag, 362 SCRA 620 (2001)

POWERS OF CORPORATIONS

A. GENERAL (Sec. 36)

B. SPECIFIC

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1. Amend the articles of incorporation and by-laws (Sec. 16, 48) 2. Extend/shorten corporate term (Sec. 37, 81[1]) 3. Increase/decrease authorized capital stock (Sec. 38) 4. Incur, create or increase bonded indebtedness (Sec. 38)

5. Sell or dispose of assets (Sec. 40; see also Act No. 3952 [Bulk Sales Law]) q Caltex (Phils.) Inc. v. PNOC Shipping and Transport Corp. 498 SCRA 400 (2006)

6. Investment of corporate funds (Sec. 42) q De la Rama v. Ma-ao Sugar Central Co., 27 SCRA 247 (1969)

7. Declare dividends q Nielson & Co. v. Lepanto Consolidated Mining Co., 26 SCRA 540 (1968)

8. Enter into management contracts q Nielson & Co. v. Lepanto Consolidated Mining Co., supra

C. IMPLIED AND INCIDENTAL (Par. 11, Sec. 36) q q q Inter-Asia Investments Industries v. CA, 403 SCRA 452 (2003) Luneta Motor Co. v. A.D. Santos Inc., 5 SCRA 809 (1962) Teresa Electric Power Co. Inc. v. PSC, 21 SCRA 198 (1967)

1. Act as guarantor/surety of another corporation Marie Cecile R. Quintos UP College of Law 8

SEC Opinions dated 24 March 1982, 30 July 1987, 16 December 1991

2. Enter into a partnership or joint venture q Tuason & Co. v. Bolaos, 95 Phil. 106 (1954) SEC Opinion dated 29 February 1980

D. ULTRA VIRES DOCTRINE (Sec. 45) q Govt. of the Philippine Islands v. El Hogar Filipino, 50 Phil. 399 (1927) q Atrium Management Corp. v. CA, 353 SCRA 23 (2001)

q Safic Alcan & Cie v. Imperial Vegetable Oil Co. Inc., 355 SCRA 559 (2001) q q q Pirovano v. De la Rama Steamship Co., Inc., 96 Phil. 335 (1954) Harden v. Benguet Consolidated Mining Co., 58 Phil. 140 (1933) NPC v. Alonzo-Legasto, 443 SCRA 342 (2004)

V.

CONTROL AND MANAGEMENT OF CORPORATIONS

A. BOARD OF DIRECTORS OR TRUSTEES

1.

General (Sec. 23) q Ramirez v. Orientalist Co., 38 Phil. 634 (1918) q Manila Metal Container Corp. v. PNB, 511 SCRA 444 (2006) q Filipinas Port Services v. Go, 518 SCRA 453 (2007) q Board of Liquidators v. Heirs of Maximo Kalaw, 20 SCRA 987 (1967) q Francisco v. GSIS, 7 SCRA 557 (1963)

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2.

Qualifications and Disqualifications (Sec. 23, 27) q Gokongwei , Jr. v. SEC, 89 SCRA 336 (1979) q Lee v. CA, 205 SCRA 752 (1992) q Detective and Protective Bureau v. Cloribel, 26 SCRA 256

3.

Election, Vacancies, Removal (Sec. 24, 25, 26, 28, 29) q Premium Marble Resources, Inc. v. Court of Appeals, 264

SCRA 11 (1996)
q Monfort Hermanos Agricultural Devt. Corp. v. Monfort III, 434 SCRA 27 (2004), supra

4.

Term (Sec. 23, 92, 108)

5.

Meetings (Sec. 49, 53, 54, 92, 97, 101) q Lopez Realty Inc. v. Fortencha, 247 SCRA 183 (1995) q Tan v. Sycip, 499 SCRA 216 (2006) q Lopez v. Ericta, 45 SCRA 539 (1972)

6. Duties of Directors (Sec. 31-34; see SEC Memo Circular No. 6, series of 2009)

a. General Rule q Strategic Alliance Devt Corp v. Radstock Securities Ltd., et al, 607 SCRA 413 (2009)

b. Duty of Diligence; Business Judgment Rule

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q Steinberg v. Velasco, 52 Phil. 953 (1929) q Montelibano v. Bacolod-Murcia Milling Co., Inc., 5 SCRA 36 (1962) q PSE v. CA, 281 SCRA 232 (1997) q Ong Yong v. Tiu, 401 SCRA 1 (2003)

c. Fiduciary Duty q Republic of the Philippines v. Sandiganbayan (First Division), et al, G.R. Nos. 166859, 169203, 180702, April 12, 2011, including dissenting opinions

(i)

The self-dealing director (Sec. 32) q Palting v. San Jose Petroleum, 18 SCRA 924 q Mead v. McCollough, 21 Phil. 95 (1911) q Prime White Cement Corp. v. IAC, 220 SCRA 103 (1993), supra

(ii)

Fixing of compensation (Sec. 30) q Central Cooperative Exchange v. Tibe, Jr. 33 SCRA 593 (1970) q Western Institute of Technology Inc. v. Salas, 278 SCRA 216 (1997)

(iii)

Using inside information (SRC Sec. 3.8, 23, 27) q Strong v. Repide, 41 Phil. 947 (1909)

(iv)

Seizing corporate opportunity (Sec. 34) q Gokongwei , Jr. v. SEC, 89 SCRA 336 (1979), supra

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(v)

Interlocking directors (Sec. 33)

7.

Executive Committee (Sec. 35) q Filipinas Port Services Inc. v. Go, 518 SCRA 453 (2007), supra

B. OFFICERS (Sec. 25)

1. Definition q Matling Industrial and Commercial Corp., et al v. Coros, G.R. No. 157802, October 13, 2010 q Real v. Sangu Philippines Inc., G.R. No. 168757, January 19, 2011 SEC Opinion dated Dec 16, 1991

2. General Rule q Vicente v. Geraldez, 52 SCRA 210 (1973) q Yao Ka Sin Trading v. CA, 209 SCRA 763 (1992) q San Juan Structural and Steel Fabricators v. CA, 296 SCRA 631 (1998)

3. Exception q Board of Liquidators v. Heirs of Maximo Kalaw, 20 SCRA 987 (1967), supra q Woodchild Holdings Inc. v. Roxas Electric Construction Co, Inc., 436 SCRA 235 (2004) q Francisco v. GSIS, 7 SCRA 577 (1963) q Nyco Sales Corp. v. BA Finance Corp., 200 SCRA 637 (1991)

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4. Liabilities q Vazquez v. Borja, 74 Phil. 560 (1944) q Palay, Inc. v. Clave, 124 SCRA 638 (1993) q Tramat Mercantile Inc. v. CA, 238 SCRA 14 (1994) q Peoples Air Cargo v. CA, 297 SCRA 170 (1998) q Rural Bank of Milaor v. Ocfemia,325 SCRA 99 (2000) q Alba v. Yupangco, G.R. No. 188233, June 29, 2010

C. STOCKHOLDERS OR MEMBERS

1.

Subscription to shares (Sec. 60, 61, 66, 13, 72) q Tan v. Sycip, 499 SCRA 216 (2006), supra SEC Opinion dated October 9, 1995 addressed to Atty. A.B.F. Gaviola, Jr.

a. Pre-emptive right (Sec. 39, 102) q 2010 Makati Sports Club Inc. v. Cheng, G.R. No. 178523, June 16,

q Majority Stockholders of Ruby Industrial Corp. v. Miguel Lim, G. R. No. 165887, June 6, 2011 b. Watered stock (Sec. 65) c. Consideration (Sec. 62)

2.

Issuance of stock certificate (Sec. 64, 73) q Tan v. SEC, 206 SCRA 740 (1992) q De los Santos v. Republic, 96 Phil. 577 (1955) q Angeles v. Santos, 64 Phil. 697 (1937)

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SEC Opinion No. 02-05, dated January 31, 2005 (re: bearer certificates)

3.

Unpaid subscriptions (Sec. 66-71) q Apodaca v. NLRC, 172 SCRA 442 (1989)

4.

Powers/Rights

a. Vote (24, 72, 55-59; 6; 89, 100) SEC Opinion No. 26, s. 2003, dated March 22, 2003, addressed to Ms. Jaycel Sato (re: voting by trustees through the internet) SEC Memorandum Circular No. 4, dated March 17, 2004 (re: voting by mail and one share-one vote policy); But see SEC OGC Opinion No. 02-10 (Founders Shares)

b. Election of directors q Tan v. Sycip, 499 SCRA 216 (2006), supra

c. Removal of directors (Sec. 28) q Angeles v. Santos, 64 Phil. 697 (1937), supra

d. Approve fundamental changes (Sec. 6, 16, 38, 40, 42, 48, 77)

e. Others (Sec. 30, 32, 34, 43, 44, 62, 104) q Lee v. CA, 205 SCRA 752 (1992), supra

f. Pre-emptive Right (Sec. 39) Marie Cecile R. Quintos UP College of Law 14

g. Stock Certificate (Sec. 64) q Makati Sports Club Inc. v. Cheng, G.R. No. 178523, June 16, 2010, supra q Angeles v. Santos, 64 Phil. 697 (1937), supra

h. Transfer Shares (Sec. 63, 90, 91) q Sunset View Condominium Corp. v. Campos, 104 SCRA 295 (1981) q Razon v. IAC, 207 SCRA 234 (1992) q Rural Bank of Salinas v. CA, 210 SCRA 510 (1992) q Batangas Laguna Tayabas Bus Co., Inc. v. Bitanga, 362 SCRA 365 (2001) q Rural Bank of Lipa City v. CA, 366 SCRA 188 (2001) q Ponce v. Alsons Cement Corp, 393 SCRA 602 (2002) q Republic v. Estate of Hans Menzi, 476 SCRA 20 (2005)

(i)

Forged and unauthorized transfers q J. Santamaria v. HSBC, 89 Phil. 780 (1951) q Neugene Marketing Inc. v. CA, 303 SCRA 295 (1999)

i.

Dividends (Sec. 43) q CIR v. Manning, 66 SCRA 14, supra

j. q q

Inspect corporate records (Sec. 74)

Africa v. PCGG, 205 SCRA 39 (1992) Veraguth v. Isabela Sugar Co., 57 Phil. 266 (1932) 15

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Gonzales v. PNB, 122 SCRA 490 (1983)

k. Financial Statements (Sec. 75)

l.

Appraisal right (Sec. 81-86, 105)

m. Derivative suit (Interim Rules of Procedure for Intra-Corporate Controversies) q q q SMC v. Kahn, 176 SCRA 447 (1989) Chua v. CA, 443 SCRA 259 (2004) Yu v. Yukayguan, 589 SCRA 588 (2009)

n. Proportionate Share of Assets Upon Dissolution (Sec. 122)

5.

Devices Affecting Control

a. Proxies (Sec. 58) q Alejandrino v. De Leon, G.R. No. 49043, Dec. 29, 1943 q State ex rel. Everett Trust & Savings Banks v. Pacific Waxed Paper Co., et al, SC of Washington, 1945, 22 Wash. 2d 844, 157 P. 2d 707, 159, ALR 297* SEC Opinion dated June 14, 1995 addressed to Mr. Cesar Arambulo

b. Voting Trust (Sec. 59) q National Investment & Development Corporation v. Aquino, 163 SCRA 153 (1988) q Lee v. CA, 205 SCRA 752 (1992), supra 16

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c. Pooling and voting agreements (Sec. 100) q EK Buck Retail Stores v. Harkert, 157 Neb 867, 62 NW 2d 288 (1954)*

d. Cumulative Voting

e. Classification of Shares

f. Restrictions on Transfers of Shares (Sec. 97, 98, 99) Right of first refusal, tag-along right, drag-along right q Lim Tay v. CA, 293 SCRA 634 (1998) SEC Opinion dated June 8, 1995 addressed to Atty. Helen de LeonManzano

g. Prescribing qualifications for Directors; Founders Shares (Sec. 7)

h. Management contracts (Sec. 44)

i.

Unusual voting and quorum requirements (Sec. 97)

6.

Meetings (Sec. 49-52, 54, 93)

VI. MERGER AND CONSOLIDATION (Sec. 76-80, 132) q McLeod v. NLRC, 512 SCRA 222 (2007) q PNB v. Andrada Electric & Engineering Co., 381 SCRA 244 (2002) q Filipinas Post Services v. NLRC, 177 SCRA 203 (1989)

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VII.FOREIGN CORPORATIONS

A. Definition (Sec. 123) B. Requirement for license to do business (Sec. 125-126, 129) Avon Insurance PLC v. CA, 278 SCRA 312 (1997) C. Resident Agent (Sec. 127-128) Expertravel & Tours Inc. v. CA, 459 SCRA 147 (2005)

D. Concept of Doing Business (Sec. 3(d), R.A. No. 7042, as amended) q Mentholatum v. Mangaliman, 72 Phil. 525 (1941) q Agilent Technologies Singapore v. Integrated Silicon Technology Phil. Corp., 427 SCRA 593 (2004) q European Resources and Technologies, inc. v. Ingenieuburo Birkhanh + Nolte, 435 SCRA 246 (2004) q Cargill Inc. v. Intra Strata Assurance Corporation, 615 SCRA 304 (2010) E. Effect of doing business without a license (Sec. 133) q Eriks Ltd. v. CA, 267 SCRA 567 (1997) q Home Insurance Co. v. Eastern Shipping Lines, 123 SCRA 424 (1983) q Merrill Lynch Futures, Inc. v. CA, 211 SCRA 824 (1992) F. Amendment (Sec. 130-131) G. Revocation of license and withdrawal (Sec. 135-136) VIII. DISSOLUTION

A. Voluntary Dissolution (Secs. 118-120) q Alhambra Cigar & Cigarette Mfg v. SEC, 24 SCRA 269 (1968), supra

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B. Involuntary Dissolution (Sec. 119; Sec. 6(l), PD 902-A; Sec. 2, Rule 66, Rules of Court)

C. Effects q PNB v. CFI of Rizal, Pasig Br XXI, 209 SCRA 294 (1992)

D. Liquidation (Sec. 122) q q q q q q Board of Liquidators v. Kalaw, 20 SCRA 987 (1967), supra Clemente v. CA, 242 SCRA 717 (1995) Reburiano v. CA,301 SCRA 342 (1999) National Abaca Corp. v. Pore, 2 SCRA 989 (1961) Tan Tiong Bio v. Commissioner, 100 Phil. 86 (1956) Gelano v. CA, 103 SCRA 90 (1981) q Majority Stockholders of Ruby Industrial Corp. v. Miguel Lim, G. R. No. 165887, June 6, 2011, supra

IX. NON-STOCK CORPORATIONS (Sec. 87-95) q Collector of Internal Revenue v. Club Filipino Inc. de Cebu, 5 SCRA 321 (1962) Collector of Internal Revenue v. University of Visayas, 1 SCRA 669 (1961) SEC Opinion dated February 24, 2003 (re: conversion of non-stock educational institution into a stock corporation) Re: Foundation - See Sec. 30 and 34(H), NIRC

X. CLOSE CORPORATIONS (Sec. 96-105) q Manuel R. Dulay Enterprises v. CA, 225 SCRA 678 (1993)

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q San Juan Structural and Steel Fabricators v. CA, 296 SCRA 631 (1998), supra q Sergio F. Naguiat v. NLRC, 269 SCRA 564 (1997)

XI. SPECIAL CORPORATIONS

A. EDUCATIONAL CORPORATIONS (Sec. 106-108)

B. RELIGIOUS CORPORATIONS (Sec. 109-116) q Iglesia Evangelica Metodista En Las Filipinas (Corporation Sole), Inc., et al v. Bishop Nathanael Lazaro, et al, G.R. No. 184088, July 6, 2010 ***********************

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