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6th & 7th Floors Tuscan Building 114 V.A. Rufino Street, Legaspi Village, 1229 Makati City, Philippines Telephone: +63 2 8674696 Fax: +63 2 8671304 E-mail: counsel[at]platonmartinez.com |
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Law Updates General Information Sheet not conclusive proof of ownership of share
Law Updates General Information Sheet not conclusive proof of ownership of share | General Information Sheet not conclusive proof of ownership of share |
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In David C. Lao & Jose C. Lao vs. Dionisio C. Lao G.R. No. 170585. October 6, 2008 the Court said while it may be true that petitioners were named as shareholders in the General Information Sheet submitted to the SEC, that document alone does not conclusively prove that they are shareholders of PFSC. The information in the document will still have to be correlated with the corporate books of PFSC. As between the General Information Sheet and the corporate books, it is the latter that is controlling. The mere inclusion in the General Information Sheets as stockholders and officers does not make one a stockholder of a corporation, for this may have come to pass by mistake, expediency or negligence. In this case, this was done merely to comply with the reportorial requirements with the SEC. This maybe against the law but “practice, no matter how long continued, cannot give rise to any vested right.”
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