This case has been cited 2 times or more.
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2009-06-19 |
YNARES-SANTIAGO, J. |
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| "The duty of the corporation to transfer is a ministerial one and if it refuses to make such transaction without good cause, it may be compelled to do so by mandamus." For the petitioner Rural Bank of Salinas to refuse registration of the transferred shares in its stock and transfer book, which duty is ministerial on its part, is to render nugatory and ineffectual the spirit and intent of Section 63 of the Corporation Code. Thus, respondent Court of Appeals did not err in upholding the Decision of respondent SEC affirming the Decision of its Hearing Officer directing the registration of the 473 shares in the stock and transfer book in the names of private respondents. At all events, the registration is without prejudice to the proceedings in court to determine the validity of the Deeds of Assignment of the shares of stock in question.[10] (Emphasis supplied) Petitioner faults us for making pronouncements that are beyond the issues raised in his petition; yet it is clear that by raising these issues, petitioner has placed the whole execution process into question. Thus, apart from claiming that respondents acted contumaciously during proceedings in the Court of Appeals, petitioner questioned as well the proceedings in the lower court prior to the proceedings in the appellate court. In his petition, petitioner squarely raised the issue that the trial court had no jurisdiction to issue the Special Order and the Writ of Execution, and therefore it should be made accountable for nonetheless issuing them - thereby placing the proceedings leading to the issuance of the order and writ effectively under our scrutiny. | |||||
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2007-08-31 |
AUSTRIA-MARTINEZ, J. |
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| Clearly, the right of a transferee/ assignee to have stocks transferred to his name is an inherent right flowing from his ownership of the stocks.[31] The Court had ruled in Rural Bank of Salinas, Inc. v. Court of Appeals[32] that the corporation's obligation to register is ministerial, citing Fletcher, to wit:In transferring stock, the secretary of a corporation acts in purely ministerial capacity, and does not try to decide the question of ownership.[33] | |||||