This case has been cited 1 times or more.
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2016-01-20 |
LEONEN, J. |
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| Ching and Wellington v. Subic Bay Golf and Country Club[105] sustained the Regional Trial Court's and Court of Appeals' characterization of the Complaint filed by stockholders against officers of the corporation as a derivative suit. Nestor Ching and Andrew Wellington filed a Complaint in their own names and in their right as individual stockholders assailing an amendment introduced into Subic Bay Golf and Country Club's articles of incorporation, which supposedly "takes away the right of the shareholders to participate in the pro-rata distribution of the assets of the corporation after its dissolution."[106] They anchored their action on Section 5(a) of Presidential Decree No. 902-A.[107] They claimed that this statutory provision "allows any a stockholder to file a complaint against the Board of Directors for employing devices or schemes amounting to fraud and misrepresentation which is detrimental to the interest of the public and/or the stockholders."[108] | |||||