This case has been cited 1 times or more.
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2013-12-11 |
BRION, J. |
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| First, Arma Traders led the petitioners to believe that Tan and Uy had the authority to obtain loans since the respondents left the active and sole management of the company to Tan and Uy since 1984. In fact, Ng testified that Arma Traders' stockholders and board of directors never conducted a meeting from 1984 to 1995. Therefore, if the respondents' position will be sustained, they will have the absurd power to question all the business transactions of Arma Traders.[52] Citing Lipat v. Pacific Banking Corporation,[53] the petitioners said that if a corporation knowingly permits one of its officers or any other agent to act within the scope of an apparent authority, it holds him out to the public as possessing the power to do those acts; thus, the corporation will, as against anyone who has in good faith dealt with it through such agent, be estopped from denying the agent's authority. | |||||