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# ATENEO DE MANILA LAW SCHOOL

## CORPORATE LAW - 2A & 2B

FINAL EXAMINATIONS

## Dean CESAR L. VILLANUEVA 30 Mar ! 200" # M\$n%a&

INSTRUCTIONS
T!e E'a()na*)\$n \$n+)+*+ \$, FIVE -./ Pr\$01e(+ \$n THREE -3/ 2a3e+. Rea% ea ! )*e( are,411&. An+5er *!e 64e+*)\$n+ SE7UENTIALL8# \$n )+e1& an% 1ear1& STARTIN9 EVER8 ANSWER ON A SEPARATE RI9HT-HAND PA9E# 04* *!erea,*er &\$4 (a& 5r)*e \$n *!e 0a : 2a3e. D\$ n\$* re2ea* *!e 64e+*)\$n+ an% MA;E SURE 8OU ADDRESS THE SPECIFIC 7UESTIONS AS;ED AT THE END OF EACH PROBLEM. A (ere <8ES= \$r <NO= \$r MERE CONCLUSIONS OF LAW 5)11 re e)>e >er& 1)**1e re%)*# ), a* a11. Un1e++ \$*!er5)+e e'2re++1& +*a*e%# a11 +*a*e(en*+ )n *!e 2r\$01e(+ are a1rea%& %ee(e% 2r\$>en -*!)+ )+ n\$* an e'a()na*)\$n )n Evidence/# an% &\$4r an+5er+ (4+* *a:e *!e ,\$r( \$, a %e )+)\$n \$r r41)n3 \$, a ?4%3e *!a* %)+2\$+e+ \$, *!e )++4e+ ra)+e%# an% n\$* a (ere a a%e() %)+ 4++)\$n. 9OOD LUC;@

A\$O\$A

## FACTS COMMON TO PROBLEMS B# 2 AND 3

N) \$1a+ Tra%)n3 C\$r2. )+ a %\$(e+*) \$r2\$ra*)\$n )n e')+*en e ,\$r *!e 1a+* *en &ear+# an% !a% a+ )*+ \$r)3)na1 )n \$r2\$ra*\$r+ *!e ,\$11\$5)n3 )n%)>)%4a1+C N\$. \$, S!are+ B0#000 "#000 D#000 E#000 .#000 A(\$4n* S40+ r)0e% P B#000#000 "00#000 D00#000 E00#000 .00#000 A(\$4n* Pa)%-U2 . P .00#000 .00#000 .00#000 .00#000 .00#000

## N) \$1a+ Ar*e()\$ W)1,re%\$ E4+e0)\$ Te\$,)1\$

B\$*! *!e ar*) 1e+ \$, )n \$r2\$ra*)\$n an% 0&-1a5+ 2r\$>)%e% ,\$r a .-(an B\$ar% \$, D)re *\$r+# \$, 5!) ! *!e )n \$r2\$ra*\$r+ !a>e a15a&+ e1e *e% *!e(+e1>e+ *\$ ,)11-42# 5)*! N) \$1a+ e1e *e% re341ar1& a+ Pre+)%en*# an% Ar*e()\$ a+ C\$r2\$ra*e Se re*ar&. T!e 0&-1a5+ a1+\$ 2r\$>)%e *!a* *!e B\$ar% \$, D)re *\$r+ (a&# )n *!e e'er )+e \$, )*+ 04+)ne++ ?4%3(en* )++4e er*),) a*e+ \$, +*\$ : \$>er 2\$r*)\$n+ \$, *!e +40+ r)2*)\$n+ *!a* are 2a)%. F)>e &ear+ a3\$# ne5 )n>e+*\$r+ 5ere )n>)*e% *\$ )n>e+* )n *!e ,\$11\$5+C T!\$(a+ W)11)a( H)1ar& O *a>)4+ Fe,,er+\$n S!are+ .#000 .#000 .#000 .#000 .#000 S40+ r)0e% P .00#000 .00#000 .00#000 .00#000 .00#000 Pa)%-U2 . P B00#000 B00#000 B00#000 B00#000 B00#000 \$(2an& a+

S40+ r)2*)\$n a3ree(en*+ 5ere e'e 4*e% ,\$r ea ! \$, *!e a%%)*)\$na1 )n>e+*\$r+ 5!ere )* 5a+ +2e ),) a11& 2r\$>)%e% *!a* *!e +!are+ +40+ r)0e% 0& ea ! ne5 )n>e+*\$r +!a11 0e <)n e+ r\$5= an% n\$* \$n+)%ere% *\$ 0e 2ar* \$, *!e \$4*+*an%)n3 a2)*a1 +*\$ : \$, N) \$1a+ Tra%)n3 4n*)1 *!e +40+ r)2*)\$n )+ ,411&-2a)% an% a \$>er)n3 er*),) a*e \$, +*\$ : )++4e%. Ea ! \$, *!e a3ree(en* 2r\$>)%e% ,\$r 2a&(en* 5)*!)n B0 &ear+# 5)*! )n*ere+* a* B2G 2.a.# \$r ear1)er 5!en 0& re+\$14*)\$n# *!e B\$ar% (a:e+ a a11. I* *4rn+ \$4* *!a* +)' &ear a3\$ -0e,\$re ne5 )n>e+*\$r+ a(e )n/# *!e B\$ar% \$, D)re *\$r+ !a% ,\$r(a11& a22r\$>e% *!e )++4an e \$, er*),) a*e+ \$, +*\$ : \$>er)n3 *!e en*)re +40+ r)2*)\$n+ \$, *!e )n \$r2\$ra*)n3 +*\$ :!\$1%er+# an% 1a++),&)n3 *!e 4n2a)% +40+ r)2*)\$n+ ,r\$( <S40+ r)2*)\$n+ Re e)>a01e= *\$ <N\$*e+ Re e)>a01e+#= ,\$r 5!) !

ea ! \$, *!e( )++4e% \$rre+2\$n%)n3 2r\$()++\$r& n\$*e+ 2a&a01e 5)*!)n B0 &ear+# 5)*! )n*ere+* a* B2G 2.a.

B.
In Fan4ar& \$, *!)+ &ear# 4n%er a Dee% \$, A0+\$14*e Sa1e# W)1,re%\$ +\$1% !)+ en*)re +!are!\$1%)n3+ )n N) \$1a+ Tra%)n3 *\$ San Pa01\$# an% %41& en%\$r+e% an% %e1)>ere% *!e \$>er)n3 +*\$ : er*),) a*e. A \$421e \$, %a&+ 1a*er# 4n%er an\$*!er Dee% \$, A0+\$14*e# San Pa01\$ a1+\$ 0\$43!* *!e en*)re +!are!\$1%)n3+ \$, Fe,,er+\$n. W!en San Pa01\$ +\$43!* *\$ !a>e *!e 24r !a+e% +!are+ re3)+*ere% )n *!e 0\$\$:+ \$, *!e C\$(2an&# N) \$1a+ an% Ar*e()\$# a+ 1ea%)n3 \$,,) er+# re,4+e% \$n *!e 3r\$4n% *!a* 4n%er Se *)\$n E3 \$, *!e C\$r2\$ra*)\$n C\$%e# <N\$ +!are+ \$, +*\$ : a3a)n+* 5!) ! *!e \$r2\$ra*)\$n !\$1%+ an& 4n2a)% 1a)( +!a11 0e *ran+,era01e )n *!e 0\$\$:+ \$, *!e \$r2\$ra*)\$n.= San Pa01\$ 0r\$43!* +4)* ,\$r +2e ),) 2er,\$r(an e -n\$* mandamus/ a3a)n+* *!e \$(2an&# an% )n 14%e% *!ere)n a+ %e,en%an*+ 0\$*! W)1,re%\$ an% Fe,,er+\$n# 5!\$ ,)1e% an+5er+ \$n,)r()n3 *!e)r +a1e+ \$, e64)*& *\$# an% a e%)n3 *\$ *!e r)3!* \$,# San Pa01\$. T!e \$(2an& 5a+ a01e *\$ 2r\$>e *!a* *!ere 5ere +*)11 4n2a)% +40+ r)2*)\$n+ \$n ea ! \$, *!e *5\$ +e*+ \$, +!are!\$1%)n3+# an% *!a* )n *!e a+e \$, Fe,,er+\$n# +)n e *!e +!are+ 5ere +*)11 )n e+ r\$5# !e !a% n\$ 2r\$2er*& r)3!*+ *\$ +e11. H\$5 5\$41% &\$4 r41e \$n *!e +4)*H De )%e 5)*! rea+\$n+. -B0G/

Insofar as the shares of Wilfredo, having been covered by a stock certificate, which made the shares conclusively insofar as the corporation is concerned as fully-paid and non-assessable, the same should be registered in the name of San Pablo, since his purchase is supported by both a deed and the covering certificate endorsed and delivered, and the previously registered stockholder Wilfredo! acknowledging that the shares should be registered in the name of San Pablo" With respect to the shares in the name of #efferson, even though the subscription agreements provided the shares to be in escrow, nonetheless, the operative effect of subscription is the issuance of the shares and the constitution of #efferson and all the new investors! as shareholders, entitled to all the rights pertaining to such position, including the right to sell or encumber their shares" \$onetheless, although #efferson had the right to sell or dispose of his shares, the validity and enforceability of the contract of disposition sale! is as between the parties thereto, and cannot be binding on the corporation unless it agrees thereto in accordance with the clear provisions of Section %& of the 'orporation 'ode" In other words, since a disposition of unpaid shares constitutes a novation by substitution of the principal obligor #efferson!, the same is not valid as to the obligee \$icolas (rading!, unless done with the consent of the latter" (he sale is valid as between #efferson and San Pablo, but cannot be binding upon \$icolas (rading without the latter)s consent, and which can hold #efferson liable to the original terms of the unpaid subscription" (he remedy of San Pablo is to pay-up the unpaid subscription due on the shares or to rescind the purchase"

2.
IFa *+ )n Pr\$01e( . D\$ N\$* E')+*CJ W!en *!e \$(2an&K+ \$2era*)\$n+ nee%e% ,4r*!er 5\$r:)n3 ,4n%+# *!e B\$ar% \$, D)re *\$r+ 2a++e% a re+\$14*)\$n (a:)n3 a ,\$r(a1 a11 \$n a11 \$4*+*an%)n3 +40+ r)2*)\$n *\$ 0e 2a)%. I* 5a+ *!en *!a* *!e ne5 )n>e+*\$r+# *!r\$43! e'a()na*)\$n \$, \$r2\$ra*e re \$r%+# 1earne% *!a* *!e 2re>)\$4+ +40+ r)2*)\$n+ \$, *!e \$r)3)na1 )n \$r2\$ra*\$r+ !a% 0een \$n>er*e% )n*\$ 2r\$()++\$r& n\$*e+. W!en *!e ne5 )n>e+*\$r+ re,4+e% *\$ 2a& 4n*)1 *!e \$r)3)na1 +*\$ :!\$1%er+ a1+\$ 2a)% *!e)r 2r\$()++\$r& n\$*e+# *!e B\$ar% \$, D)re *\$r+ \$, N) \$1a+ Tra%)n3 0r\$43!* +4)* *\$ \$11e * \$n *!e 4n!ee%e% a11.

-a/ T!e ne5 )n>e+*\$r+ \$22\$+e% *!e +4)* \$n *!e 3r\$4n% *!a* *!e 2r\$2er re(e%& \$, *!e B\$ar% +!\$41% !a>e 0een a %e1)n64en & +a1e 4n%er Se *)\$n E" \$, *!e C\$r2\$ra*)\$n C\$%e. -.G/ -0/ T!e ne5 )n>e+*\$r+ ,)1e% a \$4n*er 1a)( a3a)n+* *!e (e(0er+ \$, *!e B\$ar% \$, D)re *\$r+ ,\$r *!e( *\$ a1+\$ 2a& *\$ *!e \$r2\$ra*)\$n *!e)r \$4*+*an%)n3 2r\$()++\$r& n\$*e+. T!e B\$ar% \$22\$+e% *!e \$4n*er 1a)( \$n *!e 3r\$4n%+ *!a* *!e ne5 )n>e+*\$r+ !a% n\$ +*an%)n3 *\$ 0r)n3 *!e +a(e +)n e )* 2er*a)n *\$ *!e e'er )+e \$, 04+)ne++ ?4%3(en*. -B0G/ - / F4r*!er *!e B\$ar% (e(0er+ 1a)(e% *!a* 4n1):e *!e ne5 )n>e+*\$r+# *!e \$r)3)na1 +*\$ :!\$1%er+ %)% n\$* +)3n an& +40+ r)2*)\$n a3ree(en* 0& 5!) ! *!e& 5\$41% 0e 0\$4n%L an% *!e *er(+ \$, *!e 2r\$()++\$r& n\$*e %)% n\$* (a:e *!e \$01)3a*)\$n+ *!ere)n %4e an% %e(an%a01e n\$r +40?e * *\$ a a11. -B0G/ -%/ H\$5 5\$41% &\$4 %e )%e \$n *!e +4)* )*+e1,# )n 14%)n3 *!e \$4n*er 1a)(# e+2e )a11& 5!en *!e (e(0er+ \$, *!e B\$ar% )n+)+* *!a* 0\$*! *!e 0\$\$:+ \$, *!e \$(2an& an% *!e 9enera1 In,\$r(a*)\$n S!ee* ,)1e% 5)*! *!e SEC 1ear1& )n%) a*e *!a* *!e)r +!are!\$1%)n3+ are ,411& 2a)%. -B0G/ In ea ! a+e# &\$4 (4+* %e )%e 5)*! rea+\$n+.

&

event, there is clear written evidence of the subscription agreements of each of the incorporators with the company, which is the provisions in the articles of incorporation submitted to the S9' embodying the incorporators, and the incorporation subscription and paid-up capital stock" 2-%/. (he new investors would be liable to pay the unpaid balance of their subscriptions based on the call made by the +oard of ,irectors, as this condition is clearly provided for in their covering subscription agreements" (here is also no doubt that the original shareholders are liable on their unpaid subscriptions which are now evidenced by their promissory notes, under the principle that when a call is made by the +oard, it shall be uniformly applied to all shareholders" In spite of the entries in the books of the company showing that the shareholdings of the original stockholders are fully paid, and notwithstanding the entries in the :IS to the same effect, the same would be void as contravening the trust fund doctrine" It is clear under Section %* of the 'orporation 'ode that the consideration for the subscription of shares of stock must be payable in money or in property useful to the corporation, and that payment made for promissory notes or future services, is void for being in contravention of the trust fund doctrine" In fact, the resolute doctrine is that any contractual stipulation or transaction that either renders ineffective or sub3ects to condition the payment of the subscription of shares would be void"

3.
IIn%e2en%en* \$, *!e ,a *+ )n Pr\$01e( 2CJ N) \$1a+ Tra%)n3 a(e )n*\$ ,)nan )a1 %),,) 41*)e+ an% 0e a(e )n+\$1>en*# an% *!ere0& +!4* %\$5n \$2era*)\$n+. E>en*4a11&# *!e SEC %)re *e% *!e %)++\$14*)\$n \$, *!e \$(2an& -an \$r%er *!a* 5a+ 2401)+!e% )n ne5+2a2er+ \$, 3enera1 )r 41a*)\$n/ ,\$r !a>)n3 0een )n\$2era*)>e an% ,a)1)n3 *\$ \$(21& 5)*! *!e a3en &K+ re2\$r*\$r)a1 re64)re(en*+. F\$4r &ear+ *!erea,*er# a 1ar3e re%)*\$r \$, *!e \$(2an&# L\$ Pen3 La(# (ana3e% *\$ 1\$ a*e *!e 5!erea0\$4*+ an% *!e a++e*+ \$, 0\$*! *!e \$r)3)na1 )n \$r2\$ra*\$r+ an% *!e ne5 )n>e+*\$r+# an% 0r\$43!* +4)* a3a)n+* *!e( \$11e *)>e1& *\$ re \$>er ,r\$( *!e \$r)3)na1 )n \$r2\$ra*\$r+ \$n *!e)r \$4*+*an%)n3 2r\$()++\$r& n\$*e+ *\$ *!e \$(2an&# an% ,r\$( *!e ne5 )n>e+*\$r+ *!e)r 4n2a)% +40+ r)2*)\$n. An )n*e3ra1 2ar* \$, *!e re1)e, )n *!e \$(21a)n* ,)1e% 0& L\$ Pen3 La( )+ ,\$r *!e \$4r* *\$ a22\$)n* a re e)>er *\$ re e)>e *!e a(\$4n*+ ,\$r *!e 0ene,)* \$, a11 re%)*\$r+ \$, N) \$1a+ Tra%)n3. T!e %e,en%an*+ \$22\$+e% *!e 1a)( \$n *!e 3r\$4n% *!a* L\$ Pen3 La( !a% n\$ +*an%)n3 *\$ re \$>er \$n 2r\$2er*& r)3!*+ *!a* 2er*a)ne% *\$ a +e2ara*e ?4r)%) a1 2er+\$n an% ,\$r 5!) ! )* \$41% n\$* e>en re \$>er +)n e )* )+ 0e&\$n% *!e 3-&ear 1)64)%a*)\$n 2er)\$% (an%a*e% 4n%er Se *)\$n B22 \$, *!e C\$r2\$ra*)\$n C\$%e. H\$5 5\$41% &\$4 %e )%e *!e +4)*H De )%e 5)*! rea+\$n+ -B0G/

I would basically rule for the appointment of the receiver to whom the amounts owed by the stockholders of record would be paid to cover outstanding obligations of \$icolas (rading" (here is no doubt that both the original incorporators and the new investors their unpaid subscriptions to the company, irregardless of the terms and conditions of their underlying subscription agreement, became due and demandable for the benefit of the creditors as one of the legal conse/uence of the application of the trust fund doctrine" In spite of the language of Section ;** of the 'orporation 'ode of the abatement of all suits for or against a dissolved corporation after the lapse of the &-year period, the Supreme 'ourt has through various decisions held that the legal right and ability of the creditors of a dissolved corporation do recover from the assets of the corporation cannot fail" (he stockholders are deemed to have in their possession assets of the dissolved company i"e", subscription receivables of \$icolas (rading!, and the 'ourt held in Tan Tiong Bio v. Commissioner , ;22 Phil" 0% ;<4%!, that even after

the three &! year period of li/uidation, corporate creditors can still pursue their claims against corporate assets against the officers or stockholders who have taken over the properties of the corporation" 7ately, in Paramount Insurance Corp. v. A.C. Ordoez Corp. , 4%; S'>. &*1 *220!, the 'ourt held that ,issolution or even the e-piration of the threeyear li/uidation period should not be a bar to a corporation)s enforcement of its rights as a corporation" In support of this ruling, Paramount Insurance /uoted from Section ;=4 of the 'orporation 'ode which provided that \$o right or remedy in favor of or against any corporation " " " shall be removed or impaired either by the subse/uent dissolution of said corporation or by any subse/uent amendment or repeal of this 'ode or of any part thereof" It should be noted however that the provisions of Section ;=4 were primarily for transition for corporations then in e-istence under the terms of the old 'orporation 7aw" FACTS COMMON TO PROBLEMS M AND .
9\$1%en A re+ C\$r2.# a De1a5are \$r2\$ra*)\$n en3a3e% )n *!e (an4,a *4re an% %)+*r)04*)\$n \$, a3r) 41*4ra1 ,\$\$% 2r\$%4 *+# en*ere% )n*\$ a S!are!\$1%er+ A3ree(en* 5)*! De1a Cr4N Tra%)n3 C\$r2.# a %\$(e+*) \$(2an& re3)+*ere% 5)*! *!e 2r)(ar& 24r2\$+e *\$ en3a3e )n < \$((er )a1 *ra%)n3=# 5!ere0& *!e& +e*-42 an% e+*a01)+!e% )n *!e P!)1)22)ne+ a ne5 1\$ a1 \$(2an&# 9\$1%en P)n\$& Ven*4re+# In .# *\$ en3a3e )n *!e 2r)(ar& 24r2\$+e \$, (ar:e*)n3 an% %)+*r)04*)\$n \$, 2r\$ e++e% ,\$\$%+*4,, 2r\$%4 *+ \$, 9\$1%en A re+ *!r\$43!\$4* *!e ar !)2e1a3\$# 5)*! *!e ,\$11\$5)n3 e64)*&C M0G 9\$1%en A re+L E0G De1a Cr4N Tra%)n3. T!e S!are!\$1%er+ A3ree(en* a1+\$ 2r\$>)%e% *!a* *!e .-(an B\$ar% \$, D)re *\$r+ +!a11 0e \$(2\$+e% \$, 2 n\$()nee+ \$, 9\$1%en A re+# an% 3 n\$()nee+ \$, De1a Cr4N Tra%)n3L an% *!a* *!e C!a)r(an an% C\$r2\$ra*e Se re*ar& +!a11 0e n\$()na*e% 0& A re+ C\$r2.# 5!)1e *!e Pre+)%en* an% C\$r2\$ra*e Trea+4rer 5\$41% 0e n\$()na*e% 0& De1a Cr4N Tra%)n3. On e 9\$1%en P)n\$& 5a+ re3)+*ere% 5)*! *!e SEC# a L) en+)n3 an% D)+*r)04*\$r+!)2 C\$n*ra * 5a+ en*ere% )n*\$ 5)*! 9\$1%en A re+# 5)*! *!e ,\$r(er 0e)n3 a22\$)n*e% *!e e' 14+)>e %)+*r)04*\$r \$, a11 \$, *!e 1a**erK+ 2r\$%4 *+ )n *!e P!)1)22)ne+# *\$ 0e +\$1% )n *!e na(e \$, an% 4n%er *!e \$n*r\$1 \$, 9\$1%en P)n\$&# 04* 5)*! *!e !43e \$+* \$, a%>er*)+)n3 *!r\$43!\$4* *!e ar !)2e1a3\$ an% *!r\$43! a11 (e%)a ,\$r *!e a \$4n* \$, 9\$1%en A re+. A2ar* ,r\$( *!e e64)*& \$n*r)04*)\$n+ )n*\$ 9\$1%en P)n\$&# 9\$1%en A re+ a1+\$ e'*en%e% a PB0.0 ()11)\$n 1\$an *\$ *!e 1\$ a1 \$(2an& *\$ ,4n% *!e +e**)n3-42 \$, %)+*r)04*)\$n ne*5\$r:+ *!r\$43!\$4* *!e \$4n*r&. F)na11&# a Mana3e(en* C\$n*ra * 5a+ en*ere% )n*\$ 0e*5een 9\$1%en P)n\$& an% De1a Cr4N Tra%)n3# 5!ere0& *!e 1a**er 5a+ 3ran*e% 2\$5er *\$ (ana3e *!e %)+*r)04*)\$n 04+)ne++ \$, 9\$1%en P)n\$&# 5!) ! 5\$41% en*)*1e De1a Cr4N Tra%)n3 a (ana3e(en* ,ee e64)>a1en* *\$ B"G \$, 3r\$++ (\$n*!1& re e)2*+. T!e *er(+ \$, *!e Mana3e(en* C\$n*ra * a1+\$ a11\$5e% 9\$1%en P)n\$& *\$ (a)n*a)n )*+ !ea% \$,,) e )n a +e2ara*e 04)1%)n3 5)*!)n *!e \$(2\$4n% \$, De1a Cr4N Tra%)n3. Mr. Pa*r) : Me%)na 5a+ !)re% ,r\$( \$4*+)%e *\$ 0e \$(e *!e Pre+)%en* \$, *!e 9\$1%en P)n\$&# an% )*+ C!a)r(an re2re+en*)n3 \$ne \$, *!e *!ree -3/ +2\$*+ *\$ 0e n\$()na*e% 0& De1a Cr4N# 5)*! *5\$ -2/ \$*!er (e(0er+ \$, *!e B\$ar% \$()n3 ,r\$( *!e V) e-Pre+)%en* ran:+ \$, De1a Cr4NL 5!)1e *!e *5\$ -2/ (e(0er+ a++)3ne% *\$ 9\$1%en A re+ 5ere \$,,) er+ )n De1a5are 5!\$ 5\$41% \$(e re341ar1& *\$ *!e P!)1)22)ne+ *\$ a**en% B\$ar% (ee*)n3+.

M.
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