Nautica Canning Corp. vs. Yumul

Nautica Canning Corp. vs. Yumul

ISSUE:

G.R. No. 164588; October 19, 2005

<#et#e <#et#err Yumul umul is a stoc3# stoc3#ol! ol!er= er= >+ro >+roo$ o$ o$ Owers Owers#ip #ip o$  :#ares?

FACTS:  Yumul  Yumul was appoite! "#ie$ Operati% O&cer'Geeral (aa%er (aa%er o$ Nautica. Nautica. )irst *omiio *omiio +rime ol!i%s, ol!i%s, -c., -c., Nauticas paret compa/, t#rou%# its "#airma li Y. *ee, %rate! Yumul a Optio to +urc#ase up to 15 o$ t#e total stoc3s stoc3s it subscr subscribe ibe! ! $rom $rom Nautic Nautica. a.  *ee! *ee! o$ rust rust a! ssi%met ssi%met was eecut eecute! e! betwee betwee )irst *omiio *omiio +rime ol!i%s, -c. a! Yumul w#ereb/ t#e $ormer assi%e!14,999 o$ its subscribe! s#ares i Nautica to t#e latter. $ter Yumuls resi%atio $rom Nautica, #e wrote a letter to *ee reuesti% t#e latter to $ormali7e #is oer to bu/ Yumuls Yumuls 15 s#are i Nautica a! !ema!i% t#e issuace o$ t#e correspo!i% certicate o$ s#ares i #is ame s#oul! *ee re$use to bu/ t#e same. *ee !eie! t#e reuest claimi% t#at  Yumul  Yumul was ot a stoc3#ol!er o$ Nautica. Yumul reueste! t#at t#e *ee! o$ rust a! ssi%met be recor!e! i t#e :toc :toc3 3 a! a! ras ras$e $err oo3 oo3 o$ Naut Nautic ica, a, a! a! t#at t#at #e, #e, as a stoc3#ol! stoc3#ol!er, er, be allowe! allowe! to ispect ispect its boo3s a! recor!s recor!s..  Yumuls  Yumuls reuests were !eie!. Yumul le! a petitio $or ma!amus pra/i% t#at t#e *ee! o$ rust a! ssi%met be recor!e! i t#e :toc3 a! ras$er oo3 o$ Nautica a! t#at t#e certicate o$ stoc3s correspo!i% t#ereto be issue! i #is ame.

HELD: YES -!ee!, it is possible $or a busiess to be w#oll/ owe! b/ oe i!ii!ual. #e ali!it/ o$ its icorporatio is ot aecte! w#e suc# i!ii!ual %ies omial owers#ip o$ ol/ oe s#are o$ stoc3 to eac# o$ t#e ot#er $our icorporators. #is is ot ot ecess ecessari aril/ l/ ille%al ille%al.. ut, ut, t#is t#is is ali! ali! ol/ ol/ betwe betwee e or amo% t#e icorporators pri/ to t#e a%reemet. -t !oes bi! t#e corporatio w#ic#, at t#e time t#e a%reemet is ma!e, was was o@ o@e eis iste tet t.. #us #us,, ico icorp rpor orat ator ors s cot coti iue ue to be stoc3# stoc3#ol! ol!ers ers o$ a corpor corporati atio o uless uless,, subse subseue uett to t#e ico icorp rpor orat atio io, , t#e/ t#e/ #ae #ae ali ali!l !l/ / tra tras$ s$er errre! t#ei t#eirr subscripti subscriptios os to t#e real parties i iterest. iterest.  tras$er tras$er o$  s#ares o$ stoc3 ot recor!e! i t#e stoc3 a! tras$er boo3 o$  t#e corporatio is o@eistet as $ar as t#e corporatio is cocere!. s betwee t#e corporatio o oe #a!, a! its s#are#ol!ers a! t#ir! persos o t#e ot#er, t#e corporatio loo3s ol/ to its boo3s $or t#e purpose o$ !etermii% w#o its s#are s#are#ol #ol!e !ers rs are. are. -t is ol/ ol/ w#e w#e t#e tras$er tras$er #as bee recor!e! i t#e stoc3 a! tras$er boo3 t#at a corporatio ma/ ma/ ri%#t i%#t$u $ull ll/ / re%a e%ar! t#e tras ras$e $erree as oe o$ its its stoc3#ol!ers. )rom t#is time, t#e coseuet obli%atio o t#e part o$ t#e corporatio to reco%i7e suc# ri%#ts as it is ma!ate! b/ law to reco%i7e arises.