Ranada Syllabus

Course Outline Atty. Joanne L.
Ranada
Business Organizations II 1st Semester, AY 2021-2022
PART 1
REVISED CORPORATION CODE
I. INTRODUCTION
1. General
2. Kinds of Business Organization
● Sole Proprietorship
● Partnership
Mendiola vs Court of Appeals (497 SCRA 346)

JM Tuason & Co., Inc. vs Bolanos (95 Phil 106)
● Joint Venture
Aurback vs. Sanitary Wares Manufacturing Corporation (189 SCRA 130)
● Corporation
3. Historical Background
II. DEFINITION & ATTRIBUTES
LBC Express vs. CA (236 SCRA 602)

Filipinas Broadcasting vs. Ago Medical Center (GR No. 141954, January 17, 2005)
1. Advantages/disadvantages of the corporate form of business
2. Distinctions between a corporation and partnership
3. Government powers
III. CLASSIFICATION OF CORPORATIONS
1. Stock vs. Non-Stock
Collector vs. Club Filipino de Cebu (5 SCRA 312)
2. Created by special law
PNOC-EDC vs. NLRC (201 SCRA 487)

Hacienda Luisita, Incorporated vs PARC (GR No. 171101, July 5, 2011)
Tuna Processing, Inc. vs. Phil. Kingford Inc. (GR No. 185582, February 29, 2012)
Litonjua, Jr. vs. Eternit Corporation (490 SCRA 204)
Phil. National Construction Corporation vs Pabion
(GR No. 131715, December 8, 1999)
Republic vs. Paranaque (GR No. 191109, July 18, 2012)
Manila International Airport Authority vs. CA (GR No. 155650, July 20, 2006)
Republic vs Heirs of Bernabe (GR No. 237663, 6 October 2020)
3. Public vs. Private
National Coal Corp. vs. CIR (146 SCRA 583)

1
Arellano University School of Law

Donada corner Menlo Street
Pasay City
Course Outline Atty. Joanne L. Ranada
4. Ecclesiastical & Lay
5. Aggregate & Sole
6. Close & Open
7. Domestic & Foreign
8. Parent/Holding, Subsidiaries & Affiliates
9. Public & Private
10. Quasi-Public
11. De jure vs. De facto
12. Corporations by Estoppel
13. One Person Corporation
SEC Memorandum Circular No. 7, Series of 2019

Guidelines on the Establishment of a One Person Corporation (OPC)

Guidelines for the Conversion of Corporations Either to One Person
Corporation or to Ordinary Stock Corporation
14. Corporations Vested with Public Interest
IV. FORMATION & ORGANIZATION
1. Process of Incorporation
2. Contents of the Articles of Incorporation
a. Prefatory Paragraph
b. Corporate Name
Red Line Transport vs. Rural Transit (60 Phil 549)

Universal Mills vs. Universal Textile Mills (78 SCRA 62)
Lyceum of the Philippines vs. CA (219 SCRA 610)
Philipps Export B.V. vs. CA (206 SCRA 457)

Consolidated Guidelines and Procedures on the Use of Corporate and
Partnership Names

Amendment of the Guidelines and Procedures on the Use of Corporate and
Partnership Names

Pasay City
SEC Memorandum Circular No. 13 Series of 2019

Amended Guidelines and Procedures on the Use of Corporate and
Partnership Names
c. Purpose Clause
e. Principal Office Address
Clavecilla Radio Systems vs. Antillon (19 SCRA 379)

Omnibus Guidelines on Principal Office Address; Address of each
Incorporator, Director, Trustee or Partner
f. Term of Existence

Guidelines on Corporate Term

Guidelines on the Revival of Expired Corporations

Guidelines Governing the Computation of Corporate Term
g. Incorporators
SEC Memorandum Circular No. 16 Series of 2019

Guidelines on the Number and Qualifications of Incorporators Under the
Revised Corporation Code
h. Directors/Trustees
i. Capitalization
i. Shares of stock and classification
ii. Purpose of the classification
● Common vs. Preferred Shares
● Par vs. No-par Shares
● Voting vs. Non-voting Shares
● Founders' Shares
● Redeemable Shares
● Treasury Shares
Commissioner vs. Manning (66 SCRA 14)
iii. Capital requirements

Pasay City
Article 225 Family Code of the Philippines
Heirs of Gamboa vs. Teves (GR No. 176579, October 9, 2012)

Narra Mining vs. Redmont Mining (21 April 2014; 28 January 2015)
iv. Restrictions and Preferences
Executive Order No. 65

Eleventh Foreign Investment Negative List

Guidelines on Compliance with the Foreign-Filipino Ownership
Requirements Prescribed in the Constitution and/or Existing Laws by
Corporations Engaged in Nationalized and Partly-Nationalized
Activities.
j. Other Matters Consistent with Law
k. Arbitration Agreement
l. No-transfer Clause
m. Treasurer
n. Undertaking to Change Name

Re Amendment of Corporate and Partnership Names
o. Acknowledgment
p. Treasurer's Affidavit
3. Grounds for Disapproval
4. Commencement of Corporate Existence
Cagayan Fishing vs. Sandiko (65 Phil 233)
5. Defectively-formed corporations
a. De facto corporations
Municipality of Malabang vs. Benito (27 SCRA 452)

Hall vs. Piccio (86 Phil 603)
b. Corporation by Estoppel
Lozano vs. Delos Santos (274 SCRA 452)

Albert vs. University Publishing (13 SCRA 84)
Salvattierra vs. Garlitos (103 Phil 757)
Chiang Kai Shiek vs. CA (172 SCRA 389)
Asia Banking Corp. vs. Standard Products (46 Phil 144)
International Express Travel vs. CA (343 SCRA 674)
4

Pasay City
Greorg Grotjahn vs. Isnani (235 SCRA 216)
6. Organization and Commencement of Business
a. Corporate organization
b. Commencement of Business Transaction
V. CORPORATE CHARTER AND ITS AMENDMENTS
1. The Corporate Charter
a. Corporate Entity Theory
Sulo ng Bayan vs. Araneta (72 SCRA 347)

Caram vs. CA (151 SCRA 372)
Rustan Pulp and Paper Mills vs. CA (214 SCRA 665)
Cruz vs. Dalisay (152 SCRA 482)
Palay Inc. vs. Clave (124 SCRA 638)
Soriano vs. CA (174 SCRA 195)
2. Piercing the Veil of Corporate Fiction
a. General Concept
International Academy of Management ad Economics (I/AME) vs. Litton and Co., Inc.
(848 SCRA 437)
Palacio vs. Fely Transportation Co. (5 SCRA 1011)
Marvel Bldg. vs. David (94 SCRA 376)
Yutivo and Sons vs. CTA (1 SCRA 160)
Commissioner vs. Norton & Harrison (11 SCRA 714)
La Campana Coffee vs. Kaisahan ng Manggagawa (93 Phil 160)
Emilio Cano vs. CIR (13 SCRA 290)
Telephone Engineering vs. WCC (104 SCRA 354)
Claparols vs. CIR (65 SCRA 613)
Nat'l Federation vs. Ople (143 SCRA 124)
A.C. Ransom vs. CA (150 SCRA 498)
Concept Builders vs. NLRC (257 SCRA 149)
Mc Connel vs. CA (1 SCRA 722)
Tan Boon Bee vs. Jarencio (163 SCRA 205)
Cease vs. CA (93 SCRA 483)
Wensha Spa Center, Inc. vs. Yung. (GR No. 185122, August 10, 2010)
General Credit Corp. vs. Alsons Development, et. al. (GR 154975, January 29, 2007)
b. When not justified
Remo, Jr. vs. IAC (172 SCRA 405)

Del Rosario vs. NLRC (187 SCRA 777)
Indophil Textile Mills vs. Galica (205 SCRA 697)
PNB vs. Ritratto Group (362 SCRA 216)
Pacific Rehaus Corp. vs. CA (719 SCRA 665)
Yu vs. NLRC (245 SCRA 134)
Francisco Motors Corporation vs. Court of Appeals (GR. No. 100812, June 25, 1999)

Pasay City
3. Amendment of Corporate Charter
4. Special Amendments
5. Provisions subject to amendments
a. Change in Corporate Name
Phil. First Insurance vs. Hartigan (74 SCRA 2520)
Relevant SEC Memorandum Circulars
b. Corporate Term
Alhambra Cigar vs. SEC (24 SCRA 269)

CRMD and SEC vs. Ching Bee Trading Corporation (GR No 205291)

Guidelines on the Revival of Expired Corporations
VI. BOARD OF DIRECTORS / TRUSTEES
1. Powers of the Board
a. Classification of Powers
Ramirez vs. Orientalist (38 Phil 634)

Barreto vs. La Previsora (57 Phil 649)
TERP Construction Corporation vs Banco Filipino Savings and Mortgage
Bank (GR No. 221771, 18 Sept. 2019)
b. Qualifications and Disqualifications
Lee vs. CA (205 SCRA 572)

Detective and Protective Bureau vs. Cloribel (26 SCRA 256)
Grace Christian High School vs CA (281 SCRA 133)
Tan vs Sycip (499 SCRA 216)
2. Election and Voting
3. Other Corporate Officers
4. Validity and Binding Effects of Actions of Corporate Officers
Yao Ka Sin Trading vs CA (209 SCRA 763)

Lopez Realty vs. Fontecha (247 SCRA 183)
Pua Casim vs. Neumark (46 Phil 242)
Yu Chuck vs. Kong Li Po (46 Phil 208)
Francisco vs. GSIS (7 SCRA 557)
Board of Liquidators vs. Kalaw (20 SCRA 987)
Buenaseda vs. Bowen & Co. (110 Phil 464)

Pasay City
5. Removal and Filling up of vacancies
Valle Verde Country Club vs. Africa (598 SCRA 201, September 2009)
6. Compensation of Directors
Central Cooperative Exchange vs. Tibe (33 SCRA 593)

Western Inst. of Tech. vs. Salas (278 SCRA 216)
Gov't vs. El Hogar Filipino (50 Phil 399)
7. Liability Corporate Officers
Tramat Mercantile vs. CA (238 SCRA 214)

Llamado vs. CA (270 SCRA 423)
Uichico vs. NLRC (273 SCRA 35)
Philippine Heart Center vs LGU of Quezon City (GR No. 225409, 11 March 2020)
8. Three-fold Duty of Directors
Montelibano vs. Bacolod Murcia Milling (5 SCRA 36)

Strong vs. Repide (41 Phil 947)
9. Self-Dealing Directors
Prime White Cement vs. IAC (220 SCRA 1030)

Mead vs. Mc Cullough (21 Phil 95)

Rules on Material Related Party Transactions for Publicly-Listed Companies
10. Interlocking Directors
11. Derivative Suit
Pascual vs. Orozco (19 Phil 83)

Everette vs. Asia Banking (49 Phil 512)
Republic Bank vs. Cuaderno (19 SCRA 671)
Western Institute of Tech. vs. Salas (supra)
San Miguel Corp. vs. Khan (176 SCRA 447)
Chase vs. Buencamino (136 SCRA 365)
Reyes vs. Tan (3 SCRA 198)
Gamboa vs. Victorino (90 SCRA 40)
Evangelista vs. Santos (86 Phil 387)
12. Executive Committee, Management Committee and other Committees
VII. CORPORATE POWERS AND AUTHORITY
1. Classifications of Corporate Power
a. Power to sue and be sued
Delta Motors vs. Mangosing (70 SCRA 77)

E.B. Villarosa & Partner Co. vs. Benito (GR 14926, August 6, 1999)

Pasay City
b. Power to have perpetual existence
c. Power of Succession
d. Power to Adopt and Use a Common Seal
e. Power to Amend the Articles of Incorporation
f. Power to Adopt By-Laws
g. Power to Sell / Issue Stocks or Admit Members
h. Power to Acquire / Alienate Property
Luneta Motors Co. vs. A.D. Santos Inc. (5 SCRA 809)

Gov't. vs. El Hogar Filipino (supra)
Director of Lands vs. CA (158 SCRA 568)
i. Power to enter into partnership, joint venture, merger, consolidation or other

commercial agreement
j. Power to make Donations
k. Power to establish Pension, Retirement and other Plans
Republic vs. Acoje Mining Co. (7 SCRA 361)
l. Implied Powers
Teresa Electric vs. PSC (21 SCRA 199)

National Power Corporation vs. Vera (170 SCRA 721)
Powers vs. Marshall (161 SCRA 176)
m. Power to Extend / Shorten Corporate Term
n. Power to Increase / Decrease the Authorized Capital Stock; Incur / Create Bonded
Indebtedness
Philtrust vs. Rivera (44 Phil 469)

Madrigal & Co. vs. Zamora (151 SCRA 3550)
o. Power to Deny Pre-emptive Rights
Benito vs. SEC (123 SCRA 722)
SEC OGC Opinion No. 11-41, 5 October 2011

The Philippine Stock Exchange Inc.
SEC OGC Opinion dated 10 March 2000

Radio Philippines Network Inc. (RPN)
SEC OGC Opinion dated 30 September 1992

Industrial Security Consultancy and Management Inc.

Pasay City
p. Power to Sell / Dispose of Assets
Islamic Directorate of the Phils. vs. CA (272 SCRA 454)

Edward Nell & Co. vs. Pacific Farms (15 SCRA 415)
[now known as the NELL DOCTRINE as held in Y1 Leisure vs CA]

Shareholder’s Approval on Sale of Corporate Assets
p. Power to Acquire Own Shares
Steinberg vs. Velasco
q. Power to Invest Funds
De la Rama vs. Ma-ao Sugar Central (7 SCRA 247)

John Gokongwei vs. SEC (89 SCRA 336)
r. Power to Declare Dividends
i. Types
ii. When and to whom it is vested
Nielson & Co. vs. Lepanto Consolidated Mining (26 SCRA 540)
s. Power to Enter into Management Contracts
2. Ultra Vires Acts
a. Consequences: on the Corporation, on the immediate parties, on the stockholders
Privano vs. Dela Rama Steamship Co. (96 Phil 335)

Carlos vs. Mindoro Sugar Co. (57 Phil 343)
Japanese Warnotes Claimants Assn. vs. SEC (110 Phil 540)
Crisologo - Jose vs. CA (117 SCRA 594)
VIII. BY- LAWS
Fleisher vs Botica Nolasco (47 Phil 583)

Loyola Grand Villas Assn. vs. CA (276 SCRA 681)
Govt vs. El Hogar Filipino (supra)
Gokongwei vs. SEC (89 SCRA 336)
IX. MEETINGS
1. Stockholders' / Members' Meeting
Board of Directors vs. Tan (105 Phil 426)

Ponce vs. Encarnacion (91 Phil 81)

Notice of Regular Meetings of the Stockholders/Members
9

Pasay City
2. Directors' / Trustees' Meeting

Guidelines on the Attendance and Participation of Directors, Trustees, Stockholders,
Members and Other Persons of Corporations in Regular and Special Meetings Through
Teleconferencing, Video Conferencing and Other Remote or Electronic Means of
Communication.

Board Meeting Through Teleconferencing or Videoconferencing ("Tele/Video
Conferencing")
Expertravel & Tours, Inc. vs CA (GR No. 152393; 26 May 2005)
3. Right to Vote and Manner of Voting
a. Proxy and other representative voting
NIDC vs. Aquino (160 SCRA 153)

Lanuza, et. al., vs. CA (GR No. 131394; 28 March 2005)

Voting by Mail and One Share-One Vote Policy
IX. STOCK and STOCKHOLDERS
1. Subscription Contract
Trillana vs Quezon College (93 Phil 383)

Subscription Contracts
2. Pre-incorporation Subscription
National Exchange vs. Dexter (51 Phil 601)
3. Certificates of Stock and their Transfer
Uson vs. Diosomito (51 Phil 535)

Monserrat vs. Ceron (58 Phil 472)
Chua Guan vs. Samahang Magsasaka (62 Phil 472)
Padgett vs. Babcock & Templeton (59 Phil 232)
Lambert vs. Fox (26 Phil 588)
Embassy Farms vs. CA (188 SCRA 492)
Razon vs IAC (207 SCRA 510)
Rural Bank of Salinas vs. CA (210 SCRA 510)
Tay vs. CA (GR No. 126891, August 5, 1998)
Rural Bank of Lipa vs. CA (366 SCRA 740)
Tan vs. SEC (206 SCRA 740)
Nava vs. PEERS Marketing (74 SCRA 65)
Won vs. Wack Wack Golf (104 Phil 466)
De los Santos vs. Mc Grath (95 Phil 577)
Vicente Ponce vs. Alsons Cement Corporation (GR No. 139802; 10 December 2002)
10

Pasay City
4. Forged and Unauthorized Transfers
5. Issuance of Stock Certificates
Fua Cun vs. Summers
6. Watered Stocks
7. Enforcement and Payment of Unpaid Subscriptions
Velasco vs. Poizat (37 Phil 802)

De Silva vs. Aboitiz & Co. (44 Phil 755)
Lingayen Gulf vs. Baltazar (93 Phil 746)
Apocada vs. NLRC (175 SCRA 442)
Lumanlan vs. Cura (59 Phil 746)
PNB vs. Bitulok Sawmill (33 SCRA 136)
Edward Keller vs. COB Group (141 SCRA 86)
Garcia vs. Suarez (67 Phil 441)
8. Effects of Delinquency
9. Rights of Unpaid Shares
10. Lost or Destroyed Certificates
11. Rights and Liabilities of Stockholders
XI. CORPORATE BOOKS AND RECORDS
1. Books and Records to be Kept
2. Right of Inspection
W.G. Philpotts vs. Phil. Mfg. Corp. (49 Phil 471)

Pardo vs Hercules Lumber (47 Phil 964)
Vegaruth vs. Isabela Sugar (57 Phil 266)
Gokongwei vs. SEC (supra)
Gonzales vs. PNB (122 Phil 489)
XII. MERGER AND CONSOLIDATION
1. Requirements and Procedure
2. Effects
Associated Bank vs. CA (GR 123793, June 29, 1998)

Ong vs BPI Family Savings Bank (852 SCRA 614)
BPI vs. BPI Employees Union (658 SCRA 569)
3. Philippine Competition Act (RA 10667) and its Implementing Rules and Regulations
Acquisition, defined
Merger, defined
11

Pasay City
Rules on Mergers & Acquisitions (Sections 16-23)
Thresholds for Compulsory Notification
Prohibited Mergers & Acquisitions
Exemptions from Prohibited Mergers & Acquisitions
Merger of iPeople, Inc. and AC Education, Inc.

CD No. 42-M-038/2018
Acquisition by The Walt Disney Company of Shares in Twenty-First Century

Fox, Inc.
Commission Decision No. M-33-028/2018
Acquisition by Robinsons Retail Holdings Inc. of Shares in Rustan

Supercenters Inc.
Commission Decision No. 28-M-024/2018
Acquisition by Grab Holdings Inc. and MyTaxi.PH Inc. of Assets of Uber B.V.
and Uber Systems Inc. (PCC Case No. M-2018-001)
Acquisition by City Savings Bank, Inc. and Union Properties, Inc. of Shares in
PETNET, Inc.
In the Matter of the Acquisition by Grab Holdings, Inc. and MyTaxi.PH, Inc., of
Assets of Uber B.V. and Uber Systems, Inc.
Commission Order No. M-2018-001
Joint Venture between Robinsons Land Corporation and Shang Properties,

Inc.
XIII. APPRAISAL RIGHT
1. Definition; when exercised
2. Requirements and Procedure
3. Effect
4. When Right ceases
5. Cost of appraisal
XIV. NON-STOCK CORPORATIONS
1. Definition; Purpose
2. Membership and Voting Rights
12

Pasay City
Chinese YMCA vs. Ching (71 SCRA 463)

Cebu Country Club vs. Elizagaque (542 SCRA 65)
3. Trustees and Officers
Lions Club Int'l vs. CA (121 SCRA 621)
4. Other references:

Revised Guidelines on Foundations

Amendment of Part I (4) (A) & (B) of SRC Rule 68, as amended

Guidelines on the Issuance of Certificate on the Nationality of Non-Stock
Corporations
XV. CLOSE CORPORATIONS
1. Definition; Permissive Provisions
2. Effects of Breach of Qualifying Provisions
3. Stockholders' Agreement
4. When Board Meeting Not Necessary
5. Pre-Emptive Right
6. Deadlocks
7. Withdrawal of Stockholders / Dissolution
Dulay Enterprises vs. CA (225 SCRA 678)

Naguiat Enterprises vs. NLRC (268 SCRA 546)
XVI. SPECIAL CORPORATIONS
1. Educational Corporations
2. Religious Corporations
a. Corporation Sole
Roman Catholic Apostolic Church vs. LRC (102 Phil 596)

Director vs. CA (158 SCRA 568)
Republic vs. IAC (168 SCRA 165)
i. Filling up of Vacancies
ii. Dissolution
13

Pasay City
3. Religious Societies
4. One Person Corporation (OPC)
5. Corporations Vested with Public Interest
XVII. DISSOLUTION AND WINDING UP
1. Methods of Dissolution
a. Expiration of Corporate Term
PNB vs. CFI (209 SCRA 294)
b. Voluntary Dissolution
i. Where no creditors are affected
ii. Where creditors are affected
c. Shortening of Corporate Term
d. Involuntary Dissolution
Gov't vs. Phil. Sugar Estate (39 Phil 15)

Gov't vs. El Hogar Filipino (supra)
Republic vs. Security Credit (19 SCRA 59)
Republic vs. Visaya Land (81 SCRA 9)
Financing Corporation vs. Teodoro (94 Phil 687)
2. Effects of Dissolution
Buenaflor vs. Camarines Sur Industry (108 Phil 427)

Cebu Port Labor Union vs. State Marine (101 Phil 468)
Gonzales vs. Sugar Regulatory Administration (174 SCRA 377)
3. Liquidation and Winding Up
National Abaca vs. Pore (2 SCRA 989)

Sumera vs. Valencia (67 Phil 721)
Board of Liquidators vs. Kalaw (20 SCRA 987)
Gelano vs. CA (103 SCRA 90)
Republic vs. Marsman (44 SCRA 481)
Chung Ka Bio vs IAC (163 SCRA 534)
Clemente vs. CA (242 SCRA 717)
XVIII. FOREIGN CORPORATIONS

(read together with Retail Trade Law and Foreign Investments Act)
1. Definition
2. Modes of Entry
3. Application of License
Subsidiary (FIA Form F-100)

14

Pasay City
Branch Office (FIA Form F-103)

Representative Office (FIA Form F104)
Regional Operating Area Headquarters
Regional Area Headquarters
4. Resident Agent
5. Effect of Doing Business Without a License
Mentholatun vs. Mangaliman (72 Phil 524)

Marshall-Wells vs. Elser (46 Phil 70)
Bulakhids vs. Navarro (142 SCRA 1)
Swedish East Asia vs. Manila Port Services (25 SCRA 632)
Antam Consolidated vs. CA (143 SCRA 288)
Facilities Management vs. Dela Osa (89 SCRA 131)
Far East International vs. Nankai Kogyo (6 SCRA 725)
Communication Materials and Design vs. CA (260 SCRA 673)
Western Equipment vs. Reyes (51 Phil 115)
General Garments vs. Director (41 SCRA 50)
Puma Sportshufabriken vs. IAC (158 SCRA 233)
Le Chemise Lacoste vs. Fernandez (120 SCRA 377)
6. Capacity to Sue
Atlantic Mutual Insurance vs. Cebu Stevedoring (17 SCRA 1037)

Olympia Business Machines vs. E. Razon Inc. (155 SCRA 208)
Time vs. Reyes (39 SCRA 303)
7. Laws Governing Foreign Corporations
M.E. Gray vs. Insular Lumber (67 Phil 139)
8. Amendment of the License
9. Merger / Consolidation
10. Revocation of License
11. Withdrawal of License
12. Control Test vs. Grandfather Rule
Narra Nickel Mining vs Redmont Mines

(722 SCRA April 21, 2014; MR January 28, 2015 re majority decision)

Guidelines on the Compliance with the Filipino-Foreign Ownership Requirements
Prescribed in the Constitution and/or Existing Laws by Corporations Engaged in
Nationalized and Partly Nationalized Activities
13. Securities Deposit
SEC Memorandum Circular No .17, Series of 2019

Revised Guidelines on Securities Deposit of Branch Offices of Foreign Corporations
15

Pasay City

Guidelines on the Posting of Additional Securities Deposit, Substitution of Securities
Deposit, and Change of Resident Agent
XIV. MISCELLANEOUS PROVISIONS
1. Investigations, Offenses, Penalties
2. Arbitration for Corporations
PART 2
PRESIDENTIAL DECREE 902-A
I. Devices or Schemes Amounting to Fraud
II. Intra-Corporate Controversies
Medical Plaza Makati Condominium Corporation vs. Cullen

GR No. 181416; 11 November 2013
III. Controversies in the Election, Appointment or Removal of Directors / Officers
IV. Appointment of Management Committee, Board or Body
R.J. Jacinto vs. FWCC (410 SCRA 140)

Sy Chim vs. Sy Siy Ho & Sons (480 SCRA 206)
PART 3
SECURITIES REGULATION CODE
2015 IMPLEMENTING RULES AND REGULATIONS
I. Rule 3: Definition of Terms
II. Rule 5: Powers and Functions of the Commission

Supervision Over Registered Corporations
III. Title III: Registration of Securities
Rule 8.1 Registration Statement

Rules and Regulations on Minimum Public Ownership (MPO) on Initial Public
Offerings.
SEC vs Howey Co.

328 U.S. 293 (1946)
16

Pasay City
SEC vs CJH Development Corp.

GR No. 210316, 28 Nov. 2016
Power Homes Unlimited Corp. vs SEC

(GR No. 164182, 26 February 2008)
SEC vs. Performance Foreign Exchange Corporation

(GR No. 154131, 20 July 2006)
Rule 9.1 Exempt Securities
Rule 9.2 Other Exempt Transactions
Rule 10.1 Exempt Transactions
Rule 10.1.7 Isolated Transactions
Rule 10.1.11 Qualified Buyers
Rule 10.2 Limited Public Offerings and other Exempt Transactions
Rule 10.3 Application for Confirmation of Exemption
Rule 13 Suspension or Revocation of Registration of Securities
Rule 14 Amendments to the Registration Statement and Prospectus
Rule 15 Reportorial Requirements
Rule 19 Tender Offer; Mandatory Tender Offer and Exemptions
Justee Terms Enterprise vs. SEC (CA GR. SP. No. 48013, July 30, 1999)
China Banking vs. CA (270 SCRA 503)
People vs. Petralba (439 SCRA 158)
Rule 23 Reports to be Filed by Directors, Officers and Principal Stockholders
IV. Title VII: Prohibitions on Fraud, Manipulation and Insider Trading
Rule 24.1 Manipulative Practices
Rule 24.2 Short Sales
Rule 25 Option Trading
Rule 26 Fraudulent Transactions
Rule 27 Insider Trading
Others: Civil and Administrative Sanctions

Penal Sanctions
Settlement Offer
Limitation of Actions
17

Pasay City
Amount of Damages
Ponzi Scheme vs Pyramid Scheme
People vs Palmy Tibayan and Rico Z. Puerto

GR Nos. 209655-60, 14 January 2015
V. Title VIII: Registration of Securities Market Professionals
Rule 28.1.1 Broker Dealer
Rule 28.1.2 Registration Requirements
Rule 28.1.5 Registration of Salesmen and Associated Persons of Broker Dealers
Rule 28.1.5.4 Registration Requirements
VI. Title IX: Exchanges and other Securities Trading Markets
Rule 38 Requirements on Nomination and Election of Independent Directors

Term Limits for Independent Directors
SEC Advisory dated 20 July 2015

Clarification on the Term Limits of Independent Directors
SEC Advisory dated 31 March 2016

Term Limits for Independent Directors

Term Limit of Independent Directors

Amendment to Rule 38.2.7 of the 2015 IRR of the SRC
- END -
18

Pasay City

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Course Outline Atty. Joanne L.

2. Kinds of Business Organization

Mendiola vs Court of Appeals (497 SCRA 346)

Aurback vs. Sanitary Wares Manufacturing Corporation (189 SCRA 130)

II. DEFINITION & ATTRIBUTES

LBC Express vs. CA (236 SCRA 602)

1. Advantages/disadvantages of the corporate form of business

2. Distinctions between a corporation and partnership

III. CLASSIFICATION OF CORPORATIONS

1. Stock vs. Non-Stock

Collector vs. Club Filipino de Cebu (5 SCRA 312)

2. Created by special law

PNOC-EDC vs. NLRC (201 SCRA 487)

3. Public vs. Private

National Coal Corp. vs. CIR (146 SCRA 583)

Arellano University School of Law

4. Ecclesiastical & Lay

5. Aggregate & Sole

6. Close & Open

7. Domestic & Foreign

8. Parent/Holding, Subsidiaries & Affiliates

9. Public & Private

11. De jure vs. De facto

12. Corporations by Estoppel

13. One Person Corporation

SEC Memorandum Circular No. 7, Series of 2019

SEC Memorandum Circular No. 27, Series of 2020

14. Corporations Vested with Public Interest

IV. FORMATION & ORGANIZATION

2. Contents of the Articles of Incorporation

Red Line Transport vs. Rural Transit (60 Phil 549)

SEC Memorandum Circular No. 14, Series of 2017

SEC Memorandum Circular No. 9, Series of 2018

Arellano University School of Law

SEC Memorandum Circular No. 13 Series of 2019

e. Principal Office Address

Clavecilla Radio Systems vs. Antillon (19 SCRA 379)

SEC Memorandum Circular No. 6, Series of 2016

SEC Memorandum Circular No. 22, Series of 2020

SEC Memorandum Circular No. 23, Series of 2019

SEC Memorandum Circular No. 21, Series of 2014

SEC Memorandum Circular No. 16 Series of 2019

i. Shares of stock and classification

ii. Purpose of the classification

● Common vs. Preferred Shares

● Par vs. No-par Shares

● Voting vs. Non-voting Shares

Commissioner vs. Manning (66 SCRA 14)

iii. Capital requirements

Arellano University School of Law

Article 225 Family Code of the Philippines

Heirs of Gamboa vs. Teves (GR No. 176579, October 9, 2012)

iv. Restrictions and Preferences

Executive Order No. 65

SEC Memorandum Circular No. 8, Series of 2013

j. Other Matters Consistent with Law

n. Undertaking to Change Name

SEC Memorandum Circular No. 8, Series of 2012

3. Grounds for Disapproval