Datu Tagoranao Benito vs. Jamiatul Philippine Al-Islamia, Inc., et al.

[SEC-SICD * CASE NO. 1392. July 11, 1980.]DATU TAGORANAO BENITO, petitioner, vs. JAMIATUL PHILIPPINE AL-ISLAMIA, INC., ET AL., respondents. D E C I S I O NA petition was filed with this Commission on November 18, 1976 alleging, among others, that respondent corporation, originally known as Kamilol Islam Institute, is a corporation registered on December 14, 1962, with an authorized capital stock of P200,000.00 divided into 20,000 shares at a par value of P10.00 each. It was further alleged that at the time of incorporation, the total subscribed capital stock amounted to P80,580.00. On November 25, 1975, a special meeting of the stockholders was called for the purpose of increasing the capital stock of respondent corporation from P200,000.00 to P1,000,000.00 and a corresponding certificate of increase was duly issued by this Commission. This increase of capital stock was alleged by the petitioner as having been made illegally as no notice of the meeting for the proposed increase was ever sent to stockholders of record. LLjurOn October 30, 1976, a special meeting of the stockholders of...