[SEC-SICD * CASE NO. 03-99-6241. February 23, 2000.]
JOSEFA DELA RAMA, EMERITO B. RAMOS, JR., ANTONIO B. RAMOS, FILOMENA R. LEDESMA, and HEIRS OF EDMUNDO B. RAMOS, petitioners, vs. EMERITO M. RAMOS, SR., VlCTORIA R. TANJUATCO, JANUARIO B. RAMOS, SUSANA R. MONTERMOSO, ROGERIO H. ESCOBAL, ATTY. LEAH M. IRAO and JONAS KARL PEREZ, respondents.
D E C I S I O N
In determining the quorum in every stockholders' meeting, is it correct to exclude the shares belonging to a deceased stockholder whose estate is still unsettled from the total outstanding shares where the determination of the quorum can be had?
This is the issue for resolution in this case.
As alleged by petitioners:
Petitioners are all stockholders of E.M. Ramos & Co., Inc. (EMRACO for short), a corporation duly organized under the laws of the Republic of the Philippines, with petitioners Ma. Elena Ramos, Edmundo M. Ramos, Jr. and Adel Susan M. Ramos being the only heirs of the late Edmundo B. Ramos, who is himself a stockholder of record; that for several years past, the outstanding 92,000 shares of...
