[SEC-SICD * CASE NO. 08-97-5745. July 13, 1999.]
MELECIO ARRANZ, ET AL., petitioners, vs. RAFAEL ILETO, ET AL., respondents.
D E C I S I O N
This is a petition for the declaration of nullity of Valley Golf and Country Club's Board Resolution dated 25 June 1997, with a prayer for the issuance of a Temporary Restraining Order (TRO).
The petitioners are shareholders in good standing and proprietary members of Valley Golf and Country Club, Inc. (hereinafter referred as "Valley Golf"), a private domestic corporation duly organized and existing under the laws of the Philippines. Petitioners claim that, among themselves, they are the holders of approximately 800 outstanding, good and valid proxies, which entitle them to vote in all meetings during a period of five (5) years. Moreover, they alleged that these proxies were constituted and given to petitioners by other shareholders who are unable to attend in person to vote in the election of directors and. in other corporate business to be transacted in meetings of the shareholders. During the regular meeting of the Board of Directors...