Mr. Reynaldo Mendoza

January 14, 1980Mr. Reynaldo MendozaTrident Stevedoring CorporationMuelle Tacoma, Port AreaManilaDear Mr. Mendoza:This has reference to your letter dated August 31, 1979 requesting opinion on the queries posed therein. prcdIt appears from your letter that a stockholder of Trident Stevedoring Corporation sold by indorsement 150 shares of stock at a par value of P100.00 each to an alleged domestic corporation, the Galaxy Services, Inc. The Vice-Chairman of vendee-corporation surrendered the shares in question and requested the corporate secretary of Trident Stevedoring Corporation to issue the corresponding certificates of stock in its favor.You therefore pose the following queries:"1. Can we issue the shares of stock to the Galaxy Services, Inc. without inquiring whether it is really organized and incorporated under Philippine Laws?2. Do we have to look into the Articles of Incorporation of the Galaxy Services, Inc. whether it has the power to buy stocks of other corporations?3. Is there a need of a resolution approved by the Board of Directors of the Galaxy Services, Inc., authorizing the purchase of shares of stock of the Trident Stevedoring...