[SEC-SICD * CASE NO. 1441. March 14, 1980.]
RICARDO MONASTERIO, petitioner, vs. RURAL BANK OF SIPOCOT, INC., MELCHOR VILLANUEVA, PEDRO CRUZ, RAMON VILLALUZ, MANUEL MOTOS and MAMERTO GUSTILO, respondents.
D E C I S I O N
In December of 1975, the Land Bank of the Philippines sold its 1,150 shares of preferred stock in the respondent Rural Bank of Sipocot, Inc., valued at P115,000.00 and covered by Preferred Stock No. 4, to Mariano Monasterio. The respondent Rural Bank of Sipocot, Inc., through a resolution (Resolution No. 1976-11, Exh 3-a) of its Board of Directors on February 1, 1976, approved the aforementioned sale and authorized the immediate recording thereof in its Stock and Transfer Book. Accordingly, Stock Certificate No. 065, covering the 1,150 shares of common stock, was issued to Mariano Monasterio (Exh. "C-2"). llcd
On April 8, 1976, Mariano Monasterio and his wife Paula A. Monasterio sold the 1,150 shares of common stock (Stock Certificate No. 065) to their nephew, petitioner Ricardo Monasterio. Petitioner Ricardo Monasterio, in a letter, dated July 3, 1976, formally informed respondent Rural...