Yatco v. Filipino

LAUREL, J.:

It is alleged in the complaint that plaintiff Francisco Yatco, as guardian of Maria Jacoba Cruz, subscribed to sixty paid-up shares of the defendant El Hogar Filipino at P200 each or for the total sum of P12,000, and was accordingly issued Stock Certificate No. 459, Series C-50 of the defendant corporation. Plaintiff gave twelve months' notice to the defendant on December 6, 1933 for the surrender of the stock in the name of Maria Jacoba Cruz and the refund of its value in the sum of P12,000 together with the fixed dividend of 6 per cent per annum in accordance with the terms of her stock certificate. The defendant, corporation, however, suspended the payment of dividends in April, 1934, and has not only failed to return to the plaintiff the sum of P12,000 as stipulated but has likewise refused to pay the dividends due thereon since April, 1934.

In the meantime, Maria Jacoba Cruz died, and plaintiff filed an amended complaint in his capacity as administrator of the estate of the deceased, alleging substantially the same facts as those averred in his original complaint. It is prayed that the defendant corporation be required to pay the plaintiff the sum of P12,000, the principal invested by Maria Jacoba Cruz in sixty paid-up shares of the defendant corporation at P200 each, together with the fixed dividends due said shares at 6 per cent annum from April, 1934 to December 6, 1934, and the legal annum from April, 1934 to December 6, 1934, and the legal interest on the capital from December 6, 1934 until the said amount is fully paid. The defendant filed a general denial and, by way of special defenses, alleged that at the time plaintiff subscribed to sixty paid-up shares of the defendant she accepted as part of her contract the by-laws of said corporation and agreed that its provisions, more particularly articles 9, 10, 20 and 27 to 31 thereof, were to govern the relations between plaintiff and defendant notwithstanding any provision to the contrary appearing on the certificate of stock issued to her; that in accordance with by-laws aforementioned, the refund of paid-up shares may be made upon the expiration of the period of notice therein provided, in the strict order in which applications for withdrawal are filed and exclusively with the funds set aside for the purpose which is one-third of the net monthly profits; that the funds set aside for the payment of withdrawals were not, up to the filing of the complaint, sufficient to pay all applications for withdrawal ahead of plaintiff's, and as a matter of fact defendant corporation has not realized any net profits since April, 1934 up to June 30, 1936, which could be distributed as dividends among the holders of paid-up shares; that the defendant is no debtor of, nor has it received any loan from, the plaintiff and its only obligation to her was to refund the value of the paid-up shares in accordance with the conditions appearing in its by-laws; and that plaintiff is in estoppel to question defendant's right to subject her paid-up shares to articles 9, 10, 20, 27 to 31, 35 and 36 of its by-laws, because (1) it was the understanding at the time plaintiff subscribed to the paid-up shares that they could only be recovered pursuant to the provisions governing withdrawals; (2) that the plaintiff knew that the procedure followed by the defendant was to approve withdrawals of paid-up shares as hereinabove stated; and (3) that the plaintiff acknowledged the existence and the applicability to her paid-up shares of the defendant's by-laws when, with her knowledge and consent, there was annotated on the back of her certificate the fact that her paid-up shares would be refunded in accordance with articles 27 to 31 of said by laws.

The case was submitted to the lower court upon the following stipulation of facts: Comparecen las partes, por medio de sus respectivos abogados, y al Honorable Juzgado respetuosamente exponen que convienen en los siguientes hechos: 1. Que la finada Maria Jacoba Cruz era viuda, mayor de edad y residente en Manila y se halla representada en este asunto por el administrador de su testamentaria, el Sr. Francisco Yatco, debidamente nombrado por este Juzgado, y que la demandada es una sociedad mutua de construccion y prestamos debidamente organizada y constituida con arreglo a la Ley de Corporaciones de Filipinas, con oficina principal en Manila; 2. Que el 12 de mayo de 1933, Maria Jacoba Cruz, por medio de su apoderado debidamente nombrado y facultado, Sr. Francisco Yatco, suscribio y presento a la demandada la solicitud de suscripcion cuya copia se une a, y se hace parte integrante de, esta estipulacion de hechos como Exhibit A. Por dicho motivo, y despues de haberse pagado por ella a la demandada la cantidad de P12,000, esta expidio a su nombre el Certificado de Acciones No. 459, Serie C-50, por 60 acciones liberadas de un valor par de P200 cada una, el original de cuyo certificado se une a, y se hace parte integrante de, esta estipulacion de hechos como Exhibito B; 3.

Que el 6 de marzo de 1934, Maria Jacoba Cruz, por medio de su tutor debidamente nombrado y facultado, Sr. Francisco Yatco, presento, en relacion con las 60 acciones liberadas mencionadas en el parrafo anterior, la correspondiente solicitud de retiro cuyo original se une a, y se hace parte integrante de, esta estipulacion de hechos como Exhibito C, hecho que se consigno al dorso del certificado de acciones Exhibito B en la forma siguinte: Queda anotado en los libros de la Sociedad el aviso dado para cobrar el dia 6 de diciembre de 1934, el importe de estas acciones, con arreglo a los articulos 27 al 31 de los Estatutos. "Manila, 6 de marzo de 1934. "EL HOGAR FILIPINO"

(Fdo.) F. RUIZ JIMENEZ "Por Gerente" 4. Que desde el mes de abril de 1934 hasta el trimestre que caduco el 30 de junio de 1936, la demandada no ha pagado dividendos sobre las acciones liberadas representadas por el certificado Exhibito B; 5.

Que hasta la fecha, el valor de retiro de las 60 acciones liberadas representadas por el Exhibito B, no ha sido pagado a Maria Jacoba Cruz; 6. Que al librito impreso marcado Exhibito D que se une a, y se hace parte integrante de, esta estipulacion de hechos, es un ejemplar de los estatutos de la demandada en vigor desde su ultima enmienda en 2 de febrero de 1930 hasta la presente fecha; 7. Que existen actualmente pendientes de pago las siguientes cantidades que representan el valor de retiro de acciones liberadas, ordinarias, especiales y de inversion, cuyos avisos y solicitudes de retiro expiraron antes del 6 de diciembre de 1934: 75 Acc.

Liberadas de 12 meses de aviso.............................. P15,000.00 644 Acc. Liberadas de 9 meses de aviso..............................

128,800.00 5 Acc. Liberadas de 6 meses de aviso................................. P 1,000.00 15,788 Acc.

Especiales, Ordinarias y de Inversion............. 1,660,774.31 Total...........................................................................................