Surigao Development Bank v. Buslon

MAKALINTAL, J.:

This is an original petition for certiorari and prohibition with preliminary injunction to annul the order dated Jan. 10, 1964 of the Court of First Instance of Surigao del Norte in its Civil Case No. 1582, granting ex parte the application for receivership of the Republic of the Philippines and the Central Bank of the Philippines, and appointing the herein respondent Superintendent of Banks as receiver pendente lite of the Surigao Development Bank; and to restrain the herein respondents Central Bank of the Philippines and Superintendent of Banks and/or their agents and employees from taking over the business, operations, properties and assets of the petitioner bank and from ousting the other petitioners herein from their rights and offices as directors and officers of said bank. The petitioners also seek the dismissal of Civil Case No. 1582 by reason of the pendency of Civil Case No. 52693 in the Court of First Instance of Manila.

In our resolution of October 20, 1964 We denied the motion of the petitioners for the issuance of a writ of preliminary injunction. The record shows that the Surigao Development Bank (one of the petitioners herein) is a private development bank organized on March 24, 1961 under Section 8 of Republic Act No. 85, as amended by Republic Act No. 2081, in relation to the provisions of Republic Act No. 337 (The General Banking Act) on mortgage banks. Of the bank's capital stock of ONE MILLION PESOS (P1,000,000.00), fifty percent (50%) or P500,000.00, in the form of preferred shares, was subscribed and paid in full by the Development Bank of the Philippines, in accordance with Section 9 of Republic Act No. 85, as amended.

The other fifty per cent (50%) or P500,000.00, in common shares, was subscribed and paid in full by the following private stockholders (the other petitioners herein): Name Position held No. of Shares Subscribed Amount Paid Felipe Plaza Chua Pres. & Director 400 P200,000.00 Celerina A. Chua Vice-Pres. & Director 400 200,000.00 Lucia R. Limchiu Secretary & Director 120 60,000.00 Melchor A. Chua Treasurer & Director 40 20,000.00 Marianella G. Rama Director 20 10,000.00 Eufemio V. Darunday Director 10 5,000.00 Benjamin L. Lozada Director 10