In a recent case, grace borgona et al vs.

Abra Valley collegesinc ,

gr#: 204089, dated july 29,2015 the Supreme Court ruled that the
presentation of a stock certificate was not required to prove ones
shareholdings in corp
Stock certificate is not stock in the corporation but is merely
evidence of the holders interest and status in the corp.,his
ownership of the share represented thereby, but is not in law the
equivalent of such ownership.
The records of the case showed that, in lieu of stock certificates,
the family members concerened had submitted to the lower court
copies of official receipts of payments for their subscriptions to the
shares of the school, and letters by the corporate secretary on file
with and duly certified by the SEC stating that certain shares have
been issued to them.
The same information was also contained in the General
Information shee for 1989 tha the school sumitted to the sec, and
the minutes of a special meeting of the board of directors confiring
and ratifying the issuance of shares to them.
Whats more , the minutes of board meetings showed that the
members of the other faction had been elected as directors and
participated in the deliverations of the the board.
On this point, the court stated that , in light of the requirement of
the law that every director shold hold at least one share of stock,
their presence or attendance in the board meetings without any
objections from the other directors was proof that they have been
recognized as legitimate stockholders.
Accordingly, the justices ruled that the halfblood siblings are
stockholders of the school and therefore entitled to examine the

financial records of the corp, inclidng the minutes of the board

meetings..