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The corporate secretary was not justified in declining the request to transfer shares. According to Philippine corporation law, shares may be transferred through delivery of the endorsed stock certificate, and the endorsement need not be made specifically to the purchaser. In this case, the seller endorsed the certificates in blank and delivered them to the buyer, which was sufficient to transfer ownership under the law, so the corporate secretary should have allowed the registration of the transfer.
- Author
- PARDS MOTOVLOGS
- Language
- EN