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De Silva subscribed to 650 shares of stock but only paid for 200 shares, leaving a balance of P255,000 unpaid. When the company notified De Silva that his unpaid shares would be declared delinquent and sold if he did not pay, he sought an injunction. The court ruled that the company was within its rights to declare the shares delinquent and sell them, as the by-laws provided multiple remedies for unpaid subscriptions beyond just using dividends.

Author

Rivera Meriem Grace Mendez

Language

EN