Answer the questions directly and concisely. Do not repeat the questions. Write legibly. A mere "Yes or "No" answer will not be given any credit.

VII

Nine (9) individuals formed a private corporation pursuant to the provisions of the Corporation Code of the Philippines. Incorporator Cardo was elected director and President. Part of his emolument is a Ford Expedition, which the corporation owns. After a few years, Cardo lost his corporate position, but he refused to return the Ford Expedition vehicle by claiming that as a stockholder with a substantial equity share, he owns the portion of the corporate assets now in his possession.

Is the contention of Cardo correct? Explain your answer.