Spouses Villanueva were owners of stocks of the Rural Bank of Lipa City, Inc. Sometime in the 1990s, spouses executed a Deed of Assignment transferring their stocks to the Bank as collateral to their outstanding loan with the bank. The Spouses failed to pay their debt. As a consequence, the Bank converted the Villanueva stocks into treasury stocks. The spouses never endorsed and delivered to the Bank the stock certificates evidencing their ownership of the stocks. The bank subsequently elected a new set of Board of Directors without sending notice to spouses villanueva. Upon learning of this event, Spouses filed a case for the annulment of the election of the new set of officers alleging that the election was invalid because they were not notified as stockholders of the said election. Are the spouses correct? explain.