Subject: Business Laws and Regulations

Answer and explain as long as you can.

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ASSIGNMENT ON POWERS OF CORPORATION PT. 2 NAME: SECTION: DATE: SCORE: ESSAY (2 items x 10 points): 1. The Board of Directors of C Corporation, engaged in the manufacture of food products, acting on a standing authority of the stockholders to amend bylaws, amended its bylaws so as to disqualify any stockholder, who is also a stockholder and director of the competitor, from being elected to its Board of Directors. S, a stockholder holding sufficient shares to assure him a seat in the Board, filed a petition with the Securities and Exchange Commission (SEC) for the declaration of nullity of the amended by-laws and the cancellation of the Certificate of Amended By-Law. He alleged, among others, that as stockholder, he had acquired rights inherent in the stock ownership such as the right to vote and be voted upon in the election of directors. Reason upon the merits of the stockholder's petition. Answer: 2. Mr. Cruz purchased from Mr. Guzman shares of stock of a mining corporation, which shares were covered by several certificates indorsed in blank by Mr. Virgilio Malic in whose name the sale was registered in the books of the corporation. It was later discovered that the said shares have not been sold or otherwise disposed of by Mr. Virgilio Malic but had been stolen from where they were kept. Who is entitled to said shares, Mr. Cruz or Mr. Malic? Justify your