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Philippine National Construction Corporation, Petitioner, Vs. Ernesto Pabion And Louella Ramiro, Respondents.

PHILIPPINE NATIONAL CONSTRUCTION CORPORATION, petitioner, vs. ERNESTO PABION and LOUELLA RAMIRO, respondents.

G.R. No. 131715 | 1999-12-08

D E C I S I O N

PANGANIBAN, J.:

The Securities and Exchange Commission (SEC) has jurisdiction over corporations organized pursuant to the Corporation Code, even if the majority or controlling shares are owned by the government. Hence, it can competently order the holding of a shareholders' meeting for the purpose of electing the corporate board of directors. While the SEC may not have authority over government corporations with original charters or those created by special law, it does have jurisdiction over "acquired asset corporations" as defined in AO 59. Specifically, the Philippine National Construction Company (PNCC) may be ordered...