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Securities and Exchange Commission vs. Baguio Country Club Corporation

SECURITIES AND EXCHANGE COMMISSION AND VERNETTE G. UMALI, VS. BAGUIO COUNTRY CLUB CORPORATION, RESPONDENT. RAMON K. ILUSORIO AND ERLINDA K. ILUSORIO, PETITIONERS, VS. BAGUIO COUNTRY CLUB CORPORATION, RESPONDENT.

G.R. No. 165146 and G.R. No. 165209 | 2015-08-12

THIRD DIVISION
 
D E C I S I O N
 
JARDELEZA, J.:
 
These are consolidated cases questioning the March 26, 2004 Decision[1] and September 1, 2004 Resolution of the Court of Appeals (CA) in C.A. G.R. SP No. 79257.[2]

On December 17, 1998, the Securities and Exchange Commission (SEC) approved the amended by-laws submitted by the Baguio Country Club Corporation (BCCC). Article 5, Section 2 thereof reads:
 
Election and Term. The Board of Directors shall be elected at the regular meetings or stockholders and shall hold office for two (2) years and until their successors are elected and qualified. x x x (Emphasis supplied)[3]
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