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C.Ka Bio, etal vs Intermediate Appellate Court etal

CHUNG KA BIO, WELLINGTON CHUNG, CHUNG SIONG PEK, VICTORIANO CHUNG, and MANUEL CHUNG TONG OH, petitioners, vs. INTERMEDIATE APPELLATE COURT (2nd Special Cases Division), SECURITIES and EXCHANGE COMMISSION EN BANC, HON. ANTONIO R. MANABAT, HON. JAMES K. ABUGAN, HON. ANTERO F.L. VILLAFLOR, JR., HON. SIXTO T.J. DE GUZMAN, JR., ALFREDO CHING, CHING TAN, CHIONG TIONG TAY, CHUNG KIAT HUA, CHENG LU KUN, EMILIO TA?EDO, ROBERTO G. CENON and PHILIPPINE BLOOMING MILLS COMPANY, INC., respondents.

G.R. No. L-71837 | 1988-07-26

D E C I S I O N


CRUZ, J.:

The Philippine Blooming Mills Company, Inc. was incorporated on January 19, 1952, for a term of 25 years which expired on January 19, 1977. 1 On May 14, 1977, the members of its board of directors executed a deed of assignment of all of the accounts receivables, properties, obligations and liabilities of the old PBM in favor of Chung Siong Pek in his capacity as treasurer of the new PBM, then in the process of reincorporation. 2 On June 14, 1977, the new PMB was issued a certificate of incorporation by the Securities and Exchange Commission. 3

On May 5, 1981, Chung Ka Bio and the other petitioners herein, all...