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Valhalla Hotel Construction Co. Vs. V. Carmona 044 Phil 233

VALHALLA HOTEL CONSTRUCTION COMPANY, plaintiff, vs. V. CARMONA, as Insular Treasurer, defendant.

G.R. No. 19808 | 1922-12-23

D E C I S I O N


MALCOLM, J.:

Early in the year 1922, the Valhalla Hotel Construction Company, a domestic corporation, requested of the Insular Treasurer a permit to issue and sell in the Philippine Islands, one thousand two hundred bonds, with a face value of P100 each, and bearing interest at the rate of 6 per cent per annum. No fixed date was set for the maturity of the bonds, but their redemption was to be determined by drawings in the manner following:

"The bonds will be redeemed by drawings, according to the premium plan here below printed, at the offices of the aforesaid trustee in presence of a notary public and a representative...