Title III Section 34 of the Corporation Code

UPDATE (03/31/13):  I was sent a text concerning Bel-Air Soho.  "If found guilty of putting their companies (in place by violating the Corporation Code they) would have to give all back payments received.  As of October and December, two Board members resigned and only a Board Resolution to themselves was the announcement."  If violations of the Code are proven here and declared as such by the government or court, would all payments made since turnover have to be repaid?  What is our Board doing to investigate this?  Oh, silly me, I forgot who controls the Board.
 

Reread Past Posts and attachments

Remember to spend time and read the legal complaint very carefully.  Think on how various charges seem awfully familiar around here.  In fact, as I speak to others from condominiums about Metro Manila seems there is much going on and very little reporting of the facts.  Facts?  I forgot, I was told by one of our Directors to not insult him with the facts.  That is a quote I will never forget.

http://sohocentralcondominium.blogspot.com/2013/03/bel-air-soho-legal-complaint.html

https://docs.google.com/file/d/0B0Sq5pyrVRznNnNBYnNNR0lHSlU/edit?usp=sharing

I believe that other Board members who should know the law need refresher courses, too.  Court is not a good place to be refreshed.

 

BATAS PAMBANSA BLG. 68
THE CORPORATION CODE OF THE PHILIPPINES

 

TITLE III — BOARD OF DIRECTORS/TRUSTEES AND OFFICERS

SECTION 34. Disloyalty of a director. — Where a director, by virtue of his office, acquires for himself a business opportunity which should belong to the corporation, thereby obtaining profits to the prejudice of such corporation, he must account to the latter for all such profits by refunding the same, unless his act has been ratified by a vote of the stockholders owning or representing at least two-thirds (2/3) of the outstanding capital stock. This provision shall be applicable, notwithstanding the fact that the director risked his own funds in the venture. (n)