Mr. Jose V. Garcia
SEC Opinion • Securities and Exchange Commission • Opinions • Mar 24, 1980
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March 24, 1980 Mr. Jose V. Garcia 851 Pasay Road Chemphil Bldg., Legaspi Village, Makati Metro Manila Dear Mr. Garcia: This is with reference to your letter dated February 28, 1980 requesting opinion of this Commission relative to the validity of the election of the Board of Directors of the Cooperative Rural Bank of Bulacan, Inc. A perusal of the facts and circumstances of said election as alleged in your letter indicate that the determination as to its validity is a matter of evidence and thereby a justiciable issue which could only be ventilated or determined in a proper court proceeding. In view thereof, it is the policy of this Commission, to refrain from taking any action that will prejudice the outcome of the case, if it will eventually be litigated in the future. Thus, instead of rendering an opinion on said question, and in order to afford the parties due process of law, we suggest that you file the necessary verified complaint with this Commission. Very truly yours, (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department
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