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Updates in the 2009 Sundiang-Aquino Book Insurance Mutual Insurance Companies owned by the policyholders that cater only

y to the insurance needs of the same policyholders. It has no capital stock and the contributions are the only source of funds. Truth in Lending Act Rationale: To protect users of credit from lack of awareness of the true cost thereof Note: The imposition of interest and the finance charges is void if not covered by the disclosure statement. If it is exorbitant, it can be declared unconscionable even if disclosed. Partnerships: Registration with SEC is not necessary for a partnership to acquire juridical personality. Even an unregistered partnership has a personality separate and distinct from its partners. Corporation: When can SEC suspend or cancel certificate of registration? 1. Fraud in procuring it 2. Serious misrepresentation as to objectives 3. Refusal to comply with lawful order of SEC 4. Continuous inoperation for at least 5 years 5. Failure to file by-laws within the period 6. Failure to file reports 7. Other similar grounds Methods of Voting b. Election should be at large in stock corporation - Elections of directors in a stock corporation should be by the stockholders constituting quorum. All shareholders holding voting shares should have the right to vote. (Sec. 6 & 24) There can be no voting by district or region in a stock corporation In a non-stock corporation, there can be election b region in a non-stock corporation because the right to vote in a non-stock corporation may be limited, broadened or denied in the articles of incorporation or by-laws. Transportation Protest Maritime protest is the written statement by the master of vessel or any authorized officer, attested by proper officer or notary, to the effect that damages has been suffered by the ship. It is required under the Code of Commerce in the following cases. 1. arrival under stress 2. shipwrecked 3. has gone through a hurricane or the captain believes that the cargo has suffered damages or averages

4. Maritime collisions Public Service Act Franchise Include not only authorization issuing directly from Congress in the form of statue, but also those granted by administrative agencies to which the power to grant frnachises has been delegated by Congress. (Metropolitan Cebu Water District v. Adala, GR 1688194, July 4, 2007) Public Utility - business or service engaged in regularly supplying the public with some commodity or service of public consequences such as gas, water, electricity, transportation, telephone or telegraphic services. (ibid) Intelectual Property p. 470 definition (f) Drugs and Medicines refer to any chemical compound or biological substance, other than food intended for the use in the treatment, prevention or diagnosis of diseases in humans and animals. (Sec. 4c RA9502)