specify a new date for the election, w/c shall not be later than 60

ERS
SEC. 26.
A person shall be DISQUALIFIED from being a D, T, O of any
corp. if, w/in 5 years prior to the election or appointment as
such, the person was
Convicted by final judgment:

Of an offense punishable by imprisonment for a period

exceeding 6 years;
For violation of the RCC; and
For violating RA No. 8799 (Securities Reg. Code).

Found Administratively liable for any offense involving

fraudulent acts; and
merchantable or fit for a particular purpose;
(i.e. the goods are not damaged)

ART. 1517.

INDORSER NOT A GUARANTOR.

The indorsement of a document of title
SHALL NOT MAKE the indorser LIABLE –
i. for any failure on the part of the bailee who
issued the document
OR
ii. of the previous indorsers thereof
TO FULFILL THEIR RESPECTIVE OBLIGATIONS.

The indorsement of a document of title amounts merely to a

conveyance by the indorser, not a contract of guarantee.