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Judicial Affidavit of Dedelyn Sinas OFFER: With The Kind Permission of The Honorable Court, The
Judicial Affidavit of Dedelyn Sinas OFFER: With The Kind Permission of The Honorable Court, The
(only a sample)
Meaning of Capital
"Capital" in the first sentence of Sec. 11, Art. XII must then be accorded a meaning
accepted, understood, and used by an ordinary person not versed in the technicalities of
law. As defined in a non-legal dictionary, capital stock or capital is ordinarily taken to mean
"the outstanding shares of a joint stock company considered as an aggregate" or "the
ownership element of a corporation divided into shares and represented by certificates."
The term "capital" includes all the outstanding shares of a company that represent "the
proprietary claim in a business." It does not distinguish based on the voting feature of the
stocks but refers to all shares, be they voting or non-voting. Neither is the term limited to
the management aspect of the corporation but clearly refers to the separate aspect of
ownership of the corporate shares thereby encompassing all shares representing the equity
of the corporation.