Transfer shares of stock
Section 63 of the Corporation Code determines the validity of the transfer of shares through purchase, to wit: Section 63. Certificate of stock and transfer of shares. – x x x Shares of stock so issued are personal property and may be transferred by delivery of the certificate or certificates indorsed by the owner or his attorney-in-fact or other person legally authorized to make the transfer. No transfer, however, shall be valid, except as between the parties, until the transfer is recorded in the books of the corporation showing the names of the parties to the transaction, the date of the transfer, the number of the certificate or certificates and the number of shares transferred. No shares of stock against which the corporation holds any unpaid claim shall be transferable in the books of the corporation. In this regard, the Supreme Court has instructed in Ponce v. Alsons Cement Corporation[1] that: x x x [A] transfer of shares of stock not recorded in the