sc.judiciary.gov.ph/jurisprudence/2012/november2012/180705.pdf
"x x x.
3. The transfer by PCA to defendant Eduardo M. Cojuangco, Jr. of 14,400 shares of stock of FUB (later UCPB) from the “Option Shares” and the additional FUB shares subscribed and paid by PCA, consisting of
a. Fifteen Thousand Eight Hundred Eighty-Four (15,884) shares out of the authorized but unissued shares of the bank, subscribed and paid by PCA;
b. Sixty Four Thousand Nine Hundred Eighty (64,980) shares of the increased capital stock subscribed and paid by PCA; and
c. Stock dividends declared pursuant to paragraph 5 and paragraph 11 (iv) (d) of the PCA-Cojuangco Agreement dated May 25, 1975. or the so-called "Cojuangco-UCPB shares"
is declared unconstitutional, hence null and void.
4. The above-mentioned shares of stock of the FUB/UCPB transferred to defendant Cojuangco are hereby declared conclusively owned by the Republic of the Philippines to be used only for the benefit of all coconut farmers and for the development of the coconut industry, and ordered reconveyed to the Government.
5. The UCPB shares of stock of the alleged fronts, nominees and
dummies of defendant Eduardo M. Cojuangco, Jr. which form part
of the 72.2% shares of the FUB/UCPB paid for by the PCA with
public funds later charged to the coconut levy funds, particularly
the CCSF, belong to the plaintiff Republic of the Philippines as
their true and beneficial owner.
Accordingly, the instant petition is hereby DENIED.
x x x."
