Payment of tax antecedent to the transfer of, shares, bonds, or rights.
Section 118
SEC. 118. Payment of tax antecedent to the transfer of, shares, bonds, or rights.—There shall not be transferred to any new owner in the books of any corporation, sociedad anonima, partnership, business, or industry organized or established in the Philippines, any shares, obligations, bonds or rights by way of gift inter vivos or mortis causa, legacy, or inheritance unless a certification from the Commissioner that the taxes fixed in this Title and due thereon have been paid is shown.