Rafael R. Recto vs. Conrado V. Sanchez, et al.

[SEC-AC NO. 024. September 24, 1980.] RAFAEL R. RECTO, ET AL. , petitioner-appellants , vs . CONRADO V. SANCHEZ, ET AL. , respondent-appellees . O R D E R After considering the motion of petitioner-appellant Dewey Soriano, the opposition and addendum to opposition thereto of respondent-appellees, and the ex-parte manifestation of the Chairman of the Ad-Hoc Committee, the Commission en Banc is of the opinion that there is no more obstacle for the holding of the annual elections of Claro M. Recto Memorial Foundation, Inc. The addresses of the eighty-seven (87) charter members have already been compiled and the preparations related to the said annual elections have been completed. And, lastly, the accounting required to be rendered pursuant to Section 2, Article IV of the By-Laws of the Foundation is not a condition precedent to the holding of the aforesaid annual elections. Anent the issues raised in the motion of petitioner-appellant Soriano, the Commission en Banc feels that these are matters which the Ad Hoc Committee should resolve. WHEREFORE, it is hereby ordered that the annual elections of Claro M. Recto Memorial Foundation, Inc. be held on October 2, 1980, at 2:00 in the afternoon, at the Securities and Exchange Commission, 4th Floor, Court, Room, Epifanio de los Santos Avenue, Mandaluyong, Metro Manila, with the Ad Hoc Committee exercising control and supervision thereof including all processes related thereto. While it is not a condition precedent, an accounting should nevertheless be made. SO ORDERED. (SGD.) ANGEL L. LIMJOCO, JR. Chairman (SGD.) JULIO A. SULIT, JR. (SGD.) SIXTO T. J. DE GUZMAN, JR Associate Commissioner Associate Commissioner