Jovencio V. Karaan, et al. vs. Cesar C. Rosales, et al.

[SEC CASE NO. 3190. December 28, 1987.] JOVENCIO V. KARAAN, ET AL. , petitioners , vs . CESAR C. ROSALES, ET AL. , respondents . O R D E R By agreement of the parties, Teresita K. Rosales is designated as the sole and exclusive signatory to all checks, documents, papers, and other transactions for and in behalf of Carousel Children's Wear, Inc. upon issuance of this Order. The said exclusive authority to act and sign for and in behalf of Carousel Children's Wear Inc. is valid for a period of thirty (30) days from today unless otherwise extended by agreement of the parties. Moreover, petitioner Teresita K. Rosales shall furnish respondent Cesar Rosales and SGV all signed documents, checks and other papers. This Order supercedes the Orders dated July 21, 1987, July 17, 1987 and June 30, 1987 which designated the signatories to all documents, papers, checks and other transactions of the corporations. DHTCaI Likewise, as a preliminary step towards settlement of this case, the parties have agreed on the following matters: 1. The parties acknowledged that Carousel Children's Wear Inc. is composed of Carousel-A and Carousel-B with their own separate properties, export quotas and liabilities. 2. The parties agree that Carousel-A shall go to herein petitioners and Carousel-B shall be given to herein respondents (except respondent Balitaan). 3. The parties agree to divide the assets, materials, export quotas, equipments and other properties as well as liabilities of Carousel Children's Wear Inc. in this manner: petitioners 57.5% and respondents 42.5%. 4. The auditing firm of SGV shall conduct an inventory and audit of all the assets, and properties as well as liabilities of Carousel-A and Carousel-B. TcDAHS SO ORDERED. (SGD.) ALBERTO P. ATAS Hearing Officer