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

[SEC CASE NO. 3190. July 17, 1987.] JOVENCIO Y. KARAAN, ET AL. , petitioners , vs . CESAR C. ROSALES, ET AL. , respondents . O R D E R Acting upon petitioners' Urgent Ex-Parte Motion dated July 14, 1987, which reiterated the prayer contained in their earlier Motion dated June 24, 1987 and the Manifestation and Motion dated July 6, 1987, and after considering the allegation contained in respondents' Counter-Motion dated June 29, 1987, and solely for the purpose of allowing Carousel Children's Wear, Inc. to meet its normal operation requirements, and in view of the fact that the agreement reached by the parties on June 30, 1987 concerning joint signatories apart from being unworkable, is causing further strain in their relationship as evidenced by their Motion and Counter Motion as regards this matter, this Commission hereby resolves to grant the reliefs prayed for. TIaCcD WHEREFORE, the signatures of any two of the following persons, namely: TERESITA K. ROSALES MARCELO Y. KARAAN, JR. HENEDINA D. KARAAN VISITACION K. BUENDIA who are designated in the document marked and offered in evidence as Exhibit "H" by the petitioners in the injunction incident shall, during the pendency of the above-entitled case, be considered as sufficient authority for the depository banks of Carousel Children's Wear, Inc. to act upon any order for deposit and disbursement of corporate funds by way of checks or other instruments, provided that the disbursements shall be limited to the following purposes: 1. Payment of salaries of employees, contractors and sub-contractors; 2. The purchase of materials and accessories; 3. Import and export brokerage, packing and shipping expenses; 4. The light and water bills, telephone bills and telex. Petitioners are hereby required to render a weekly report to this Commission, copy furnished the respondents, on all disbursements made or transactions entered into, for its information and to insure compliance with the terms thereof. SO ORDERED. (SGD.) ALBERTO P. ATAS Hearing Officer