In the Matter of True North Golf and Country Club, Inc.

December 27, 2005 SEC-CFD ORDER NO. 153-05 IN THE MATTER OF TRUE NORTH GOLF AND COUNTRY CLUB, INC. FOR : Suspension of Registration of Securities ORDER Records on file show that despite due notice and hearing, True North Golf and Country Club, Inc. ("Club" for short) has continuously failed to comply with its Plan of Development, as represented in its prospectus dated 27 August 1997. 1 Second, it failed to start its regular business operations. 2 Third, considering the lapse of sufficient time, the Club continuously failed to submit the required reports in the prescribed form and contents within the following periods: Reportorial Requirement Due Date SEC Form 17-A 2001 15 April 2002 2002 15 April 2003 SEC Form 17-Q 2002 1st Quarter 14 May 2002 3rd Quarter 15 November 2002 2003 1st Quarter 14 May 2003 2nd Quarter 14 August 2003 SEC Form 17-IS/Form 20 2001 15 April 2001 2002 15 April 2002 SEC Form 17-A 2003 15 April 2004 2004 15 April 2005 SEC Form 17-Q 2003 (3rd Quarter) 15 November 2002 2004 (1st Quarter 14 May 2004 2nd Quarter 14 August 2004 3rd Quarter) 15 November 2002 Consequently, the Commission, in its meeting held on 15 December 2005, resolved to suspend the Club's registration of securities. DIEAHc Premises considered, the registration of securities of TRUE NORTH GOLF AND COUNTRY CLUB, INC. is hereby SUSPENDED for sixty (60) days from receipt of this Order, or until it settles the assessed penalties and submits the aforementioned reports including a concrete plan supported by definitive agreements to complete the project within a strict timeframe, whichever comes first. After the lapse of said period without compliance by the Club with all the said requirements, the Club's registration of securities shall be revoked without further hearing and it shall be directed to refund the investments to purchasers of its securities within ten (10) days from publication of the notice of revocation by the Commission in accordance with SRC Rule 13 (1) (a). SO ORDERED. December 27, 2005, Mandaluyong City. (SGD.) JUSTINA F. CALLANGAN Director Footnotes 1. The next 12 months will be devoted to the total development of the golf and country club in Clark. 2. Section 22 of the Corporation Code provides: ...if a corporation has commenced the transaction of its business but subsequently becomes continuously inoperative for a period of at least five years, the same shall be a ground for the suspension or revocation of its corporate franchise or certificate of incorporation. ...