In the Matter of Arcontica Condominium Corp.

November 10, 2008 SEC CRMD CASE NO. 0001-11-08 IN THE MATTER OF ARCONTICA CONDOMINIUM CORPORATION SEC REGISTRATION NO. 0000155260 FOR: REVOCATION OF THE CERTIFICATE OF REGISTRATION FOR VIOLATION OF THE CORPORATION C OD E OF THE PHILIPPINES AND THE SEC R ULE S AND GUIDELINES ON REPORTORIAL REQUIREMENTS O R D E R Before the Commission is the issue on whether the Certificate of Registration of the ARCONTICA CONDOMINIUM CORPORATION (the Corporation), should be revoked for violation of the Corporation Code of the Philippines (the Code) and the Commission's rules and guidelines on reportorial requirements. AcHSEa The Corporation is a non-stock corporation registered with the Commission on September 14, 2008 under SEC Registration No. 0000155260 with principal office address at No. 43 Bohol Mansions, Bohol Ave., Quezon City. Records of the Commission show that the Corporation failed to submit/register the following within the prescribed period: NOTED DEFICIENCIES YEARS COVERED NOT FILED FILED LATE General Information 1996-1997; 2002-2008 1998 and 2000 Sheet Financial Statements 1996-2007 Membership Book Not Registered The foregoing constitute violation of the Corporation Code and the SEC rules and regulations on reportorial requirements and is a ground for suspension or revocation of the certificate of registration of the corporation pursuant to Section 5 (m) of Republic Act No. 8799 (the Securities Regulation Code) and Section 6 (l) of Presidential Decree No. 902-A, as amended. Hence, a Notice of Conference dated September 17, 2008, was sent to the Corporation, directing it, through its directors and officers, to show cause why its certificate of registration should not be revoked for failure to comply with the Commission's reportorial requirements. The conference was set on October 2, 2008. In the said conference, the Corporation is directed to bring its 2008 General Information Sheet, 2007 Financial Statements, registration of the membership and the Notice of Conference. In the said Notice of Conference, the respondent corporation was given a period of thirty (30) days from the date of conference to submit justification why its certificate of registration should not be revoked. The said Notice of Conference was sent by personal delivery and through registered mail, received by the respondent corporation, on September 17 and October 2, 2008, evidenced by the receiving copy (Annex "A") and the registry return slip (Annex "B"), respectively. However, on the scheduled conference, no representative from the respondent corporation appeared. On October 28, 2008, the Commission received a letter dated October 29, 2008 from a certain Mr. Manuel C. Tan, purporting to be a member of the board of trustees of the respondent corporation, requesting for extension of time to comply with the reportorial requirements indicated in the Notice of Conference. However, considering that the present policy of the Commission does not allow extension of time for the filing of reports, the request was not granted. To date, there is no compliance from the respondent corporation. Thus, the issue on whether or not to revoke the Certificate of Registration of the Corporation is deemed submitted for resolution. Considering the foregoing, we find that the Corporation failed to show cause why its Certificate of Registration should not be revoked for violation of the Code and the Commission's rules and guidelines on reportorial requirements. Further, we find that the Corporation's request for extension of time to comply as mere dilatory device. It should have submitted the reports instead of requesting for extension of time, given the considerable amount of time within which to comply. WHEREFORE, premises considered, the Certificate of Registration of the ARCONTICA CONDOMINIUM CORPORATION is hereby REVOKED. SO ORDERED. Mandaluyong City. November 10, 2008. (SGD.) BENITO A. CATARAN Director ANNEX A SECURITIES AND EXCHANGE COMMISSION COMPANY REGISTRATION AND MONITORING DEPARTMENT IN THE MATTER OF ARCONTICA : FOR VIOLATION OF THE CONDOMINIUM CORP. : CORPORATION CODE OF THE SEC Registration No. 00000155260 : PHILIPPINES AND THE SEC GUIDELINES ON REPORTORIAL REQUIREMENTS NOTICE OF CONFERENCE To : ARCONTICA CONDOMINIUM CORP. 43 Bohol Mansions, Bohol Ave., Quezon City Attention: Directors and Officers GREETINGS: The records of this Commission show that ARCONTICA CONDOMINIUM CORP. registered on September 14, 1988 failed to submit/register the following within the prescribed period as required by the laws and SEC rules and regulations: EcIDaA NOTED DEFICIENCIES YEARS COVERED REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1999, 2002-2008 1996, 2000-2001 Financial Statements 1996-2007 Membership Book Not Registered The foregoing constitute violation of the Corporation Code and the SEC Guidelines on Reportorial Requirements. Under Section 5 (m) of Republic Act No. 8799 (the Securities Regulation Code) and Section 6 (l) of Presidential Decree No. 902-A, as amended, the Commission has the power to suspend or revoke the certificate of registration of any corporation. In view of the foregoing, NOTICE is hereby given that a conference with Atty. Mary Anne V. Morales-Lagura is scheduled on October 02, 2008 at the 3rd Floor, SEC Bldg., EDSA, Greenhills, Mandaluyong City. In the said conference, the corporation is directed to show cause why its certificate of registration should not be revoked in accordance with the laws and the SEC rules and regulations. It is also directed to bring its 2008 General Information Sheet, 2007 Financial Statements, registration of the membership book, and this notice of conference. It is warned that if respondent corporation, through its Trustees and Officers, failed to appear at the above-set conference, and, within thirty (30) days from said date of conference, failed to submit any justification why the certificate of registration should not be revoked, the Commission, shall, after the lapse of the said thirty (30)-day period, consider the certificate of registration of the respondent corporation as revoked and shall correspondingly issue an Order of Revocation. Mandaluyong City, Philippines, 17 September 2008. For the Director: (SGD.) THELMA R. VICTOR-ALCORIZA Officer-In-Charge Law and Regulation Division