In the Matter of William T. Crisp Foundation, Inc.

January 7, 2009 SEC CRMD CASE NO. 08-07-0008 IN THE MATTER OF WILLIAM T. CRISP FOUNDATION, INC. SEC REGISTRATION NO. H199900178 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, WILLIAM T. CRISP FOUNDATION, INC., is a non-stock corporation registered with the Commission on April 8, 1999 under SEC Registration No. H199900178, with principal office address at Poblacion, Laguindingan, Misamis Oriental, Mindanao, organized to act as a primary conduit of Misamis Oriental-1 Rural Electric Service Cooperative, Inc. in its trainings and livelihood development programs. TICAcD On December 1, 2005, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated October 25, 2005, published on October 28, 2005 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated October 25, 2005, on the following grounds: 1. that it was not aware that there are reports to be submitted to the Commission; 2. that it did not receive any notice of revocation prior to the said revocation; 3. that it has no intention to violate the law and the Commission's rules and regulations; and 4. that it commits to submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: 1 1. Trustees' Certificate dated February 22, 2008 certifying that at the annual meeting of the Trustees and members of the Petitioner held on even date, at its office address, where a quorum was present, the resolution allowing the filing of the Petition was approved; 2. Photocopy of the 2008 Mayor's Permit, Municipality of Laguindingan, Misamis Oriental; 3. Newsletter dated September 11, 2007 of Misamis Oriental-1 Rural Electric Service Cooperative, Inc. (MORESCO-I) featuring Petitioner; 4. Petitioner's Minutes of Meeting of March 1, 2008; and 5. Certification issued by the Office of the Barangay Captain, Brgy. Poblacion, Laguindingan, Misamis Oriental, dated May 20, 2008, certifying that Petitioner caters to the needs of the indigent populace of MORESCO-I coverage area. Petitioner submitted its 2008 General Information Sheet (GIS) and 2007 Financial Statements (FS) to prove its intention to continue its registration with the Commission. AIHDcC On July 4, 2008 and October 20, 2008, Petitioner paid the fine of P12,500.00, the amount assessed by the SEC-Cagayan de Oro Extension Office, under Official Receipt Nos. 05516917 and 05529594, respectively, for non/late filing of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1996-2007 2008 Financial Statements 1996-2006 2007 WHEREFORE, Petitioner's allegation that it was not aware of the reportorial requirements to be submitted to the Commission which caused the revocation of its Certificate of Registration is without merit. Section 141 of the Corporation Code of the Philippines (the Code) requires corporation to submit an annual report of its operations and such other requirements as the Commission may require. The corporation is bound by the said provision of the law and it cannot claim ignorance to excuse it from compliance therewith. Further, Petitioner's allegation that it did not receive the Order of Revocation dated October 25, 2005 is also without merit, considering that said Order was published on October 28, 2005 in the Philippine Daily Inquirer, a newspaper of general circulation, pursuant to SEC Memorandum Circular No. 4, series of 2003, which states that in cases where the Commission may deem practicable considering the great number or unknown addresses of corporations involved, the show cause order shall be published in a newspaper of general circulation. Publication in a newspaper of general circulation is sufficient notice for the corporations concerned. However, finding the submitted documents sufficient to establish Petitioner's intent to continue as a going concern entity, the Order of the Commission dated October 25, 2005 revoking the Certificate of Registration of WILLIAM T. CRISP FOUNDATION, INC., is hereby SET ASIDE. SO ORDERED. Mandaluyong City, January 7, 2009. (SGD.) BENITO A. CATARAN Director Footnotes 1. Photocopies are faithful reproductions of the originals of the documents.