In the Matter of Limcoma Foundation, Inc.

January 6, 2009 SEC CRMD CASE NO. 08-10-0008 IN THE MATTER OF LIMCOMA FOUNDATION, INC. SEC REGISTRATION NO. A200014367 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, LIMCOMA FOUNDATION, INC., is a non-stock corporation registered with the Commission on 20 October 2000 under SEC Registration No. A200014367, with principal office address at Limcoma MPC Compound, General Luna St., Sabang, Lipa City, organized to promote social health and economic advancement, as stated in its Articles of Incorporation. aTIEcA On 02 August 2006, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 27 June 2006, published on 03 July 2006 in the Philippine Star, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 27 June 2006, on the following grounds: 1. that Petitioner's officers were not aware of the rules and regulations regarding the filing of SEC reportorial requirements; and 2. that Petitioner has been in continuous operation since 2001 to present and it intends to continue its operation. In support of its Petition, Petitioner submitted the following documents: 1 1. Board Resolution dated 26 May 2008, certifying that at the annual meeting of the Board of Trustees and its Members, held on 29 March 2008, at Limcoma Conference Room, Sabang, Lipa City, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was approved; 2. Photocopies of Mayor's Permit for 2001 to 2008, City of Lipa; and 3. Copy of Certification dated 9 February 2008 issued by the Office of the City Administrator, Lipa City, that Petitioner has been continuously operating from 2001 to present and has complied with all the requirements pertinent to its application for Mayor's Permit for 2008. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also commits to immediately pay the fines as due. On 16 October 2008, Petitioner paid the fine of P33,000.00, under Official Receipt No. 0223148, for non/late filing/registration of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 2001-2007 Financial Statements 2001-2006 Membership Book Registered late WHEREFORE, Petitioner's allegation that it has no knowledge of the reportorial requirements of the Commission is without merit considering that Section 141 of the Code requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. The Petitioner is bound by the said provision of the law and it cannot claim ignorance as excuse from compliance therewith. ISCDEA However, finding the submitted documents sufficient to establish the Petitioner's continuous operations since 2001 to present, and its intent to continue as a juridical entity, the Order of the Commission dated 27 June 2006, revoking the Certificate of Registration of the LIMCOMA FOUNDATION, INC., is hereby SET ASIDE. SO ORDERED. Mandaluyong City, January 6, 2009. (SGD.) BENITO A. CATARAN Director Footnotes 1. Photocopies are faithful reproductions of the originals of the documents.