In the Matter of San Agustin Schoolyard, Inc.

January 26, 2009 SEC CRMD CASE NO. 08-11-0004 IN THE MATTER OF SAN AGUSTIN SCHOOLYARD, INC. SEC REGISTRATION NO. C199900266 FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, SAN AGUSTIN SCHOOLYARD INC., is a non-stock corporation registered with the Commission on March 31, 1999 under SEC Registration No. C199900266, with principal office address at 452 Carlos Tan Street, Ormoc City, organized to operate an institution of learning in elementary, secondary and collegiate levels including vocational courses, as stated in its Articles of Incorporation. cCTaSH On December 01, 2005, its Certificate of Registration was revoked by virtue of SEC Order dated October 25, 2005 which was published on October 28, 2005 in the Philippine Daily Inquirer, for non-filing of reports.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 Petitioner is actively running and continuously operating a school in Ormoc City; 2. that it has filed and submitted its annual Financial Statements with the Bureau of Internal Revenue but inadvertently failed to file the corresponding reports with the Commission; 3. that it has no intention to violate the law and the Commission's rules and regulations; and 4. that Petitioner shall henceforth submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: 1 1. Trustees' Certificate dated September 22, 2008, certifying that at the special joint meeting of members and trustees held on June 28, 2008, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was approved; 2. Photocopy of 2007 Income Tax Return received by the Bureau of Internal Revenue on September 17, 2007; 3. Photocopy of Government Recognition for Elementary Grades I to VI School Year 2007-2008, given on July 13, 2007 by Region VIII, Candahug, Palo, Leyte; 4. Photocopies of Tuition Fee O.R.s issued by Petitioner in various dates in 2007; and HCSEcI 5. Photocopies of photographs of Petitioner's activities in 2003 and 2004. 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 September 24, 2008, the Petitioner paid the fine of PhP10,250.00, the amount assessed by the SEC-Cebu Extension Office, under O.R. No. 5527294, for non/late filing of the following, on the years indicated hereunder: REQUIREMENTS NOT FILED FILED LATE General Information Sheet 2004-2005 Financial Statements 1999-2003 (ANO); 2004-2006 2007 WHEREFORE, Petitioner's allegation that its failure to file the Commission's reportorial requirements was merely inadvertent is without merit. Section 141 of the Corporation Code of the Philippines requires corporations 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 inadvertence as excuse from compliance therewith. However, finding the submitted documents sufficient to establish that Petitioner intends to continue as a juridical entity, the Order of the Commission dated December 05, 2005 revoking the Certificate of Registration of SAN AGUSTIN SCHOOLYARD, INC., is hereby SET ASIDE. Further, Petitioner is hereby directed to submit its 2009 Mayor's Permit within thirty (30) days from the date of receipt of this Order. Failure on the part of the Petitioner to comply with the directive shall cause the recall of this Order. SO ORDERED. Mandaluyong City, January 26, 2009. (SGD.) BENITO A. CATARAN Director Footnotes 1. Photocopies are faithful reproductions of the originals of the documents. cAaTED