In the Matter of Sto. Tomas de Cagayan College, Inc.

January 19, 2009 SEC CRMD CASE NO. 08-11-0005 IN THE MATTER OF STO. TOMAS DE CAGAYAN COLLEGE, INC. SEC REGISTRATION NO. H200000313 FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, STO. TOMAS DE CAGAYAN COLLEGE, INC., is a non-stock corporation registered with the Commission on July 03, 2000 under SEC Registration No. H200000313, with business office address at Sta. Cruz, Tagoloan, Misamis Oriental, organized to operate an institution of learning in pre-school, elementary and secondary levels and collegiate, post-graduate and vocational courses, as stated in its Articles of Incorporation. DcCIAa On August 2, 2006, its Certificate of Registration was revoked by virtue of SEC Order dated June 27, 2006 which was published on July 03, 2006 in the Philippine Star, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated June 27, 2006, on the following grounds: 1. that Petitioner has no operation in 2000 but commenced only in 2005 when the Department of Education approved its government recognition; cTDaEH 2. that only few students desire to enroll with Petitioner, as such it was not feasible to commence operation; 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 October 23, 2008, certifying that at the special joint meeting of members and trustees held on March 07, 2008, at Sta. Cruz, Tagoloan, Misamis Oriental at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was approved; 2. Photocopies of 2006 and 2007 Government Recognition on Basic Secondary Education Course, Region X-Northern Mindanao, Department of Education, Cagayan de Oro City; and 3. 2008 Business Permit, Municipality of Tagoloan, Misamis Oriental. 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. Upon evaluation of the submitted documents vis-a-vis the records on file with the Commission, it appears that the Petitioner violated Section 16 of the Corporation Code of the Philippines (the Code) by effecting a change in its principal office address (Sta. Cruz, Tagoloan, Misamis Oriental as stated in its 2008 GIS) without properly amending its Articles of Incorporation (which states Pabayo-Gomez Streets, Cagayan de Oro City, Misamis Oriental). Thus, a fine of PhP10,000.00 is imposable on the Petitioner, pursuant to Section 144 of the Code. On October 24, 2008, the Petitioner paid the fine of PhP7,000.00, the amount assessed by the SEC-Cagayan de Oro Extension Office, under O.R. No. 5529636, for non/late filing of the following, on the years indicated hereunder: REQUIREMENTS NOT FILED FILED LATE General Information Sheet 2001-2007 2008 Financial Statements 2001-2006 2007 WHEREFORE, finding the submitted documents sufficient to establish that Petitioner intends to continue as a juridical entity, the Order of the Commission dated June 27, 2006 revoking the Certificate of Registration of STO. TOMAS DE CAGAYAN COLLEGE, INC., is hereby SET ASIDE. However, Petitioner is hereby directed to file its application for the amendment of its Articles of Incorporation (changing its principal office address from Pabayo-Gomez Streets, Cagayan de Oro City, Misamis Oriental to Sta. Cruz, Tagoloan, Misamis Oriental ) and to pay the corresponding penalty. Failure on the part of the petitioner to comply with the directive shall constitute a continuing violation of Section 16 of the Code. Further, it is directed to submit a favorable endorsement from the Department of Education, Commission on Higher Education (CHED) and Technical Education and Skills Development Authority (TESDA) within sixty (60) days from the date of receipt of this Order. Failure on the part of the Petitioner to comply with this directive shall cause the recall of this Order. CIDcHA SO ORDERED. Mandaluyong City, January 19, 2009. (SGD.) BENITO A. CATARAN Director Footnotes 1. Photocopies are faithful reproductions of the originals of the documents.