In the Matter of Foundation of Apostolic Christian Training-Fact, Inc.

January 2009 SEC CRMD CASE NO. 08-11-0012 IN THE MATTER OF FOUNDATION OF APOSTOLIC CHRISTIAN TRAINING-FACT, INC. SEC REGISTRATION NO. A200009119 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, FOUNDATION OF APOSTOLIC CHRISTIAN TRAINING-FACT, INC. is a non-stock corporation registered with the Commission on June 30, 2000 under SEC Registration No. A200009119, with principal office address at No. 8, Balete Drive, New Manila, organized to encourage development of qualified bible scholars and to provide scholarships, as stated in its Articles of Incorporation. On August 2, 2006, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated June 27, 2006, published on July 3, 2006 in the Philippine Star, for non-filing of reports.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 the officers were not aware of the Commission's reportorial requirements and the Order of Revocation; 2. that it is in continuous operation since its incorporation and has acquired properties; HDTcEI 3. that it has no intention to violate the law and any SEC rules and regulations; 4. that is shall henceforth submit reportorial requirements religiously; and 5. that it intends to continue its registration with the Commission. In support of its Petition, Petitioner submitted the following documents: 1 1. Trustees' Certificate dated November 5, 2008 certifying that at the special meeting of the trustees and members of the Petitioner held on October 24, 2008, at Sulu Hotel, Quezon City, where a quorum was present, the resolution allowing the filing of the Petition was approved; 2. Photocopy of the Certification dated September 26, 2008 by the Office of the Punong Barangay, Brgy. Kaunlaran, District IV, Cubao, Quezon City, as to Petitioner's scholarship grants to bible school students since 2000 up to present; 3. Photocopy of Transfer Certificate of Title No. N-279774 evidencing Petitioner's ownership of a parcel of land situated in Quezon City mortgaged to Christian Life Center of Union Missouri with Deed of Real Estate Mortgage; 4. Certification dated November 5, 2008 issued by the Apostolic Center for Theological Studies (ACTS), as to Petitioner's scholarship grants since 2000 up to present; 5. Certification dated October 23, 2008 issued by the Apostolic Institute of Ministries on Petitioner's activities since 1989 up to the present; and 6. Photocopies of the 2006-2007 Annual Income Tax Return with Financial Statements. Petitioner submitted its 2008 General Information Sheet (GIS) and 2007 Financial Statements (FS) to prove its intention to continue its registration with the Commission. CaHcET On November 25, 2008, Petitioner paid the fine of P51,250.00 under Official Receipt No. 0236350, for non/late filing/registration of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 2001-2007 Financial Statements 2000-2006 2007 Membership Book Registered Late WHEREFORE, Petitioner's allegation that its officers were 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 corporations to submit an annual report of operations and such other requirements as the Commission may require. Petitioner is bound by the said provision of the law and it cannot claim ignorance as excuse from compliance therewith. Further, Petitioner's allegation that it did not receive the Order of Revocation dated June 27, 2006 is also without merit, considering that said Order was published on July 3, 2006 in the Philippine Star, 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 operations since 2000 up to present, and its intent to continue as a juridical entity, the Order of the Commission dated June 27, 2006 revoking the Certificate of Registration of FOUNDATION OF APOSTOLIC CHRISTIAN TRAINING-FACT, INC., is hereby SET ASIDE. Further, Petitioner is hereby directed to submit its 2008 Mayor's Permit within thirty (30) days from the date of receipt hereof. Failure on the part of the Petitioner to comply with the said directive shall cause the recall of this Order. ASETHC SO ORDERED. Mandaluyong City, January ___, 2009. (SGD.) BENITO A. CATARAN Director Footnotes 1. Photocopies are faithful reproductions of the originals of the documents.