In the Matter of Regional Association of Treasurers and Assessors, Region XI, Inc.

February 27, 2009 SEC EN BANC CASE NO. 01-09-0601 IN THE MATTER OF REGIONAL ASSOCIATION OF TREASURERS AND ASSESSORS, REGION XI (REGATA XI), INC. SEC REGISTRATION NO. D199801100 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, REGIONAL ASSOCIATION OF TREASURERS AND ASSESSORS REGION XI (REGATA XI), INC., is a non-stock corporation registered with the Commission on 6 November 1998, under SEC Registration No. D199801100, with principal office at Davao City. TaEIAS On 1 December 2005 its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 25 October 2005, published on 28 October 2005 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 25 October 2005, on the following grounds: 1. that its failure to file its reportorial requirements was merely inadvertent; 2. that the projects extended for the benefit of its members, such as the mutual and mortuary assistance, will be prejudiced if the Order of Revocation is not set aside; 3. that it has no intention to violate the law and any SEC rules and regulations; and 4. that it shall henceforth submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: * 1. Trustees' Certificate dated 4 June 2008 certifying that at the regular meeting of the trustees, held on 6 December 2007, in Davao City, at which a quorum was present, the resolution allowing the filing of the Petition to Set Aside Order of Revocation was approved; 2. Photocopy of Petitioner's 2007 Annual Income Tax Return, received by the BIR on November 5, 2008; and 3. Photocopies of Official Receipts issued by the Petitioner on various dates in 2006, 2007 and 2008; Petitioner submitted its 2007 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. CTSAaH On 15 December 2008, Petitioner paid the fine of Php43,750.00, the amount assessed by the Davao Extension Office, under Official Receipt No. 5525737, for non/late filing of the following, on the years indicated hereunder: Requirements Not Filed Filed Late General Information Sheet 1999-2007 Financial Statements 1999-2006 2007 WHEREFORE, Petitioner's allegation that its failure to file its reportorial requirements was merely inadvertent is without merit, considering that 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 ignorance nor inadvertence as excuse from compliance therewith. Nevertheless, finding the submitted documents sufficient to establish Petitioner's intent to continue as a juridical entity, the Order of the Commission dated 25 October 2005, revoking the Certificate of Registration of the REGIONAL ASSOCIATION OF TREASURERS AND ASSESSORS REGION XI (REGATA XI), INC., is hereby SET ASIDE. However, Petitioner is directed to submit its 2009 Mayor's Permit within thirty days (30) from date of receipt hereof. Failure on its part to comply with the said directive shall cause the recall of this Order. SO ORDERED. Mandaluyong City, February 27, 2009. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner on leave JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes * Photocopies are faithful reproductions of the originals of the documents. acHDTE