In the Matter of Centro Escolar University Alumni Foundation, Inc.

February 20, 2009 SEC EN BANC CASE NO. 01-09-0609 IN THE MATTER OF CENTRO ESCOLAR UNIVERSITY ALUMNI FOUNDATION, INC. SEC REGISTRATION NO. 0000190594 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, CENTRO ESCOLAR UNIVERSITY ALUMNI FOUNDATION, INC., is a non-stock corporation registered with the Commission on May 14, 1991 under SEC Registration No. 0000190594, with principal office address at 9 Mendiola St., San Miguel, Manila, organized to maintain and strengthen the ties of the alumni of Centro Escolar University and to initiate, undertake and support projects for the benefit of its members, its Alma Mater and students, as stated in its Articles of Incorporation. HSIaAT On September 29, 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated August 20, 2003, published on August 28, 2003 in the Philippine Star, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated August 20, 2003, on the following grounds: 1. that its officers were not aware of the Commission's reportorial requirements; 2. that it has no intention to violate the law and the Commission's rules and regulations; and 3. that it commits to submit the reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: 1 1. Trustees' Certificate dated November 11, 2008 certifying that at the annual meeting of the directors and members of the Petitioner, held on October 16, 2008, at its principal office address, where a quorum was present, the resolution allowing the filing of the Petition was approved; 2. 2008 Business Permit, City of Manila with Official Receipt No. BAK-027973; 3. 2007 Annual Income Tax Return with BTR-BIR Deposit Slip; and 4. Photocopy of Certification dated April 3, 2007 by the Department of Social Welfare and Development as to Petitioner's activities; 5. Photocopy of the Minutes of the General Meeting held on January 28, 2006; 6. Petitioner's Cash Disbursement from January to December 2001; 7. Yearbook of the Centro Escolar University on 2005, 2006 and 2007 featuring Petitioner's participation in certain activities. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. SaHcAC On January 26, 2009, Petitioner paid the fine of P13,000.00 under Official Receipt No. 0250958, for non/late filing/registration of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1997-2007 1996 and 2008 Financial Statements 1996-2006 2007 Membership Book Registered Late WHEREFORE, Petitioner's allegation that it was not aware of the reportorial requirements to be submitted to the Commission is without merit. Section 141 of the Corporation Code of the Philippines requires a corporation to submit an annual report of its 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. However, finding the submitted documents sufficient to establish Petitioner's operation since 2001 and intent to continue as a juridical entity, the Order of the Commission dated August 20, 2003, revoking the Certificate of Registration of CENTRO ESCOLAR UNIVERSITY ALUMNI FOUNDATION, INC., is hereby SET ASIDE. SO ORDERED. Mandaluyong City, February 20, 2009. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Photocopies are faithful reproductions of the originals of the documents. AIHECa