In re Turalba Foundation, Inc.

April 24, 2008 SEC EN BANC CASE NO. 02-08-0364 IN THE MATTER OF TURALBA FOUNDATION, INC. (SEC Reg. No. 147192) , petitioner . FOR : Setting Aside of the Order of Revocation of Certificate of Registration O R D E R Petitioner Turalba Foundation, Inc . is a non-stock corporation registered with the Commission on 23 December 1987 1 with the purpose of creating and maintaining an institutional medium that would seek, undertake, encourage and support the pursuit of higher and/or specialized education by establishing and funding comprehensive scholarship programs for qualified members of the community . 2 Petitioner's principal office address is located at Makati, Metro Manila. On 29 September 2003, Petitioner's Certificate of Registration No. 147192 was revoked pursuant to the Order dated 20 August 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 28 August 2003. Petitioner now prays for the setting aside of the said Order of Revocation based on the following grounds: 1. that its directors and officers were not aware and fully updated of the Commission's reportorial requirements; 2. that they have submitted its most recent General Information Sheet, as well as its Audited Financial Statements; 3. that it is still operating as an educational foundation; and 4. that they are supporting a number of educational scholars of De La Salle Lipa who depend on them for financial assistance and will be deprived in the course of operations should the Order of Revocation will not be lifted in due course. In support of its Petition, Petitioner submitted its 2007 General Information Sheet (GIS) and 2007 Audited Financial Statement. Petitioner also submitted, as proof of its continued operation, the following documents: a) Memorandum of Agreement entered into by the Petitioner and De La Salle Lipa notarized on 23 January 2008; TcDIEH b) Certification issued by De La Salle Lipa certifying the continuous support of the Petitioner on its scholarship programs; and c) Official receipts issued by De La Salle Lipa showing the donations made by the Petitioner in support of its scholars. d) Certification from the Office of the Barangay Chairman of Barangay Tambo, Lipa City certifying the existence of the scholarship program given by the Petitioner to the deserving students of La Salle Lipa since 2002. Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also paid in full the penalty amounting to Ten Thousand Seven Hundred Fifty Pesos (Php10,750.00) as evidenced by Official Receipt No. 0142103 dated 19 February 2008. WHEREFORE, premises considered, the Order of the Commission dated 20 August 2003 revoking the Certificate of Registration of Turalba Foundation, Inc . is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, April 24, 2008. (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. Certificate of Registration of Petitioner. 2. Articles of Incorporation of Petitioner, Second Article.