In re Ter-Vic Realty Corp.

May 22, 2008 SEC EN BANC CASE NO. 04-08-0415 IN THE MATTER OF TER-VIC REALTY CORPORATION (SEC REG. NO. AS095-005730) , petitioner. RE: SETTING ASIDE ORDER OF REVOCATION ORDER Petitioner TER-VIC REALTY CORPORATION is a stock corporation registered with the Commission on 15 June 1995. 1 Its primary purpose is: "To acquire by purchase, lease, donation or otherwise, and to own, use, improve, sell, mortgage, exchange, lease, and hold for investment or otherwise, real estate of all kinds, whether improve, manage or otherwise dispose of buildings, houses, apartments, and other structures of whatever kind, together with their appurtenances." 2 It has its principal office address at 185-C Kanlaon Street, Quezon City, Metro Manila. On November 3, 2003, Petitioner's Certificate of Registration No. AS095-005730 was revoked pursuant to the Order dated 30 September 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 4 October 2003. Petitioner now prays for the setting aside of the said Order of Revocation on the ground that the corporation has been in continuous operation and that there are real properties that belong to the petitioner. In support of the Petition, Petitioner submitted the following documents: a) Barangay Clearance issued by Brgy. Captain Junie R. Ricarforte of Barangay Maharlika, 1st District, Quezon City, on March 10, 2008; b) Audited Financial Statements for 2007, stamped received by the BIR; c) Lease Agreement between Petitioner and Rolando P. Gipulan wherein the latter as lessor leases to the former his real property for ten (10) years starting from January 2008; d) Minutes of the board meetings held last September 3, 2007 and December 15, 2007; e) A copy of the Declaration of Real Property located in San Miguel, San Antonio, Zambales owned by Petitioner, stamped received by the Office of the Provincial Assessor on August 16, 1995; and f) Transfer Certificate of Title No. 46106 showing that Petitioner, together with VLG Realty Corporation and W & B Realty, Inc., owns real property located in the Municipality of San Antonio, Province of Zambales. Petitioner alleges that it has no intention to violate the law and any SEC rules and regulations and 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 Twenty-three Thousand Five Hundred Pesos (Php23,500,00) as evidenced by Official Receipt No. 0156649 dated April 9, 2008. Consistent with its undertaking, Petitioner is hereby directed to submit a Mayor's Permit for 2008 within thirty (30) days from date of receipt of this Order. Failure on the part of Petitioner to comply with this directive shall cause the recall of the instant Order. WHEREFORE, premises considered, the Order of the Commission dated 30 September 2003 revoking the Certificate of Registration of TER-VIC REALTY CORPORATION 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. May 22, 2008. (SGD.) FE B. BARIN Chairperson on sick leave 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.