In re Woodside Properties and Land Corp.

March 25, 2008 SEC EN BANC CASE NO. 05-07-0064 IN THE MATTER OF WOODSIDE PROPERTIES AND LAND CORPORATION (SEC Reg. No. AS091199069) , petitioner . FOR : Setting Aside of Order of Revocation O R D E R Petitioner Woodside Properties and Land Corporation is a stock corporation registered with the Commission on 11 December 1991. 1 Petitioner was organized to acquire and to own, use, improve, develop, subdivide, sell, mortgage, exchange, lease, develop and hold for investment or otherwise, real estate of all kinds. 2 Petitioner has its office address at Woodcrest Lane, National Highway, Cauayan City, Isabela. On 29 September 2003, petitioner's Certificate of Registration No. AS091199069 was revoked by virtue of SEC Order dated 20 August 2003 for non-compliance with the Commission's reportorial requirements. The said order was published in a newspaper of general circulation on 28 August 2003. Petitioner seeks reconsideration of the Order revoking petitioner's registration on the following grounds: 1. Petitioner has been and still is actively engaged in its business of real estate development as it has been regularly selling its real properties in its newly-developed subdivision project in Cauayan City, Isabela for the past three years now; 2. By reason of the sales of its real estate subdivision properties, petitioner has been receiving payments from its installment buyers; 3. Petitioner is duly registered with the Bureau of Internal Revenue and has been regularly filing its Income Tax Return with the said government agency; 4. Meetings of the Board of Directors of petitioner have been regularly conducted; DHSCEc 5. Petitioner has been conducting its business regularly in Cauayan City, Isabela and regularly complies with the local business requirements; and 6. Petitioner is registered with the Department of Trade and Industry. 1 As proof of its continued operation, petitioner submitted copies of the following: 1. Contracts to Sell both dated 29 May 2006; 2. Official Receipts issued on various dates by petitioner; 3. 2004-2005 Annual Income Tax Return stamped received by the BIR; 4. Mayor's Permit No. 2007-1599 issued on 17 April 2007; 5. Various sworn certificates of petitioner's Corporate Secretary with regard to the resolutions adopted during the board meetings of petitioner; and 6. Certificate of Business Name Registration with the DTI issued on 16 February 2007. Petitioner further alleges that it has no intention to violate the law and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. As a matter of fact, petitioner already paid the penalty in the amount of ONE HUNDRED TWENTY TWO THOUSAND FIVE HUNDRED NINETY NINE AND 35/100 Pesos (Php122,599.35) on 07 December 2007 as evidenced by Official Receipt No. 0123157. WHEREFORE, premises considered, the Order of the Commission dated 20 August 2003 revoking the Certificate of Registration of WOODSIDE PROPERTIES AND LAND CORPORATION is hereby SET ASIDE. Accordingly, petitioner is hereby directed to submit its 2008 Mayor's Permit 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. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. DHacTC SO ORDERED. Mandaluyong City, March 25, 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. Petitioner's Certificate of Registration. 2. Petitioner's Articles of Incorporation, 2nd Article. 1. Petition, pp. 1 and 2.