In re Palm Village Association, Inc.

August 21, 2008 SEC EN BANC CASE NO. 05-08-0467 IN THE MATTER OF PALM VILLAGE ASSOCIATION, INC., SEC REGISTRATION NO. 0000022216 , petitioner. FOR: SETTING ASIDE THE ORDER OF REVOCATION O R D E R Petitioner, PALM VILLAGE ASSOCIATION, INC., is a non-stock corporation registered with the Commission on 17 January 1963, under SEC Registration No. 22216, with principal office at 125 Zodiac St., Palm Village, Guadalupe Viejo, Makati City. Its purposes, as stated in its Articles of Incorporation, are: to promote and advance the best interest, general welfare, prosperity and safeguard the well-being of the owner, lessees and occupants of the property in the Palm Village, etc. EcSCAD On 26 May 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 22 April 2003, published on 25 April 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the said Order of Revocation dated 26 May 2003, on the following grounds: 1. that the new set of officers wants to revive the registration of the Petitioner in order to continue and sustain the on-going projects, as well as its envisioned projects, for the benefit of the members of the Petitioner; and 2. that the new set of officers undertakes to work vigorously and continuously for the good and welfare of the community comprising the Petitioner, with assurance that the new Board of Trustees shall unselfishly dedicate their efforts for the good of the Petitioner. In support of its Petition, Petitioner submitted the following documents: 1 1. Annual Income Tax Return for the year ended December 2007 received by the Bureau of Internal Revenue of Makati on 15 April 2008; 2. Trustees' Certificate dated 27 March 2008, certifying that at the regular meeting of the members and the Board of Trustees, held on 27 February 2007, at Palm Village, Guadalupe Viejo, Makati City, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was approved unanimously by the members and trustees; 3. Photocopy of the Affidavit dated 23 August 2007 issued by Hermenegildo M. Dcang, Operation and Administrative Officer of Freeport Security Agency, Inc. ("Agency"), attesting that the Agency agreed and entered into contract with the Petitioner to provide security service to the Petitioner and all homeowners of the village; cHTCaI 4. Photocopies of SSS Special Bank Receipts with OR Nos. 833380, 282701 and 151837 with the contribution payment returns and contribution collection list received by SSS Makati Branch on 19 July 2007, reflecting the payment of the employees SSS contributions by the Petitioner; 5. Photocopy of the Certificate of Registration with OCN 9RC0000139681 issued by the Bureau of Internal Revenue; 6. Photocopy of the Contract of Guard Service entered by the Petitioner and the Agency on 10 May 1996 at Makati City; and 7. Photocopies of the Official Receipts Nos. 0701-0715 issued by the Petitioner on various dates which serves as proof of payment of the association dues by its members. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. The Petitioner also manifested that it has no intention to violate the law and that it commits to immediately pay the fines due. On 19 May 2008, the corporation paid the fines of Php43,000.00, the amount assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD), under Official Receipt No. 0167368, for non/late filing/registration of the following: DAESTI NOTED DEFICIENCIES YEARS COVERED REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1999-2006 2007 Financial Statements 1999-2006 2007 Stock and Transfer Book Registered late Stock and Transfer Book Registered late WHEREFORE, finding the Petition meritorious, the Order of the Commission dated 26 May 2003, revoking the Certificate of Registration of PALM VILLAGE ASSOCIATION, INC., is hereby SET ASIDE. Further, Petitioner is hereby directed to submit its 2008 Business Permit within thirty (30) days from date of receipt hereof. Failure on the part of the petitioner to comply with the directive shall cause the recall of the instant Order. Let a copy of this Order be furnished the Corporate Filing and Records Division of the CRMD for attachment to the corporate records of the Petitioner on file with the Commission. The Economic Research and Information Department is hereby directed to delete the name of the Petitioner from the list of revoked corporations immediately upon receipt of this Order. SO ORDERED. Mandaluyong City. August 21, 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. All photocopies are verified with the original documents.