In re CXB Real Estate Company, Inc.

January 16, 2008 SEC EN BANC CASE NO. 06-09-0098 IN THE MATTER OF CXB REAL ESTATE COMPANY, INC. (SEC REG. NO. ASO94-00009670) , petitioner . FOR : Lifting of Order of Revocation of Certificate of Registration O R D E R Petitioner CXB Real Estate Company, Inc. is a stock corporation registered with the Commission on 24 October 1994. Its primary purpose is "to acquire by purchase, lease or otherwise, real estate and interest in real estate, and to own, hold, improve, develop and manage any real estate so acquired and to construct or cause to be constructed on any lands owned, held or occupied by the corporation, buildings, houses and other structures with their appurtenances and to sell, lease or otherwise dispose structures and other improvements owned or controlled by the corporation." It has its business office address at 453 P. Guevarra Street, San Juan Metro Manila. aEcTDI On 03 November 2003, Petitioner's Certificate of Registration No. ASO94-00009670 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated 30 September 2003. Petitioner now prays for the lifting of the said Order of Revocation based on the following grounds. 1. it has entered into a Joint Venture Agreement with Asiatic Development Corporation for the development of the real property it owns and it will be a loss to the corporation if the Order is not lifted; and 2. properties in the name of the corporation will be used for future operations. 1 In support of its Petition, petitioner submitted as proof of its continued operation: a.) 2006 Audited Financial Statements; b.) 2007 General Information Sheet; c.) Memorandum of Agreement to Develop the Property entered on January 25, 2006; e.) n Business Permit issued on February 19, 2007; f.) Income Tax Return for the year 2006; g.) Tax Declaration of Real Property; and h.) Real Estate Tax Receipts issued on March 08, 2007. Petitioner further alleges that it intends to continue its business operations and comply with the registration requirements of the Commission as evidenced by its submission of its most recent General Information Sheet and Financial Statements. EDISTc It has also paid in full the total amount of the penalty of Eleven Thousand Five Hundred Pesos (Php11,500.00) as assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD) and evidenced by Official Receipt No. 0071431. WHEREFORE, premises considered, the Order of the Commission dated 30 September 2003 revoking the Certificate of Registration of CXB REAL ESTATE COMPANY, 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. January 16, 2008, Mandaluyong City. (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. Page 1 of Supplemental Petition. n Note from the Publisher: Copied verbatim from the official document.