In re Petition to Set Aside Order of Revocation Pareb-Northern Mindanao Realtors Board, Inc.

February 11, 2008 SEC EN BANC CASE NO. 07-07-0125 IN THE MATTER OF PETITION TO SET ASIDE ORDER OF REVOCATION PAREB-NORTHERN MINDANAO REALTORS BOARD, INC. (NOMIREB) (S.E.C. REG. NO. HN096-000096) , petitioner. O R D E R Petitioner PAREB-Northern Mindanao Realtors Board, Inc. (NOMIREB) is a non-stock corporation registered with the Commission on 28 March 1996. 1 Petitioner was organized primarily: HDAaIS 1. To be able to promote cooperation, understanding and unity among NOMIREB members; 2. To provide facilities to its members so as to enable them to adequately serve their clients and community; 3. To set up, upgrade and maintain the standard of a real estate business and realty service practice; 4. To adopt and increase a Code of Ethics approved and accepted by the Ministry of Trade and Industry upon recommendation of the director; 5. To cooperate with the government agencies and entities, as well as with other trade organization regarding adoption of laws, ordinances, regulations and functions involving or affecting real estate business. 2 IHAcCS On 15 March 2004, petitioner's Certificate of Registration No. HN096-000096 was revoked by virtue of SEC Order dated 10 February 2004 for non-compliance with the Commission's reportorial requirements. The said order was published in a newspaper of general circulation on 14 February 2004. Petitioner seeks reconsideration of the Order revoking petitioner's registration on the following grounds: 1. The present officers were not aware that reports of previous years were not submitted to this Commission; and 2. Petitioner has not received any notice of revocation from this Commission prior to the revocation. 3 As proof of its intent to continue its business operation, petitioner submitted copies of the following: 1. 2006 Annual Income Tax Return; 2. Various Minutes of General Membership Meetings. 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 Eleven Thousand Pesos (Php11,000.00) on 11 July 2007 as evidenced by Official Receipt No. 5458234. cISDHE Anent petitioner's allegation of lack of notice of revocation, the same is without merit considering that the subject Order was published in a newspaper of general circulation on 14 February 2004. WHEREFORE, finding the documents submitted to support the instant petition to be sufficient, the Order of the Commission dated 10 February 2004 revoking the Certificate of Registration of PAREB-NORTHERN MINDANAO REALTORS BOARD, INC. (NOMIREB) is hereby SET ASIDE. 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. aDICET SO ORDERED. Mandaluyong City. February 11, 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. 3. Petition, p. 1