In re Iloilo Medical Society, Inc.

August 19, 2008 SEC EN BANC CASE NO. 07-08-0482 IN THE MATTER OF ILOILO MEDICAL SOCIETY, INC., SEC REGISTRATION NO. 0000004317 , petitioner. FOR: SETTING ASIDE THE ORDER OF REVOCATION OF THE CERTIFICATE OF REGISTRATION O R D E R Petitioner, ILOILO MEDICAL SOCIETY, INC., is a non-stock corporation, registered with the Commission on 01 April 1949, 1 under SEC Registration No. 0000004317, with principal office address in Iloilo City. Its purposes, as stated in its Articles of Incorporation, are: to foster friendship, understanding and cooperation among the practicing surgeons and physicians; to promote medical science and surgery; to promote health and sanitation; to encourage medical research; and to promote physical culture. DEcITS On 26 May 2003, its Certificate of Registration was revoked by the Commission by virtue of SEC Order dated 22 April 2003, published on 25 April 2003 in the Philippine Daily Inquirer, for non-filing of reports.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 Order of Revocation dated 22 April 2003, on the following grounds: 1. that its directors were not aware of the Commission's reportorial requirements; 2. that it has no intention to violate the law and the SEC rules and regulations; and 3. that it intends to continue its registration with the Commission and the operation of its business. In support of its Petition, Petitioner submitted the following documents: 1. Trustees' Certificate dated 01 July 2008, certifying that at the meeting, held on 22 January 2008 in IMS Bldg., Luna St., Lapaz, Iloilo 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 trustees and members; 2. Photocopy of the Business Permit No. 2008-7772, issued on 03 April 2008, by the Office of the Mayor, City of Iloilo; 3. Photocopy of the Certificate of Registration dated 31 January 2006, issued by the Bureau of Internal Revenue. Petitioner submitted its 2008 GIS and 2007 FS to prove its intention to continue its registration with the Commission. Petitioner also manifested that it commits to immediately pay the fines due. Petitioner paid the total amount of fine of P20,500.00, 2 the amount assessed by the Iloilo Extension Office of the Commission, for non/late filing of the following: NOTED DEFICIENCIES YEARS COVERED REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1996-2006 2008 Financial Statements 1996-2006 2007 WHEREFORE, Petitioner's allegation that it did not know of the reportorial requirements of the Commission is without merit considering that Section 141 of the Corporation Code of the Philippines requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. Petitioner is bound by the said provision of the law and it cannot claim lack of knowledge to excuse it from compliance therewith. However, finding the Petition meritorious, the Order of the Commission dated 27 May 2003, revoking the Certificate of Registration of the ILOILO MEDICAL SOCIETY, INC., is hereby SET ASIDE. CASIEa Let a copy of this Order be furnished the Corporate Filing and Records Division of the Company Registration and Monitoring Department 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 19, 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. With Certificate of Filing of an Amended Articles of Incorporation dated 14 April 1999, extending its corporate term for another fifty years from and after the expiration of its original corporate term. DAaHET 2. P9,500.00 was paid on 08 September 2005 and P11,000.00 was paid on 24 June 2008 under Official Receipts Nos. 5264554 and 5518560, respectively.