In re Holy Child Realty and Development, Inc.

March 11, 2008 SEC EN BANC CASE NO. 08-07-0147 IN THE MATTER OF HOLY CHILD REALTY AND DEVELOPMENT, INC. (SEC REG. NO. I199700092) , petitioner . FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner Holy Child Realty and Development, Inc. is a stock corporation registered with the Commission on 24 March 1997 to engage in real estate business. Its office address is located at No. 51 Kamagong St., Mc Mariano Village, Naga City. On 15 March 2004, petitioner's Certificate of Incorporation No. I199700092 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order dated 10 February 2004 which was published in a newspaper of general circulation on 14 February 2004. Petitioner now prays for the lifting of the said Order of Revocation on the following grounds: 1. its officers were not aware of the Commission's reportorial requirements; and 2. petitioner failed to inquire its corporate status from the Commission. In support of its Petition, petitioner submitted as proof of its continued operation: 1. Affidavit of no commercial operation from 1998-2001 and 2003-2004; 2. 2007 Mayor's Permit issued by Naga City; and 3. Board Resolution No. 01-07 authorizing its President to obtain a loan from the Land Bank of the Philippines. 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. In fact, petitioner paid the penalty on 20 July 2007 amounting to Twelve Thousand Nine Hundred Pesos (P12,900.00) as evidenced by Official Receipt No. 5460622. CADHcI Accordingly, petitioner is hereby directed to submit its 2008 Mayor's Permit and photocopy of pages of stock and transfer book with entries as certified by the Corporate Secretary within thirty (30) days from date of receipt hereof. Failure on the part of petitioner to comply with the directive shall cause the recall of the instant Order. WHEREFORE, premises considered, the Order of the Commission dated 10 February 2004 revoking the Certificate of Registration of Holy Child Realty and Development, 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. Mandaluyong City, Philippines, March 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