In re Pearl Towers Condominium Corp.

December 12, 2007 SEC EN BANC CASE NO. 09-07-0180 IN THE MATTER OF PEARL TOWERS CONDOMINIUM CORPORATION (S.E.C. REG. NO. 76827), petitioner. FOR: SETTING ASIDE ORDER OF REVOCATION O R D E R Petitioner PEARL TOWERS CONDOMINIUM CORPORATION, is a non-stock corporation registered with the Commission on 29 November 1977. 1 Petitioner was formed to own or hold title to the common areas in the condominium project known as the "Pearl Towers Condominium Project", which has been constituted to manage and operate the said condominium project. 2 Its principal office is located at 1447 G. Masangkay Street, Sta. Cruz, Manila. HCacDE On 11 August 2003, petitioner's Certificate of Registration No. 76827 was revoked by virtue of SEC Order dated 08 July 2003 for non-compliance with the Commission's reportorial requirements. The said order was published in a newspaper of general circulation on 11 July 2003. Petitioner seeks reconsideration of the Order revoking petitioner's registration on the ground that "the previous officers of the association were not able to comply with the Commission's reportorial requirements and that there was no proper turn over and transition between the outgoing and the incoming set of officers and management that occurred." 3 As proof of its continued operation, petitioner submitted copies of the following: 1. Certificate of Registration with the Bureau of Internal Revenue dated 07/25/2006; 2. Business Permit No. 2007-01074 issued by the City Mayor of Manila; CTHaSD 3. 2006 Annual Income Tax Return; 4. Board Resolution No. 2006-4 dated 23 June 2006 authorizing the filing of the petition to set aside the order revoking petitioner's certificate of registration; 5. 2006 General Information Sheet; and 6. Audited Financial Statement as of 31 December 2006; 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 Sixteen Thousand Pesos (Php16,000.00) on 07 September 2007 as evidenced by Official Receipt No. 0094429. WHEREFORE, premises considered, the Order of the Commission dated 08 July 2003 revoking the Certificate of Registration of PEARL TOWERS CONDOMINIUM CORPORATION 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. CTcSAE SO ORDERED. Mandaluyong City. December 12, 2007. (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. Amended Petition, p. 1.