In re 20th Century Realty and Development Corp.

March 11, 2008 SEC EN BANC CASE NO. 09-07-0184 IN THE MATTER OF 20TH CENTURY REALTY AND DEVELOPMENT CORPORATION (SEC REG. NO. 0098097) , petitioner. FOR: SETTING ASIDE OF ORDER OF REVOCATION OF CERTIFICATE OF REGISTRATION ORDER Petitioner is a stock corporation registered with the Commission on 19 March 1981 primarily organized to engage in real estate business. It has its principal office at Don Gregorio Ave., San Sebastian Village, Tarlac City. On 11 August 2003, Petitioner's Certificate of Registration No. 0098097 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated 08 July 2003. Said Order was published in a newspaper of general circulation on 11 July 2003. Petitioner now prays for the lifting of the said Order of Revocation based on the following grounds: 1. that petitioner is operational and intends to continue its operation under the registered name; 2. that it as to be operational carrying its corporate registered name, for the benefit of persons employed under its corporate name; and 3. the existing assets and liabilities of the corporation are still registered in the name of the petitioner, hence, the revocation of the corporate name will result to an adverse effect in the aspect of ownership. 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.) 2007 Business Permit issued by the Office of the Mayor of Tarlac City; d.) 2006 Income Tax Return; e.) Certificate of Business Name Registration issued by the Department of Trade and Industry dated 20 July 2004; and f.) BIR Certificate of Registration dated 26 June 2002. 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. It has also paid in full the total amount of penalty of Twenty Thousand Eight Hundred Pesos (Php20,800.00) as assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD) and evidenced by Official Receipt No. 0091979 dated 06 September 2007. WHEREFORE, premises considered, the Order of the Commission dated 08 July 2003 revoking the Certificate of Registration of 20TH CENTURY REALTY AND DEVELOPMENT CORPORATION is hereby SET ASIDE. Petitioner is hereby directed to secure its 2008 mayor's/business' permit and all necessary government permits and licenses for its operation within thirty (30) days from receipt hereof. Failure to comply with this directive will be sufficient ground for the recall of the instant Order. 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. 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 Footnotes 1. Page 1 of the supplemental petition.