In re New Territories Realty Development Corp.

November 19, 2008 SEC EN BANC CASE NO. 09-07-0205 IN THE MATTER OF NEW TERRITORIES REALTY DEVELOPMENT CORP. SEC REGISTRATION NO. CSO92-000510 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner NEW TERRITORIES REALTY DEVELOPMENT CORP. is a stock corporation registered with the Commission on 10 December 1992, under SEC Registration No. CSO92-000510, with principal office address at M. H. Aznar Road. Sambag I, Cebu City, engaged in real estate business, as stated in the Articles of Incorporation. aTcIEH On 03 November 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 30 September 2003, published on 04 October 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the said Order of Revocation dated 30 September 2003, on the following grounds: 1. that Petitioner's inadvertence in filing the annual reportorial requirements is due to the long absence in the Philippines of majority of its shareholders; 2. that Petitioner has no intention to violate the law and any of the Commission's rules and regulations; and 3. that Petitioner shall henceforth submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: 1 1. Photocopy of the 2008 Barangay Business Permit, Barangay Sambag I, Cebu City; 2. Photocopy of the 2006 Business Tax Payment Certificate issued by the Office of the City Treasurer of Cebu for the operation of a lodging house; 3. Photocopy of Petitioner's 2008 Community Tax Certificate; 4. Photocopy of the 2008 Business Tax Assessment, Office of the City Treasurer of Cebu; 5. Photocopies of the official receipts issued by the City Treasurer of Cebu for Petitioner's payment of 2nd to 4th quarters business taxes and garbage fees for 2008; 6. Photocopy of the Tax Clearance issued by the City of Cebu attesting that the property declared for taxation purposes under the name of Petitioner is not delinquent in the payment of real property taxes up to the year 2008; 7. Photocopy of the Real Estate Tax Receipt issued by the City of Cebu to Petitioner for taxable year 2008; ECaScD 8. Photocopy of the official receipt dated 27 June 2007 issued by BPI/MS Insurance Corporation in favor of Petitioner for the payment of fire insurance premium on Petitioner's property; 9. Photocopy of the 2007 Mayor's Permits, Cebu City; and 10. Directors' Certificate dated 22 June 2007, certifying that at the special joint meeting of the stockholders and the Board of Directors, held on even date, at M. H. Aznar Road, Sambag I, Cebu City at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was unanimously approved. Petitioner submitted its 2007 General Information Sheet (GIS) and 2007 Financial Statements (FS) to prove its intention to continue its registration with the Commission. It also commits to immediately pay the fines as due. On 06 September 2007, the Petitioner paid the fine of Php29,300.00, 2 as assessed by the SEC-Cebu Extension Office, under OR No. 5478862, for non/late filing of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1996-2006 2007 Financial Statements 1996-2005 2006 WHEREFORE, Petitioner's allegation that its inadvertence in the filing of the annual reportorial requirements is due to the long absence in the Philippines of majority of its shareholders is untenable. Petitioner should have been vigilant in complying with the Commission's reportorial requirements. However, finding the submitted documents sufficient to establish Petitioner's intent to continue as a going concern entity, the Order of the Commission dated 30 September 2003, revoking the Certificate of Registration of NEW TERRITORIES REALTY DEVELOPMENT CORP., is hereby SET ASIDE. Further, Petitioner is hereby directed to submit its 2008 Mayor's Permit within thirty (30) days from date of receipt hereof. Failure on the part of the petitioner to comply with the directive shall cause the recall of this Order. SECcIH SO ORDERED. Mandaluyong City, November 19, 2008. 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. Photocopies are faithful reproductions of the originals of the documents. 2. Includes payment for fines assessed for non-filing of GIS for the years 1993 to 1995 and FS for the years 1992 to 1995.