In re Credit Card Association of the Philippines, Inc.

February 15, 2008 SEC EN BANC CASE NO. 10-07-0225 IN THE MATTER OF SEVENTH-DAY ADVENTIST CHURCH OF NORTHEASTERN MINDANAO MISSION, INC. (S.E.C. REG. NO. 110678) , petitioner . FOR : Setting Aside of Order of Revocation O R D E R Petitioner Seventh-Day Adventist Church of Northeastern Mindanao Mission, Inc. is a non-stock corporation registered with the Commission on 04 March 1983. 1 Petitioner was organized as a religious organization to administer its temporalities and manage its properties or estate. 2 On 11 August 2003, petitioner's Certificate of Registration No. 110678 was revoked by virtue of SEC Order dated 08 July 2003 for non-compliance with the Commission's reportorial requirements.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 to deprive the corporate existence of petitioner would deprive the membership of legal personality to carry out its civil and business affairs. 3 Moreover, the members of petitioner are actively participating in the normal course of business of petitioner. 4 As proof of its intent to continue its business operation, petitioner submitted copies of the following: 1. Audited Financial Statements for the year ended 31 December 2006 duly received by the Bureau of Internal Revenue; 2. Annual Income Tax Return for the year ended December 2006; 3. Various board resolutions; and 4. 2007 General Information Sheet. 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 THIRTEEN THOUSAND FIVE HUNDRED PESOS (Php13,500.00) as evidenced by Official Receipt No. 0104037 dated 08 October 2007. WHEREFORE, premises considered, the Order of the Commission dated 08 July 2003 revoking the Certificate of Registration of SEVENTH-DAY ADVENTIST CHURCH OF NORTHEASTERN MINDANAO MISSION, INC. is hereby SET ASIDE. HCaEAT 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. SO ORDERED. Mandaluyong City, February 15, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner on official leave THADDEUS E. VENTURANZA Commissioner Footnotes 1. Petitioner's Certificate of Registration. DISaEA 2. Petitioner's Articles of Incorporation, 2nd Article. 3. Supplemental Petition dated 10 December 2007, p. 1. 4. Ibid.