In re PAREB-Cebu Realtors Board, Inc.

December 24, 2008 SEC EN BANC CASE NO. 10-08-0527 IN THE MATTER OF PAREB-CEBU REALTORS BOARD, INCORPORATED (FORMERLY: CEBU REALTORS BOARD, INCORPORATED) SEC REGISTRATION NO. 0000018702 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, PAREB-CEBU REALTORS BOARD, INCORPORATED, is a non-stock corporation registered with the Commission on 27 April 1961 under SEC Registration No. 0000018702, with principal office address at Ground Floor CCCI Center, Cor. 11th and 13th Avenues, North Reclamation Area, Cebu City, organized to unite those engaged in real estate business, as stated in its Articles of Incorporation. EHCcIT On 26 May 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 22 April 2003, published on 25 April 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 22 April 2003, on the following grounds: 1. that the Petitioner neglected to file the required reports of the Commission due to misunderstanding among officers; 2. that the Petitioner is actually existing and operational; and 3. that Petitioner intends to continue its operation. In support of its Petition, Petitioner submitted the following documents: 1 1. Trustees' Certificate dated 06 March 2008, certifying that at the special joint meeting of the Board of Trustees and members, held on 10 January 2008, at its principal office at Ground Floor CCCI Center, Cor. 11th and 13th Avenues, North Reclamation Area, Cebu City, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was approved; 2. Photocopies of the minutes of the meeting on various dates covering February 2004 to November 2007; and 3. Photocopy of Contract of Lease dated 21 July 2007 between the Petitioner as the lessee and the Cebu Chamber of Commerce and Industry, Inc. as the lessor. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also manifested that it has no intention to violate the law and any SEC rules and regulations and commits to immediately pay the fines as due. On 03 September 2008, Petitioner paid a fine of P13,250.00, the amount assessed by Cebu Extension Office of the Commission, under Official Receipt No. 5522227 for non/late filing of the following, on the years indicated hereunder: ESCacI NOT FILED FILED LATE General Information Sheet 1994-2007 Financial Statements 1993-1996; 1998; 2000-2006 2007 WHEREFORE, Petitioner's allegation of misunderstanding among officers, as reason for its failure to submit the reportorial requirements of the Commission, is without merit, considering that Section 141 of the Corporation Code of the Philippines requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. Petitioner is bound by the said provision of the law and that negligence due to misunderstanding among officers is not an excuse for non-compliance. Nevertheless, finding the submitted documents sufficient to establish Petitioner's operation and its intent to continue as a juridical entity, the Order of the Commission dated 22 April 2003, revoking the Certificate of Registration of the PAREB-CEBU REALTORS BOARD, INCORPORATED, is hereby SET ASIDE. However, the Petitioner is hereby directed to submit its 2009 Mayor's Permit within thirty (30) days from date of receipt of this Order. The Petitioner is warned that non-compliance therewith shall cause the recall of this Order. SO ORDERED. Mandaluyong City, December 24, 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. Photocopies are faithful reproductions of the originals of the documents. acIASE