In the Matter of Banaue Realty & Development Corp.

January 30, 2009 SEC EN BANC CASE NO. 10-08-0530 IN THE MATTER OF BANAUE REALTY & DEVELOPMENT CORPORATION SEC REGISTRATION NO. 0000157845 FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, BANAUE REALTY & DEVELOPMENT CORPORATION, is a stock corporation registered with the Commission on December 07, 1988 under SEC Registration No. 0000157845, with principal office address at G/F Concorde Condominium, Benavides St. & Salcedo Streets, Legaspi Village, Makati City, engaged in real estate business, as stated in its Articles of Incorporation. HDIATS On September 29, 2003, its Certificate of Registration was revoked by virtue of SEC Order dated August 20, 2003 which was published on August 28, 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated August 20, 2003, on the following grounds: 1. that Petitioner was not able to invest in other real estate except that in the former Baguio Skyworld Condominium; thus it became inactive resulting in the non-filing of reports; 2. that in 1990 an earthquake hit Baguio City which damaged the condominium, thus a Petition for partition of the condominium lot was filed before the Regional Trial Court of Baguio City, where the Petitioner is one of the plaintiffs, as such, it must have a legal personality to claim its rights over the property; 3. that it commits to pay immediately any penalties by reason of its failure to comply with the Commission's reportorial requirements; 4. that it shall henceforth submit reportorial requirements religiously; and 5. that Petitioner intends to continue its registration with the Commission and operation of its business. In support of its Petition, Petitioner submitted the following documents: 1 1. Photocopy of 2008 Business Permit, City of Makati; 2. Photocopy of 2008 Sanitary Permit, City of Makati; 3. Photocopy of Comprehensive General Liability Insurance Policy, with Philippines First Insurance Company, Inc., issued on April 10, 2008; 4. Photocopy of Income Tax Return for the year 2007 received by the Bureau of Internal Revenue on April 08, 2008; 5. Directors' Certificate dated January 15, 2008, certifying that at the special joint meeting of stockholders and directors held on the same date, at 3rd Floor, Solid Mills Building, dela Rosa Street, Makati City, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was unanimously approved; ACIDTE 6. Photocopy of Minutes of Meeting held in 2006 and 2007, attested and signed by the President and Secretary of Petitioner; and 7. Bureau of Internal Revenue Certificate of Registration, Revenue Region No. 008, Revenue District 050. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. On October 09, 2008, the Petitioner paid the fine of PhP22,500.00 under O.R. No. 0215948, for non/late filing of the following, on the years indicated hereunder: REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1996-2006 2007 Financial Statements 1996-2006 WHEREFORE, finding the documents sufficient to establish the Petitioner's intent to continue as a juridical entity, the Order of the Commission dated August 20, 2003, revoking the Certificate of Registration of BANAUE REALTY & DEVELOPMENT CORPORATION, is hereby SET ASIDE. However, Petitioner is hereby directed to submit its 2009 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. SO ORDERED. Mandaluyong City, January 30, 2009. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner on leave 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. CEIHcT