In re Mandalagan Development Corp.

October 31, 2008 SEC EN BANC CASE NO. 10-08-0539 IN THE MATTER OF MANDALAGAN DEVELOPMENT CORPORATION, SEC REGISTRATION NO. 0000030065 , petitioner. FOR: SETTING ASIDE THE ORDER OF REVOCATION OF THE CERTIFICATE OF REGISTRATION O R D E R Petitioner, MANDALAGAN DEVELOPMENT CORPORATION is a stock corporation registered with the Commission on August 2, 1966, under SEC Registration No. 0000030065, with Certificate of Filing of Amended Articles of Incorporation amending its primary purpose. Its principal office address is at No. 90, Lacson Street, Mandalagan, Bacolod City, engaged in the real estate, agricultural and aqua farming businesses, as stated in its Articles of Incorporation. HSaIDc On May 26, 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated April 22, 2003, published on April 25, 2003 in the Philippine Daily Inquirer, for non-filing of reports.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 April 22, 2003, on the following grounds: 1. that its corporate existence is necessary considering that it owns sugar lands covered by the Comprehensive Agrarian Reform Program and there are two (2) voluntary offers to sell said lands with the Department of Agrarian Reform; 2. that it has no intention to violate the law and any of the Commission's rules and regulations; 3. that it shall, henceforth, submit reports religiously; and 4. that it intends to continue its registration with the Commission. In support of its Petition, Petitioner submitted the following documents: 1 1. Trustees Certificate dated September 17, 2007, certifying that at the regular meeting of the Board of Trustees and members held on November 2, 2007, at Bacolod City, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was approved; 2. Certified True Photocopy of the 2008 Mayor's Permit, City of Bacolod; 3. Agreement dated January 26, 2007 with Kent M. Javelosa and Ryan J. Yee authorizing the former to administer, operate and cultivate Petitioner's agricultural land; 4. Annual Income Tax Return for the year 2007; and 5. Photocopy of the survey map of the lands owned by Petitioner. Petitioner submitted its 2007 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. On July 16, 2008, the corporation paid the fines of Php11,500.00, the amount assessed by the Iloilo Extension Office of the Commission under OR No. 5518812, for non/late filing of the following, on the years indicated hereunder: HEDSCc NOT FILED FILED LATE General Information Sheet 1996-2006 2007 Financial Statements 1996-2006 WHEREFORE, finding the Petition meritorious, the Order of the Commission dated April 22, 2003 revoking the Certificate of Registration of MANDALAGAN DEVELOPMENT CORPORATION, is hereby SET ASIDE. SO ORDERED. Mandaluyong City. October 31, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (on leave) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Photocopies are compared with the original of the documents.