In re Presbyterian Theological College, Inc.

August 11, 2008 SEC EN BANC CASE NO. 11-07-0284 IN THE MATTER OF PRESBYTERIAN THEOLOGICAL COLLEGE INCORPORATED, SEC REGISTRATION NO. C199701018 , petitioner. FOR: SETTING ASIDE THE ORDER OF REVOCATION O R D E R Petitioner, PRESBYTERIAN THEOLOGICAL COLLEGE INCORPORATED, is a non-stock corporation registered with the Commission on 1 September 1997, under SEC Registration No. C199701018, with principal office at Cantil-e, Dumaguete City, Negros Oriental. Its purposes, as stated in its Articles of Incorporation, are: to propagate the Christian faith; to evangelize; to train the students to be useful Christians and pastors of the churches; to establish medical services, mission schools, develop agriculture, share services for children, establish technical know-how and other services. DAHEaT On 15 March 2004, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 10 February 2004, published on 14 February 2004 in the Philippine Daily Inquirer, for non filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 10 February 2004, on the following grounds: 1. that its failure to file its reportorial requirements was inadvertent; and 2. that despite non-filing of reports Petitioner remains an operating concern. In support of its Petition, Petitioner submitted the following documents: 1. Directors' Certificate dated 25 September 2007 certifying that at the special joint meeting of the members and the Board of Trustees, held on 1 September 2007, in Tugas, Piapi, Dumaguete City, at which a quorum was present, the resolution allowing the filing of the Petition to Set Aside Order of Revocation was approved unanimously by the trustees and the members; 2. Photocopy of Official Receipts Nos. 3351, 3352, 3353 and 3354 issued by the Petitioner on September 3, 2007; 3. Photocopy of its 2006 Annual Income Tax Return, received by Cebu Extension Office on October 4, 2007 (verified against the original); and 4. Photocopy of Certificate of Registration of Business Name issued by Javier R. Fortunato, Jr., Provincial Director, Department of Trade and Industry, Region VII, on 24 August 1995 (verified against the original) Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. Petitioner also manifested that it has no intention to violate the law and that it commits to immediately pay the fines due. On 4 October 2008, Petitioner paid the fines of P8,800.00, the amount assessed by the SEC Cebu Extension Office, under Official Receipt No. 5487781, for non/late filing of the following: TDcEaH Noted Deficiencies Years Covered Requirements Not Filed Filed Late General Information Sheet 1996-2006 2007 Financial Statements 2006 WHEREFORE, finding the Petition meritorious, the Order of the Commission dated 10 February 2004 revoking the Certificate of Registration of the PRESBYTERIAN THEOLOGICAL COLLEGE, INCORPORATED, is hereby SET ASIDE. Let a copy of this Order be furnished the Corporate Filing and Records Division of the Company Registration and Monitoring Department for attachment to the corporate records of the Petitioner on file with the Commission. The Economic Research and Information Department is hereby directed to delete the name of the Petitioner from the list of revoked corporations immediately upon receipt of this Order. SO ORDERED. Mandaluyong City. August 11, 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