In re Babak Market Vendors Association, Inc.

December 24, 2008 SEC EN BANC CASE NO. 11-08-0554 IN THE MATTER OF BABAK MARKET VENDORS ASSOCIATION, INC. SEC REGISTRATION NO. 0000096628 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, BABAK MARKET VENDORS ASSOCIATION, INC., is a non-stock corporation registered with the Commission on December 17, 1980, under SEC Registration No. 0000096628, with principal office at Villarica, Babak Market, Babak District, Island Garden City of Samal. TSaEcH On August 11, 2003, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated July 8, 2003, published on July 11, 2003 in the Philippine Daily Inquirer, non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated July 11, 2003, on the following grounds: 1. that it desires to continue its operation in order to receive grants such as micro-finance assistance from various government agencies particularly the Local Government Unit; AIDcTE 2. that it has no intention to violate the law and any SEC rules and regulations; and 3. that it commits to submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: 1 1. Trustees' Certificate dated September 4, 2008, certifying that at the regular meeting of the members and the Board of Trustees, held on July 15, 2008, in Babak, Island Garden City of Samal, at which a quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was approved; DAcaIE 2. Photocopy of the Revenue Official Receipt and Payment Form of the Bureau of Internal Revenue as to taxes paid by Petitioner for the years 2005 to 2007; and 3. Photocopy of the Minutes of the Meeting held on June 27, 2008. Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. On August 19, 2008, the corporation paid the fines of P12,250.00, the amount assessed by the SEC-Davao Extension Office under Official Receipt No. 5524029, for non/late filing of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1996-2007 2008 Financial Statements 1996-2006 WHEREFORE, finding the Petition meritorious, the Order of the Commission dated July 8, 2003, revoking the Certificate of Registration of BABAK MARKET VENDORS ASSOCIATION, INC., is hereby SET ASIDE. However, Petitioner is hereby directed to submit its 2008 Mayor's Permit within thirty (30) days from the date of receipt hereof. Failure on the part of the Petitioner to comply with the said directive 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.