In re Tai Guan Temple, Inc.

March 10, 2008 SEC EN BANC CASE NO. 12-07-0301 IN THE MATTER OF TAI GUAN TEMPLE, INCORPORATED (S.E.C. REG. NO. 15684) , petitioner. FOR: SETTING ASIDE OF REVOCATION ORDER O R D E R Petitioner TAI GUAN TEMPLE, INCORPORATED is a non-stock corporation registered with the Commission on 29 July 1959 to carry on charitable and social services. Its principal office is located at 37 M.C. Briones Street, Cebu City. On 26 May 2003, petitioner's Certificate of Registration No. 15684 was revoked by virtue of SEC Order dated 22 April 2003 for non-compliance with the Commission's reportorial requirement. The said order was published in a newspaper of general circulation on 25 April 2003. Petitioner seeks reconsideration of the Order revoking petitioner's registration based on the ground that it has been in continuous operation since its registration. As proof of its continuous operation, petitioner submitted copies of the following: 1. 2006 Annual Income Tax Return; 2. Transfer Certificate of Title No. 19976 covering a parcel of land registered in the name of petitioner; 3. Various official receipts issued by petitioner; 4. Audited Financial Statements for the year ended 2006; and 5. Various letters addressed to the President from the Office of the Accounting of the Cebu Eastern College. Petitioner further alleges that it has no intention to violate the law and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. As a matter of fact, petitioner already paid the penalty in full as evidenced by Official Receipt No. 5488559 dated October 30, 2007 and Official Receipt No. 5489329 dated November 23, 2007 in the amount of SIX THOUSAND THREE HUNDRED FIFTY PESOS (Php6,350.00). WHEREFORE, premises considered, the Order of the Commission dated 22 April 2003 revoking the Certificate of Registration of TAI GUAN TEMPLE, INCORPORATED is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD), the Economic Research and Information Department (ERID) and the Cebu Extension Office of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, March 10, 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