In the Matter of Masasa Development Corp.

January 30, 2009 SEC EN BANC CASE NO. 12-07-0302 IN THE MATTER OF MASASA DEVELOPMENT CORPORATION SEC REGISTRATION NO. AS92006138 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, MASASA DEVELOPMENT CORPORATION, is a stock corporation registered with the Commission on 15 September 1992, under SEC Registration No. AS92006138, with principal office address at 2/F LPL Mansions, 122 L.P. Leviste Street, Salcedo Village, Makati City, engaged in real estate development business, as stated in its Articles of Incorporation. HTCISE On 03 November 2003 its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 30 September 2003, published on 04 October 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 30 September 2003, on the following grounds: 1. that it has investment properties amounting to Php13,450,454; 2. that it has no intention to violate the law and any SEC rules and regulations; 3. that it shall henceforth submit reportorial requirements religiously; and 4. that it intends to continue its registration with the Commission. In support of its Petition, Petitioner submitted the following documents: * 1. Secretary's Certificate dated 20 November 2007 certifying that at the special joint meeting of the stockholders and the directors, held on 21 September 2007, at 2/F LPL Mansions, 122 L.P. Leviste Street, Salcedo Village, Makati City, at which a quorum was present, the resolution allowing the filing of the Petition to Set Aside Order of Revocation was approved; 2. Photocopy of its 2007 Mayor's Permit, Makati City; and 3. Photocopy of its 2006 Annual Income Tax Return, received by the BIR on April 16, 2007. Petitioner submitted its 2007 General Information Sheet and 2006 Financial Statements. It also commits to immediately pay the fines as due. On 7 December 2007, Petitioner paid the fine of Php12,300.00, under Official Receipt No. 0121328, for non/late filing of the following, on the years indicated hereunder: Not Filed Filed Late General Information Sheet 1996-2006 2007 (ANHAM) Financial Statements 1996-2006 2007 Stock and Transfer Book Registered late WHEREFORE, finding the submitted documents sufficient to establish Petitioner's intent to continue as a juridical entity, the Order of the Commission dated 30 September 2003, revoking the Certificate of Registration of the MASASA DEVELOPMENT CORPORATION, is hereby SET ASIDE. cDICaS However, Petitioner is directed to submit its 2008 and 2009 Mayor's Permit within thirty (30) days from receipt, and proofs of actual commercial operations not later than six (6) months after receipt of this Order. Failure on the part of Petitioner to comply with this directive shall cause the recall of this Order. Further Petitioner is reminded that Section 50 of the Corporation Code of the Philippines requires the holding of meeting annually. 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 * Photocopies are faithful reproductions of the originals of the documents. CHTcSE