In the Matter of Molks' Realty Development Corp.

January 30, 2009 SEC EN BANC CASE NO. 12-08-0587 IN THE MATTER OF MOLKS' REALTY DEVELOPMENT CORPORATION SEC REGISTRATION NO. 0000166748 FOR : Setting Aside the Order of Revocation of the Certificate of Registration O R D E R Petitioner, MOLKS' REALTY DEVELOPMENT CORPORATION, is a stock corporation registered with the Commission on 4 August 1989, under SEC Registration No. 0000166748, with principal office address at 146 E. Rodriguez Ave., Conception I, Marikina City, engaged in real estate development business, as stated in its Articles of Incorporation. DEacIT On 29 September 2003 its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 20 August 2003, published on 28 August 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 20 August 2003, on the following grounds: 1. that it commenced its commercial operation in 2007 and is currently operational; 2. that its directors and previous officers were not aware of the Commission's reportorial requirements; 3. that it has no intention to violate the law and any SEC rules and regulations; and 4. that it shall henceforth submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: * 1. Directors' Certificate dated 19 September 2008 certifying that at the special joint meeting of the stockholders and the directors, held on 12 September 2008, at 146 E. Rodriguez Ave., Conception I, Marikina City, at which a quorum was present, the resolution allowing the filing of the Petition to Set Aside Order of Revocation was approved; 2. Photocopies of its 2007 and 2008 Mayor's Permit, Cainta, Rizal; 3. Photocopy of its Bureau of Internal Revenue Certificate of Registration dated November 19, 2005; 4. Photocopy of its 2008 Annual Income Tax Return received by the BIR on April 15, 2008; and 5. Photocopy of its Metropolitan Bank and Trust Company passbook with account no. 017-300220604-8. HcDSaT Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also commits to immediately pay the fines as due. On 22 December 2008, Petitioner paid the fine of Php13,500.00, 1 under Official Receipt No. 0245006, for non/late filing/registration of the following, on the years indicated hereunder: Requirements Not Filed Filed Late General Information Sheet 1996-2007 2008 Financial Statements 1996-2006 2007 Stock and Transfer Book Registered late Petitioner's allegation that its Board of Directors and previous officers were not aware of the Commission's reportorial requirements is without merit, considering that Section 141 of the Corporation Code of the Philippines requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. The corporation is bound by the said provision of the law and it cannot claim ignorance as excuse from compliance therewith. WHEREFORE, finding the submitted documents sufficient to establish Petitioner's operation since 2007, and, its intent to continue as a juridical entity, the Order of the Commission dated 20 August 2003, revoking the Certificate of Registration of the MOLKS' REALTY DEVELOPMENT CORPORATION, is hereby SET ASIDE. However, Petitioner is directed to submit its 2009 Mayor's Permit within thirty days (30) from date of receipt hereof. Failure on its part to comply with the said directive shall cause the recall of this Order. 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. 1. The amount Php15,520.00 stated in the Official Receipt includes the Docket Fee of Php2,000.00 and the Legal Research Fee of Php20.00. IASTDE