Francisco C. Santos, et al. vs. Sofronio Blando, et al.

[SEC-SICD * CASE NO. 1868. June 10, 1980.] FRANCISCO C. SANTOS, BURTON T. OATE, CESAR P. MADAMBA and BENJAMIN M. LEGASPI , petitioners , vs . SOFRONIO BLANDO, AGRIX MARKETING, INC., ET AL. , respondents . O R D E R Finding merit on the Urgent Ex-parte Motion dated June 6, 1980 filed by the National Development Company as rehabilitation receiver for Agrix Corporate and Business Complex, the same hereby GRANTED. dctai WHEREFORE, the Commission hereby officially takes note of and approves the appointment and designation of Dr. Errol B. Perez as President and Chief Operating Officer of the Administrative and Technical Staff, to manage the Agrix Corporate and Business Complex while undergoing rehabilitation with the following powers and duties: a) Preside at all meetings of the administrative and technical staff of the Agrix Corporate and Business complex; b) Act as the principal representative of the NDC as Receiver in the administration and management of the real as well as personal properties and business and other affairs of the Agrix corporate and business complex; c) Exercise general supervision over all the other officers of the administrative and technical staff and the officers and personnel of the Agrix corporate and business complex; d) Borrow money or apply for credit for the Agrix corporate and business complex by any legal means whatsoever, including the arrangement of letters of credits and overdraft with any and all banking institutions; e) Execute in behalf of the complex, inclusive of its subsidiary corporations, departments and other profit centers, all contracts and agreements which said complex may enter into; f) Sign, indorse, and deliver all checks, drafts, bills of exchange, promissory notes and orders of payment of sums of money in the name and in behalf of the complex as above defined; g) Designate depository banks of the complex, inclusive of all its subsidiary corporations, departments and profit centers, opening or causing to be opened in said depository bank or banks such savings or current accounts as he may deem necessary or appropriate and likewise designating the signatories therefor in relation with the checks, notes or drafts to be drawn against said deposits; h) Report to the Board of Directors of the NDC, as the latter .may require, the result of his actions and of that of the administrative and technical staff in the management of the Agrix corporate and business complex; prLL i) Exercise such other powers and perform such other additional duties as the responsible officer or Board of Directors of the NDC acting as Rehabilitation Receiver may from time to time fix or delegate to him. SO ORDERED. (SGD.) ANGEL L. LIMJOCO, JR. Chairman (SGD.) JULIO A. SULIT, JR. (SGD.) SIXTO T. J. DE GUZMAN, JR. Associate Commissioner Associate Commissioner