January 18, 2017
SEC CRMD CASE NO. 16-1025
IN THE MATTER OF ASSUMPTION CLASS OF 1971 FOUNDATION, INC.
SEC Registration No. A200118995
FOR : Revocation of Certificate of Incorporation
ORDER
WHEREAS, the records of this Commission show that ASSUMPTION CLASS OF 1971 FOUNDATION, INC. (hereinafter referred to as the "subject corporation"), was registered with the Commission on 20 December 2001 under SEC Registration No. A200118995; HTcADC
WHEREAS, the continuous non-compliance by a corporation with the reportorial requirements of this Commission for at least five (5) consecutive years may be construed as inoperation, which is a sufficient ground to suspend its certificate of incorporation, in accordance with Section 22 of the Corporation Code of the Philippines (hereinafter referred to as the "Code"), thus:
If a corporation does not formally organize and commence the transaction of its business or the construction of its works within two (2) years from the date of its incorporation, its corporate powers cease and the corporation shall be deemed dissolved. However, if a corporation has commenced the transaction of its business but subsequently becomes continuously inoperative for a period of...
