In The Matter of Crescent Communication, Inc.

[PED * CASE NO. 94-1745. January 3, 1997.]IN THE MATTER OF CRESCENT COMMUNICATION, INCORPORATEDR E S O L U T I O NThis pertains to the referral for appropriate action by the Supervision and Monitoring Department to the Prosecution and Enforcement Department. After an audit examination, the former found that the initial paid-up capital in the amount of Two Hundred Fifty Thousand Pesos (P250,000.00) deposited on December 10, 1993 with the Metrobank — Commonwealth Branch was withdrawn on January 10, 1994, eight (8) days before the issuance of the Certificate of Registration on January 18, 1994. cdphilSuch pre-incorporation withdrawal of the mandatory required deposit of initial paid-up capital with a bank, negates existence of any initially subscribed capital and paid-in capital by the original subscribing incorporators. Nevertheless, they pursued registration of Crescent Communication before this Commission. This inconvertible fact as discovered is a clear and outright violation of the mandatory requirement of Section 13 and 14 of B.P. Blg. 68.Under Section 13 and 14 of B.P. Blg. 68, it is a mandatory requirement for the...