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SEC Exonerates CHSAF

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  • SEC Exonerates CHSAF

PRESS RELEASE
For Immediate Release

Philippine Securities and Exchange Commission
Denies Petition Filed Against CHSAF

 22 August 2024. Quezon City, Philippines.  In a Decision dated August 20, 2024, the Securities and Exchange Commission (SEC) DENIED for lack of merit the Amended Petition for Calling of a Meeting and Election of Officers filed by Ms. Rosemarie M. Lim. For members who have the right to be informed of matters affecting the CHS Alumni Foundation, Inc. (CHSAF), per the Decision, the denial was based on the following findings of fact:

1.      Contrary to her claims, no less than Ms. Lim “herself affirmed that the members of the Board of Trustees have called for, and actually conducted,” CHSAF’s regular meeting and election. The Decision in part stated that the Trustees “were not remiss in their duty to call and conduct a meeting and election. The Board did not fail nor refuse to hold and conduct an AGMM and election.”

2.      Regarding the claim of Ms. Lim that the election of the respondent-Trustees should be invalidated on the ground that it was conducted pursuant to the amended bylaws prior to its approval by the SEC, the Decision succinctly said that her petition assailed the validity of an election and sought the nullification thereof, in which case, it is outside the jurisdiction of the SEC.

The Trustees, acting for and in behalf of CHSAF, were compelled to obtain legal services, and incur expenses in the form of printing costs related to CHSAF’s response and supporting affidavits, notarization of documents, transport cost of delivery and the like. All these are accounted for by CHSAF’s Treasurer.

More than the pecuniary loss, however, Trustees experienced moral damages in the form of sullied reputation, anxiety, social humiliation and similar injury as a proximate result of the filing of the baseless suit. This, however, will not diminish the Trustees’ proven dedication and devotion to CHSAF. They are as they have always been, willing and able to serve and undertake all lawful and ethical actions to realize CHSAF’s mission and purpose.

 The Trustees wish Ms. Lim well in all her endeavors and may Almighty God bless her always.

—     End —

Further inquiries may be addressed to:
The CHSAF Secretariat at chsafsecretariat@chsafofficial.org or
Click the link:
Contact Us – College of the Holy Spirit Alumnae Foundation (chsafofficial.org)

 

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