When Things First Began (to Go Wrong) in PSBA QC

Where does this story begin? Of all places, it starts in an old website created by one Dr. Tabassam Raza, who now supposedly holds the position Associate Dean of Graduate School of Business in PSBA QC.

As you can see, in the lower right hand corner of the home page is the Chairman of the Board of Trustees, Florencio I. Lim, BBA, LIB, CPA. This is where the story begins.

Due to sickness, Florencio I. Lim had already resigned as Chairman way back in 2010. With the resignation, PSBA QC had an open position in the Board of Trustees. This would not have been an issue if there were more than five (5) members of the Board. According to the Corporate Code of Securities and Exchange Commission, there should be no less than five.

Both screenshots were taken from SEC.GOV.PH, specifically here.

The SEC has procedures for all corporations to follow whenever the number of people on the Board becomes less than five. The Corporate Code is clear.

The real question is how PSBA QC was accredited by the SEC as a functioning corporation, when for so long, the number of directors or trustees on the PSBA QC Board were less than five.

There is a reason for the Corporate Code. With less than five Board members, a majority decision will be harder to reach. This is not even including the story when Antonio Magtalas was flat out disowned by the Board. Then there was three.

But why PSBA QC was allowed to be a legal entity in spite of this violation of the Corporate Code is the puzzle from where this story begins.