EPZA RESOLUTION NO. 93-180

Appended herewith is a Certificate of Board Resolution dated December 1, 1993 Issued by Atty. Rosario B. Sagadal. EPZA Corporate Secretary relative to above captioned cancelling the EPZA Registration of AVAS GARMENTS MANUFACTURING and the imposition of administrative fines for violation of EPZA Rules and Regulations.

Please be guided accordingly. Adopted: 21 Jan. 1994

(Sgd.) TITUS D. VILLANUEVA
Deputy Commissioner

This is to Certify that the EPZA Board of Commissioners has approved the following resolution thru referendum dated October 27, 1993:

RESOLVED, That the Board hereby con­firms the action of Management in cancelling the EPZA registration of AVAS GARMENTS MANUFACTURING (AVAS. for brevity), the ter­mination of its lease of 2,800 s. meters of land and 500 sq. ms. of factory space and the impo­sition of the following corresponding adminis­trative fines against AVAS based on the rec­ommendations of the Fact-Finding Committee created by EPZA Special Order # 95-11 which found AVAS guilty of violations or Sec. 3, Rule XVII in relation to Sec. 3, Rule XIX and Sec. 5, Rule XII of the Amended Rules and Regula­tions to Implement the EPZA Charter:

1. Imposition of a fine in (he amount of P5.25M equivalent to 150% of P3.5M, the stipulated invoice value of one (1) container van of imported fabrics illegally brought out of CEPZ on Sept. 24. 1992.

2. Imposition of a fine in the amount of PI. 105,605.75 equivalent to 150% of P737.070.05 for imported fabrics illegally taken out of the AVAS premises on Jan. 29, 1993.

RESOLVED. FURTHER. That the Board confirms the exercise by Management of its authority, under Article XI of the Registration Agreement, to enter the AVAS premises, re­move, sell Us properties, and apply the proceeds for payment of said fines and delinquent accounts.

Adopted: 1 Dec. 1993

(Sgd.) ATTY. ROSARIO SAGADAL
Corporate secretary