Bylaws Condo Association With The Philippines In Queens
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SECTION 37. Association officers - Unless otherwise provided in the by-laws, an Association should have the following executive officers who shall be responsible for the management of the Association's business: president, vice-president, secretary, treasurer and auditor.
REGISTRATION OF HOMEOWNERS' ASSOCIATION As far as practicable, only one (1) homeowners' association shall be established and registered with Housing and Land Use Regulatory Board (HLURB) in each subdivision. It is mandatory for all associations to register solely with the HLURB.
The Securities and Exchange Commission (SEC) is the government agency responsible for regulating all types of corporations, partnerships, and associations doing business in the Philippines. It is also responsible for formulating policies and recommendations on issues concerning the Philippine market.
— Every association of homeowners shall be required to register with the HLURB. This registration shall serve to grant juridical personality to all such associations that have not previously acquired the same by operation of the General Corporation Law or by any other general law.
In homeowners association cases, the Complaint shall be filed in the RAB which has jurisdiction over the region where the association is registered with the DHSUD.
Two primary entities regulate real estate transactions: Housing and Land Use Regulatory Board (HLURB) – Oversees the planning and regulation of real estate developments, including subdivisions and iniums.
Condo owners have the right to take legal action against the association or other condo owners. They can file for damages or injunctive relief on board members or owners who fail to comply with the governing documents and condo laws.
Inium Law The inium Act of the Philippines allows Filipino citizens and businesses to buy iniums. Foreigners, on the other hand, are limited to owning no more than 40% of a corporation's entire and outstanding capital stock, which must be Filipino-owned and controlled.
Your inium doesn't have a lifespan, but the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your inium ownership does not necessarily end at that point.
The Housing and Land Use Regulatory Board (HLURB) is government's regulatory body for housing and land development. It renders planning assistance and promulgates standards and rules for land use planning, zoning, and land development.
