Ms. Erlinda C. San Mateo
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Ms. Erlinda C. San Mateo
SEC Opinion
January 11, 1980
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Securities and Exchange Commission
SEC Opinions
Corporate
Ms. Erlinda C. San Mateo
SEC Opinion
•January 11, 1980
January 11, 1980Ms. Erlinda C. San MateoVice President, Saint AnthonyHomeowners' AssociationCainta, RizalDear Ms. San Mateo:This refers to your letter of the 11th instant requesting opinion on the queries posed therein. cdaIt appears that the Board of Directors of the St. Anthony Homeowners' Association, Inc. created an Election Committee which promulgated rules and regulations to conduct the election of the board of directors for 1980. Said rules provided for the qualifications of the candidates for the board of directors, to wit:"I. Candidates should be a bonafide member of the association. A bonafide member is one who has been registered as such and has regularly paid his dues and assessments up to December 31, 1979";Your question, is, whether a new member who started paying dues in 1980 cannot be considered a bonafide member.The by-laws of the corporation provide that:"All real estate owners or long term lessees in Saint Anthony Subdivision shall, upon proper application, be entitled to join as members of the association.""A lessee shall be considered a long term lessee if his lease is in writing...
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