Re: Condominium Corporation vis-à-vis Homeowner's Association

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Re: Condominium Corporation vis-à-vis Homeowner's Association

SEC-OGC Opinion No. 49-19

October 9, 2019

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Securities and Exchange Commission

SEC Opinions

Corporate

Re: Condominium Corporation vis-à-vis Homeowner's Association

SEC-OGC Opinion No. 49-19

October 9, 2019

October 9, 2019SEC-OGC OPINION NO. 49-19RE: CONDOMINIUM CORPORATION VIS-À-VIS HOMEOWNER'S ASSOCIATIONEmbassy GardenhomesCondominium Corporation77 T. Benitez St., West Triangle,Quezon CityAttention: Ms. Lourdes BustamanteDear Ms. Bustamante :This refers to your letter dated 03 September 2018, requesting the Commission's opinion on certain queries regarding Embassy Gardenhomes Condominium Corporation ("Embassy"). In your letter, you aver that pursuant to Section 10 of its Master Deed, Embassy's power to manage its affairs may be likened to that of an association of homeowners of subdivisions/villages members because the corporation units are for exclusive residential use. However, with the enactment of Republic Act ("R.A.") No. 9904 and its Implementing Rules and Regulations ("IRR"), you state that some of the members of Embassy now raise the query on whether it should register with the Housing and Land Use Regulatory Board ("HLURB"). Thus, you now seek clarification of this matter in view of the similarity of the operations and management of the corporation to that of an association of homeowners of subdivisions/villages.Further, you also inquire on how to invoke the authority of the Commission to...
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Re: Condominium Corporation vis-à-vis Homeowner's Association

Tags

Securities and Exchange Commission

SEC Opinions