September 5, 2017
SEC-OGC OPINION NO. 09-17
RE: CORPORATE TERM OF A CONDOMINIUM CORPORATION
VGD Law Offices
20/F 138 Corporate Center
139 Valero St., Salcedo Village
Makati City 1227
Philippines
Attention: Attys. Cesar L. Villanueva
Atty. Alexander C. Dy
Atty. Vincent Patrick R. Cruz
Atty. Margarita Isadora S. Del Rosario
Atty. Martin Victorino S. Cusi
This refers to your letter dated 25 May 2017, requesting an opinion with regard to the extension of the corporate term of a condominium corporation organized under Republic Act No. 4726, otherwise known as the Condominium Act ("the Act"), in relation to Batas Pambansa Blg. 68, otherwise known as the Corporation Code of the Philippines ("the Code").
You stated in your letter that your client, the Urdaneta Apartments Condominium Corporation ("UACC"), is a condominium corporation that was incorporated on 14 May 1971. The Fourth Article of UACC's Article of Incorporation ("AOI") provides that:
FOURTH: That the term of the corporation shall be co-terminus with the duration of the Urdaneta Apartments Condominium Corporation.
To obviate any issues related to the possible lapse of the corporate term or voluntary dissolution of UACC, the following actions were taken...
