September 19, 2019
SEC-OGC OPINION NO. 43-19
RE: NON-HOLDING OF ANNUAL MEMBERSHIP MEETING
Arthur Michael E. De Castro
Resident and Owner; Unit 905 The Asia Tower Condominium
Member, The Asia Tower Condominium Corporation
Benavidez Street, Corner Paseo De Roxas
Legaspi Village, Makati City 1226
Dear Mr. De Castro :
This refers to your letter dated 03 January 2019 requesting the Commission's opinion on certain legal matters affecting your corporation, The Asia Tower Condominium Corporation ("TATCC").
In your letter, you stated that the Bylaws of TATCC provides for the holding of an annual membership meeting (AMM) every month of July. However, the 2018 AMM originally fixed on 15 July 2018 was postponed several times by TATCC's Board of Trustees ("BOT") for failure to achieve a quorum.
You further stated that despite the non-holding of the 2018 AMM, TATCC intends to proceed with the filing of its 2018 General Information Sheet (GIS) by availing of a provision which seemingly allows corporations that were unable to hold their AMM to submit its GIS "not later than January of the following year."
You likewise stated that a TATCC trustee resigned...
