Re: Secondary Purpose

June 14, 2019SEC-OGC OPINION NO. 22-19RE: SECONDARY PURPOSEJuan Miguel Macapagal ArroyoCommodoreSubic Bay Yacht Club, Inc.Rizal Highway corner Burgos StreetSubic Bay Freeport Zone,Olongapo CityAttention: Commodore ArroyoThis refers to your letter dated 04 April 2019 seeking confirmation that Subic Bay Yacht Club, Inc. (SBYC) is authorized to enter into lawful arrangements and agreements with third persons, whether natural or juridical, for the use of available spaces and facilities within the club for valuable consideration, and for purposes which are not contrary to or inconsistent with the objectives of the corporation. As stated in your letter, the SBYC has largely unutilized spaces and facilities within its Club House which may be dedicated to recreation, accommodations and dining, for purposes of promoting the social, physical and well-being of its members. The income derived from such spaces and facilities may also be used to augment its resources for purposes of continuously maintaining and operating the marina and yacht club house in a manner suitable to and befitting its members.Third parties have expressed their intent to utilize the aforesaid spaces and...