Re: Term of Existence of Condominium Corporations

May 8, 2019SEC-OGC OPINION NO. 18-19RE: TERM OF EXISTENCE OF CONDOMINIUM CORPORATIONSMontepino Baguio Condominium CorporationSuite 605 Cattleya Condominium Building235 Salcedo StreetLegaspi Village, Makati CityAttention: Mr. Venancio GutierrezSir :This refers to your letter dated 21 January 2014 requesting confirmation of the following, to wit: 1.  That Montepino Baguio Condominium Corporation (MBCC) ceased to exist upon the destruction of the Condominium Project and the successful sale of all its assets; and2.  That Sections 117 to 121 of the Corporation Code, now Sections 133 to 138 of the Revised Corporation Code (the "RCC"), on dissolution is not applicable to MBCC and that it may now proceed to liquidation under Section 122, now Section 139 of the RCC.At the outset, you stated in your letter that the condominium project owned and/or held by MBCC is named "Montepino Baguio Condominium Projects." However, MBCC's Articles of Incorporation shows the name of "Montepino Baguio Condominium Apartments" (the "Apartments") as the subject condominium project.In your letter and in the court decision ("Decision") attached therein, it is represented that MBCC is a non-stock, non-profit...