Escolar Documentos
Profissional Documentos
Cultura Documentos
ARTICLE 1
NAME AND DOMICILE
ARTICLE II
MEMBERSHIP
An owner-resident shall be entitled to two (2) votes; an owner of a vacant lot shall
be entitled to only one (1) vote; a lessor-owner shall be entitled to only one (1) vote; and
a long term (at least one year) lessee shall likewise be entitled to one (1) vote. An owner-
resident is the one who owns a lot and house in the FIFTH VALLE VERDE
SUBDIVISION and actually resides therein. However, those members who are
delinquent in the payment of their dues and charges fixed by the Board of Directors
pursuant to the powers granted by the Board by the Articles of Incorporation and these
by-laws shall be disqualified to vote in any meeting of the members of the Association. A
member-lessor who cancels and withdraws the membership of his lessee from the
Association shall be entitled to only one (1) vote until he physically recovers the
possession of the premises and actually resides therein where after he shall be entitled to
two (2) votes.
A Director can not be elected for more than three consecutive terms. In case of
any vacancy in the Board of Directors due to resignation, death or any other cause other
than removal or expiration of term, the Board, if still constituting a quorum, may elect
any non-delinquent member of the Association to serve the unexpired term otherwise,
said vacancies shall be filled by the members at any special meeting or general meeting
of the members.
Any director of the Association may be removed from office by the vote of at
least two-thirds (2/3) of the entire non-delinquent membership of the Association in any
special meeting or general meeting of the Association.
The Board of Directors shall have the power to assess each member any
reasonable amount required for the operation and activities of the Association. The
assessment may be made payable annually or at such time as may be fixed by the Board,
and if not paid when due, will constitute a lien on the property junior only to the lien of
the Government for non-payment of taxes and voluntary mortgages on the property.
All contracts, agreements and commitments for and in behalf of the Association
shall be executed and signed under the authority of the Board of Directors by or through
the Chairman or other duly authorized officer of the Association.
SECTION 3. – MEETINGS – The meetings of the Board shall be held in the
principal office of the Association or such other convenient place as may be agreed upon
by a majority of the Directors. The Chairman or any three (3) Directors may call a Board
meeting by means of a written notice made at least two (2) days in advance of the date
such meeting.
Eight (8) members of the Board shall be sufficient to constitute a quorum for the
transaction of the business and the decision of a majority of the said quorum at a Board
meeting shall be valid and binding upon the Association.
The order of business shall be determined by the Board. The meetings of the
Board shall be presided by the Chairman or, in his absence, by the Vice Chairman, or, in
the absence these two (2), by any member of the Board designated by the Directors
present.
Unless otherwise provided for in these by-laws, the members of the Board of
Directors of the Association shall serve without compensation.
ARTICLE IV
OFFICERS
Unless the Board authorizes another officer, he shall represent the Association in
all its official transactions and shall sign and execute all contracts and agreements enter
into by the Association pursuant to authority conferred by the Board of Directors by
resolution.
He shall countersign all checks, drafts and order of the payment of money or
against any funds of the Association whenever they may be found or deposited.
He shall appoint and fix the compensation of all the agents and employees of the
Association, subject to the approval of the Board, provided, however, that he may dismiss
or accept resignation of any agent or employee of the Association without prior action on
the part of the Board of Directors.
He shall have general and active management of the affairs of the Association but
he may delegate some or all of his ministerial duties to any other officer or member by
proper instrument in writing.
He shall see to it that the policies and decisions of the Board of Directors and the
resolution adopted in the meetings of the members of the Association are properly
implemented.
He shall render an annual statement of the assets and liabilities of the Association
for the approval of the Board of Directors for submission to the annual meeting of the
members of the Association, and a statement of his cash accountability at any time that
may be required by the Chairman of the Board of Directors and President or by the Board
of Directors itself.
He shall keep proper books of account and enter, therein a full and accurate
record of all moneys and properties received and paid by him for the account of the
Association.
He shall perform all acts incidents to the position of Treasurer and financial
officer of the Association, subject to the control of the Board of Directors.
At the discretion of the Board of Directors, the Treasurer may be required to file a
bond for the faithful discharge of his duties.
SECTION 5. – THE SECRETARY – The Secretary must be a resident, Filipino
citizen, shall keep a faithful record of all minutes of all meetings of the Board of
Directors and of the members, as well as agreements and contracts authorized by the
Board of Directors. He shall also send notice of all regular and special meetings of the
members and of the Board of Directors.
ARTICLE V
MISCELLANEOUS PROVISIONS
SECTION 1. – FISCAL YEAR – The fiscal year of the Association shall begin
with the first day of January and end of the 31st day of December of each year.
SECTION 5. – GENERAL RULE – The Board of Directors shall have the full
power and authority to interpret those By-Laws and its Board Resolution and its decision
on all questions of interpretation shall be final, binding and conclusive on the members of
the Association.