PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
|REPUBLIC ACT NO. 7899 - AN ACT
AMENDING SECTION FOUR AND SECTION SIXTEEN OF REPUBLIC ACT NUMBERED FOUR
THOUSAND SEVEN HUNDRED TWENTY-SIX, OTHERWISE KNOWN AS "THE CONDOMINIUM
1. Sec. 4, last paragraph of Republic Act No. 4726
is hereby amended as follows:
"Sec. 4. . . . .
"The enabling or master deed may be amended or revoked upon registration of an instrument executed by a simple majority of the registered owners of the property: provided, that in a condominium project exclusively for either residential or commercial, use, simple majority shall be on a per unit of ownership basis and that in the case of mixed use, simple majority shall be on a floor area of ownership basis: provided, further, that prior notifications to all registered owners are done: and provided finally, that any amendment or revocation already decided by a simple majority of all registered owners shall be submitted to the Housing and Land Use Regulatory Board and the city/municipal engineer for approval before it can be registered. Until Registration of a revocation, the provisions of this Act shall continue to apply to such property."
Sec. 2. Section 16 of the same Act is hereby amended to read as follows:
"Sec. 16. A condominium corporation shall not, during its existence, sell, exchange, lease, or otherwise dispose of the common areas owned or held by it in the condominium project unless authorized by the affirmative vote of a simple majority of the registered owners: provided, that prior notifications to all registered owners are done: and provided further, that the condominium corporation may expand or integrate the project with another upon the affirmative vote of a simple majority of the registered owners, subject only to the final approval of the Housing and Land Use Regulatory Board."
Sec. 3. Effectivity. - This Act shall take effect fifteen (15) days after its complete publication in at least two (2) national newspaper of general circulation.
Approved: February 23, 1995