A LAWMAKER is proposing to lower the shareholder voting requirement for the voluntary dissolution of corporations that own condominiums that have been condemned and those that are already at least 30 years old.
San Jose Del Monte City Rep. Florida P. Robes filed House Bill No. 7618, which seeks to amend Republic Act No. 4726 or The Condominium Act, which was signed into law in 1966.
The law mandates an affirmative vote of all stockholders or members on the dissolution of condominium projects.
Under the proposed bill, the vote of only at least “two-thirds of the stockholders and members of the condominium corporation” would be required to close residential buildings that have been declared unsafe or three to five decades old.
“The current legal and regulatory restrictions make it nearly impossible to redevelop and rehabilitate a condominium project even for safety reasons and overall improvement of the structure,” Ms. Robes said in the bill’s explanatory note.
The proposed amendments are expected to “attract more investments in condominium redevelopment, improve the overall safety of metropolitan areas from natural disasters, and facilitate the corporate dissolution of condominium corporations,” she said. — Beatriz Marie D. Cruz
