IS IT IS TRUE THAT THE LIFESPAN OF A CONDOMINIUM IS ONLY 50 YEARS?
OF COURSE NOT!
Under section 8c of RA 4726:
That the project has been in existence in excess of 50 years, that it is obsolete and uneconomic, and that condominium owners holding in aggregate more than 50% interest in the common areas are opposed to repair or restoration or modeling or modernizing of the project.
Not let us talk about the corporation.
While your condominium does not have a lifespan, the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your condominium ownership does not necessarily end at that point. This is included in section 11 of Batas Pambansa Blg. 68, otherwise known as the “Corporation Code of the Philippines,”
A corporation shall exist for a period not exceeding fifty (50) years from the date of incorporation unless sooner dissolved or unless said period is extended. The corporate term as originally stated in the articles of incorporation may be extended for periods not exceeding fifty (50) years in any single instance by an amendment of the articles of incorporation, in accordance with this Code; Provided, That no extension can be made earlier than five (5) years prior to the original or subsequent expiry date(s) unless there are justifiable reasons for an earlier extension as may be determined by the Securities and Exchange Commission.
OSHDP Affordable Housing Summit 2021: The Home EveryJuan Deserves
Welcome to Day One of OSHDP Affordable Housing Summit 2021: The Home EveryJuan Deserves!
This event is presented by the Organization of Socialized and Economic Housing Developers PH (OSHDP), together with The Global Filipino Investors (TGFI). Learn from 30+ industry experts and experience a remarkable learning opportunity!
Subscribe to our Newsletter for Free!
Subscribe to our newsletter to receive the latest real estate news.