REHOA and its legal environment
REHOA and its legal environment This blog is intended as a medium to enhance communications between the REHOA Board of Trustees and Association members. The focus of this blog is on the financial management of Association Funds. The legal environment under which REHOA is administered is defined by two laws. REHOA is a corporation, so we are governed under REPUBLIC ACT NO. 11232, referred to as the Revised Corporation Code of the Philippines (2018). We constitute a Homeowners Association, and thusly are governed by the REPUBLIC ACT No. 9904 (An Act providing for a Magna Carta for homeowners and homeowners’ associations, and for other purposes). This law is usually referred to as the Magna Carta. Essentially both these laws prescribe duties of the Board of Trustees and the rights of corporate stockholders and Association members. In 2009, the SEC promulgated in 2009 REVISED CODE OF CORPORATE GOVERNANCE which advocated for a s trong corporate governance that is founded on the principles o...