TEL3 By-Laws (1 of 10)
BY-LAWS
of
The Eastwood Lafayette III
Condominium Association Inc.
ARTICLE I
NATURE, OBJECT AND DOMICILE
Section 1. Corporate Name. The name of the Corporation shall be as is set forth in the Articles of Incorporation, to wit : "The Eastwood Lafayette III Condominium Association Inc."
Section 2. Nature and Object. The Corporation is a non-stock, non-profit Organization formed pursuant to the provisions of Republic Act No. 4726, otherwise known as the Condominium Act, for the purpose of holding title to the common areas of (the "Project") as these are defined in the Master Deed with Declaration of Restrictions (the "Master Deed") of the Project, and of managing the said Project. and performing such other activities as are necessary, incidental and/or convenient for the accomplishment of the said purposes. Any and all monies and assets of the Corporation shall be devoted exclusively to the furtherance of these purposes, and no dividends of any kind or distribution of income shall be declared or made.
Section 3. Domicile and Principal Office. The domicile and principal office of the Corporation shall be located and established at Condominium Bldg.. Eastwood City Cyberpark. E. Rodriguez, Jr. Avenue (C-5 Road). Bagumbayan, Quezon City, Metro Manila, Philippines.
ARTICLE I
MEMBERSHIP
Section 1. Members. Membership in the Corporation shall be limited exclusively to owners of condominium units in the Project who, under the provisions of the Master Deed of the said Project automatically become members of the Corporation. Membership in the Corporation being an appurtenance of ownership of a condominium unit, cannot be transferred. conveyed. encumbered or otherwise disposed of separately from the unit to which it appertains. Membership shall be with the use and enjoyment by the servient unit.
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