TEL3 By-Laws (9 of 10)
... meeting of the members of the Corporation for the purpose of deciding whether to reconstruct or terminate the Project or to take such other actions the members may consider in accordance with the provisions of the Master Deed and the Condominium Act. Should the members decide that the Project shall continue, the Board shall immediately proceed with the reconstruction or restoration of the Project and shall pay the costs thereof in the manner provided for in the immediately preceding paragraph.
ARTICLE VIII
ABATEMENT OF VIOLATIONS
Section 1. Compliance with Master Deed. In the event that any member or his tenant or lessee fails or refuses to comply with any limitation, restriction, covenant or condition of the Master Deed, or with the rules and regulations on the use, enjoyment and/or occupancy of the units or other property in the Project. within the period fixed in the written notice given to him by the Board or its duly-authorized representative/s, the Corporation shall have the right to enjoin, abate or remedy the continuance of such breach or violation by appropriate legal proceedings.
The Board shall assess all expenses incurred in abating the violation. including any interest thereon, costs and attorney's fees, against the defaulting party.
By way of penalty. the Board may. in its discretion. also impose upon the defaulting party liquidated damages in such amount as it may deem reasonable and proper according to the gravity of the violation.
ARTICLE IX
MISCELLANEOUS
Section 1. Fiscal Year. The fiscal year of the Corporation shall begin on the first day of January and end on the last day of December of each calendar year.
Section 2. Annual Statement. The Board shall publish and send to the members of the Corporation, at least fifteen (15) days before the annual meeting. a statement of the financial condition of the Corporation covering the previous fiscal year and a consolidated balance sheet of the assets and liabilities of the Corporation.
Section 3. Depreciation Allowance for the Common Areas. For purposes of depreciation allowance of the common areas of the Project, the depreciation of the said common areas shall be charged by the members of the Corporation based on their cost and the Corporation shall not claim any depreciation allowance for the same inasmuch as the members will ultimately bear the cost of replacement, extraordinary repairs. reconstruction and restoration, either through regular or special assessments; provided, however, that the allocation by percentage
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TEL3 By-Laws (Page 9 of 10)
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