ChanRobles Virtual law Library

Be it enacted by the Senate and the House of Representatives of the Philippines in Congress assembled:
 
Section 1. Sec. 4, last paragraph of Republic Act No.  4726 is hereby amended as follows;

"Sec. 4. xxx
 
"The enabling or master deed may be amended or revoked  upon registration of an instrument executed by a simple  majority of the registered owners of the property: Provided,  That in a condominium project exclusively for either residential  or commercial use, simple majority shall be on per unit of  ownership basis and that in the case of mixed use, simple  majority shall be on floor area of ownership basis: Provided  further, That prior notifications to all registered owners are  done, and Provided, finally, That any amendment or revocation already decided by a simple majority of all registered  owners shall be submitted to the Housing and Land Use Regulatory Board and the city/municipal engineer for approval before  it can be registered. Until registration of a revocation, the  provision of this Act shall continue to apply to such property."

Sec. 2. Sec. 16 of the same Act is hereby amended  to read as follows:cralaw:red

"Sec. 16. A condominium corporation shall not, during its  existence, sell, exchange,lease or otherwise dispose of the  common areas owned or held by it in the condominium project  unless authorized by the affirmative vote of a simple majority  of the registered owners: Provided, That prior notifications to  all registered owners are done: and, Provided, further, That thecondominium corporation may expand or integrate the project  with another upon the affirmative vote of a simple majority of the registered owners, subject only to the final approval of the  Housing and Land Use Regulatory Board."

Sec. 3. Effectivity. - This Act shall take effect fifteen  (15) days after its complete publication in at least two (2)  national newspapers of general circulation.