:tsy - L+ ws

o:F
AAne LE ( oT
HY-[.,qWS OF

- TOWER g AND T'OWER 4

CONDOM lN ru r'd eORpORAfl or\q

CITYLIGFITS GARDEf,ilS

-!

ART',!G!_E I
tr'dAwtE,

it-s

oa.lehtRmo

pomtcu_e

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Section 1. Corporate Nlarne. The rn?me of the Jorporation is as set foi-th

Afiicles of lncorporation, namely: ,

crwLrc!-rrs

GARDEN$

c oN Dotvl

rN

rn

- TowER l

rtirvl

AND TowER 4

conpo n.qri o r,r

section 2. object and lrlature. The corporati:n is a non-stock. non-pr"1tii

body fsrrnsd exclusively for the purpose of holding ti"ie to the common areas in
Citylights Gardens Towen ij and Tower 4 {refened t6 ar; "ihe project") administeiing
ihe saic proiect and sucl'l other purposes as are neces$ary, incidentai or conveni,:nt
tc the accomplishment of said purposes. Any and all rnoney and assets thereof snall
be devoted exclusiveiy to the furtherance of these pLrrpc,sg! and no dividends of rny
kind whatsoever shall be declared and no profit shall inure to the benefit of ,lny
person oir virtue of his membership in the Corporation"
The Corporation shall have the right to hold title ,o and/or manage the Sharec
Amenittes of the Project as describeO and qefined in Section Zla ot the Amendment
tc the Master Deed with Declaration of Res$rictions (Cigtights Gardens Condonrirrum
- Tcwers 3 & 4i acknowieoged oefore Notiry FuUib Rhn-ur C. Fiores anc entere ! rn
rirs notariai book as Doc. No. 1Bg. Fage No. 3g: Eook r, series of 2009. and in ihe
subsequent amendrc'|er"tts ftre;"eto.
l

:
Section 3. Domicile and Principal'Office. Thr: domicile anci princlpal oiiice
cf the Corporation is located and establisfred at Vetetans Drive, i\ivei F-{ills. A;-ias.
CeL'u City. The general or special meetin$s of the nrembers shalt be held ai rhe
principai office of the Corporation or anywhere withirr the territoriai jurisdictlo-r oi
Cebu City. In accordance with law,.howdver, any areernent resoiution or aciion
falen. at a nneeti!9 of its Board of Directors in any place wiihin the territlnat

jurisdiction of the Philippines, if rnade in writing and concur'red in by a rnai6rity

o: the
Board. shall be valid for all purposes as if made an,1 adopteci in the domicil;.: or
;.rincipat office ot- the Corporation.
ARTICLE !I
MEi/IBERSI-IIP

Section i. Mennbers. Membership in the Corporation shall be iirr,iteci

exclusively to the Declarant. as defined in the Mas,:er Deed with Declaration of
Restrictions {Citylights Garderis Towers 3 A 4), who is holding tiite to unsotd l.rnits
and carpark slots as inventory for sale and the ownerr; of the condominiurn unr:s of
rhe proiect, who under the provisions of ,the Master Deed wrth Declaraticn of
Restrictions and the amendments thereioj automatically become nnembers or ihe
co;ooration. Membership in the corporption, being a mere appunenanco of
ownership 0f a unit in said condominium project, cannot be transferied, conveyed,
I

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encLlrnberec or otherwise disposed of separately fron'l t;re

condomrnium unrt of vvnicri
ii ls an appurtenance. Any rnember who
to cwn-a unit or t,3 represen.a an
r)wner of a unit in said condominium projeict"eases
automaticr,lty ceases to ,be a member of
1.i
tre Corporation.

section 2. Representatlon. rn Fpe any Lrnit in the project

is or shaii be
owned by two or rnore persons, said co-bwners'rrri J".ignrt"
the co-owner rrr-rhc
snali represent them in the corpoFation. ihe o-esignat'on mLrst
be in writing, signeo
b'v all the co-owners and suijmitted,toothe secleiary oi tn"
corporation
effective. such representative snai fry,tn*-purp*6 ot' voting on any io be
mafter
whatsoever. including notices of assegsnirents, meetir;gs,
and grjnt of o.*,u..-t*
ccnsidered as the member representing thb,unit under r;6-ownershrp.
ln oase a melnber is a legal gltitv. the authori;:ed officers of
the entity shati
tlesignate who should repi-esent it in tne Oorporation ny way of
Borro Resotutic,-i ro
3 LlthOrlZO tna{ reDresentative"

secticn

3.

Annua! Meeting. The annua! meeting of the-.rnembers drrrinq

""

rvhich the Board of Directors shail be etected shalt

be hetd

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*"".;;;;

sectior: 4. spec.iar Meeting.- speciar MeetinE qrf th members

may be cagec,
::lnc convened at any time by the Board
of Directors or by written petiiion ot g,"
members representing two-thirds {2/3) of the total vote; of the
nrembers, provided a
notice thereof" srating rhe purpose of the, meeting, is sent t"
r'fteen ( 15i day$ pnior te the
date of tfre,r-n#ting.
"ii.n!n,.,L[1,"i,,1.,
Section 5. Froxy. Any member of the Corporation nnav be represenrei
:lv a
oroxy in all meetings of the corporation.l The desigrration
p.r;
;
,r.,"t,-'i"
writing' signed by the member and delivered to the :iecretary
"i before- the meeting
'nherein
such proxy rs to afiend.

section

6. euorurn.

).

The presenqe of
lhe mernbers representing a ma ority
1i the \/cting pawer of the Corporation will
{onstitute a quorum to transact busine..s in
:ii {fleetings of the Corporation. save in thirse
cases l,rhere the Corpoi-r:tiori Coce cf
:re Condominium Act requires the affimnative vote of greater number
$f membe*

section 7. Dissenting Members. rn those :ases where the

corporation
coce or the condominium Act grants a dissenting men,beitne ,igni
i;;;
t;
*it"h#;
the corporation and demand paymeni for hls lnirlrest or
,t.,.,
,r,
barticipation
Corporation.

the dissenting nnember, pursuant to $ecficrr,r 1z of the Condornrnrun p,ct,

shall not be entitled to.dei"nand payrnent of his participation
rle ccnsents ro sell his unit in the condominiunn projectln tne Corporatiorr uriress
to anv purchaser and
effectiveiy transferrtng his rights and ownership over ti:e unit
in accordance \,vrth pari
secticn 4''3 srt the lViaster Deeds witir Deblaration ot Restrictions.
as amenced.
purcliaser shall automaticaily neplace the dissenting
member,s interest or
"vnose
oafticipatiorr iri the corporation. The corporation sfrali pa!
lor the refunc cr the
dissentinq member's,u,?lr* of.interest or pa*icipation in tnJdorporation
upon ru"",p,
irom the purchaserof his unit's corresponding share o't
inl
ini*r"rt
particip;rtion
and
in the corporation. All expenses should theie h,e unl,
in.urrld
in the tiquiclation of
the interest of the dissenting member shail be oorneoy
h;,.-

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ARTIFI-E [[r1
BOARD OFTD|RECT'ORS
Section 1. Composition and irr,ian"V The (iorporarion shati be governec
and its affairs administered and contrglle$ py a tsoard of Directors composed oi
who shali serve as such
untiirheir 5J::"(:]"r, are ciuty elecr,ed anolduarinerremoers
Anyr vacancy occurring in the Board of Drreciors except by removai oi"
exptration of term shall be filbd by the affimrative vote rf a n'lajority of ine i.ernaririnq
i:ii'eciot's. if stilt constituting a quorum. A director eler;ted to iili a'vacancv shar; bI
qiectec for the unexpired terrn of his predecessor in crffice. Any
directorihip tr:, be
t:iied ilY reason ,:f an increase in the nurnber of directors or tn case
the numb"jr oi

airectors shoutlcj be i'erJuced to less than a quorunn slali be filled by electlon a, ari
;lnnual meeting or at a special meeting of the Corporaton called bv the member:; for
iila{ purpose.
Section 2. Powers of the Board pf Directors. The Board of Directors :;hall
exercise all powers expressly granted Uy ihe By-Laws and the Corporation Codei as
lhe sarne is not inconsistent with the Cond.ominium Act and shall do all such acts and
Inlngs as the Corporation may iawfuliy do as th(r statute or the ,Articie: oi
,ncorporation or these 8y-l-aws directed or required tc be exercised r:r dorre br ihe
"rembers of the Corpo_raiion" Withor.rt linniting the generalityof ,rhe foregoing the
ioard r:f Directors shall be vested with pqryer to enfor,:e the limitaiions. rdstrictrons.
;ovenants and conditior'ts contained irl the Maste' Deed with Declaratior- of
Restrictions of the project and adopt rules
Bhd regulations concerning the proper rse.
enjoyment anci occupancy of all the units{{nd common areas in tnb proteci anij fix
penalties, by way of liquidated damages, fgl violation thereof. The Board of
Dirertors
shall also be vested with power to levy upil each mernber such assessment a:., are
orovided in the Master Deed with Declaiation of Restrictions of the project. The
3card may delegate in whole or in part" such powers es it may deem necessar\, and
proper and vrnich could lawfully be delegated, hy tmeans of nesolution adopted fc:
ihe;
to any Director. rnernber or comrnittee of the (iorooration"
'.)urpose.

All coniracts, agreements, instruments and conrrnitrnents for and ln behalf oi

the Corporation shall also be executed and signed und{}r the authority of the Boa,d cf
Sirectors by the chairman or other duly constituted officer of the corporation.
Section 3. The Chairman. The Chalrman shali prestoe over all meei riJS.
:egular or special, of the Board of Directors and in the absence of the presiden: ihe
me.eting of the members of the Corporation. When he, presides over the meeiinq of
ihe rnernbers, he shall not cast his vote on questions brought or taken up befc,re ,;icn
r-"'eetinq except in case of a tie in the electibn of Directr,ns
section 4. Meeting. -i-he meetings of the Eoa-d may be hetd rn ihe place of
5usiness of the corporation or as subh pther place as !-nay be agr-eeci
?q..,e
"pu,r,,rtice
Directors. Any member of the Board may b4tt a meetirg by means oia written
,Tade seven (7) days in advance of theldale,of such m()etinE.

A majority of the members of th{ poard sharl be sufficient to constittrte

quorum for the transaction of business and. d oecision of the majoritv of those preseni
in a rneettng shall be valid and binding up-On the Corporation except the electiln of
cfficers which requires the majority vote of allthe mernrers of the Bcard.

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cfficer cf
"llreasuner'. The Treasqrql-is tne--'inanctal
properties oi tlre
Section '+'i The
and
iunos
tne o,]*tlriioi'"riffre
oci.pcrairon and as ,riit rnrrrniu!
.iorporation.

the

i-iesnailrenderanannualstatementoftheassetsandiiabititiesofthe
of his cash accouni
Board, ano p*."nt a statement
coroorarion to|. apprJJat of tne
of Directors'
by the Fresident on tho Board
ai any time that r," *"#tJ'r"oi,ii.o
and enter theretn a
proper books of
in
1'^T.'"t
He shall keep the required and
re'ceived and paid bv him
money
all
of
aJcount
accurare
full and
"fi-ptnlrties
'
of the Corporationi
behalf ot or for tne aiccrlnt
anci
ncid6ntat to the position of Trea'surer
Direc1.''s
of
Board
sud;;ii; the iont"'i of the
Financial officer of the corporation
l
anc the President'
of Directors mav
q-Yt'[l?*ount as the Board
The Treasurer shallfile a bond'f
perfornrance of his duqes'
require, foi the faithful
j *+anr hn mrrst be u
ald
.'"
'
The $qcret?y'
Secretary'
"i1it*n
5.t/tne
Section
agreem:"T
ancl
of ii-tfi" n'inutes
nLiri^^;h6c chatt
keeo
?-:1
KecP record
shall keep.
'";*t;,:f
of the- Philippines' snarr
resideniof
resident
of tha members a'rd
n
and
of 'the tsoard of Direciors

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B,c):ri'q

"ii**,"tings

of Directors"

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Heshalliikewisekeeportakechangeofthene.;ordsandcorrespondences

:r

ano officral acts of the Corporation'

ART!C!-E V
A$SE$$MET*T'S

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A one:-time Pavment t'l;:ot-'

Section 1' Membership Fee.Assessnnent' snalr he cotected fror* 'r:ie
cofroominiuil-e"ip"i"tion
oecoming a rnemner';i'il;
*"mber shall i?e his or
amoun* o*nlnn[G-o hY t?:!
The
pt."J;';i'
r,rrrir owners in the
t"tr",i without interest in the e\ 3ni
ruii-tunc;ts eqLlir.able share 1""'t"#
'c""i"".ri^ir*
"uqu*";"io a""t"'' Any succeeciing merroer
corpoialion
rn
membership in the
rate is fixeci subsequenit'-'te
untussl'oim"t*nt
in*ih;;;;unt
sirali be assessed
cy:l:Ti:'u* corporatiort' oi
activitier'
,rccordance wirh a J,]rv'J',ppr",]"J lugorutiofid'*["
in"ri o" useo{o cover..'or pre-operating
oe usec t{;
Mernbership ru* .d;;rlff."i
shall
rne condorninium corporation anc^cafiQ'-experrdit"rret^-"
o{' operating experrfes
the confiUritioh for il're pyment
coilectio'r ot the
srpptement any Ceticlency in
,#i;lsJ#;;
a,id or oihen
_{T3--u-;ediEired_trpon
sN'rared and proponionately
,:rritributions throuEh nutinE ton operatilnsi*i"t.",
l")nit Cwners'
iarticipated in by all

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Section2.RegularAssessmentforoperatirrgExpenses.TheBoarooi
every year' preseni an
time' and ;i|e;tiLy rrna'cn of
to
tiiie
from
agalrnst
shail,
Di;'ectors
dltpotltion and assess the same
or rhe
esrimate

"p;il;=";n9"rJ13t1i"
expenses' Such
eachmember.inproportiontosug!.ymoeisappu,tenaniproprietaryinteresi.in
necessary-to-*"ut'tire operating
sui.:h amounts as shall be
:
not iirnit-ed to' the followinE
expenses shall inclr'rielino'gn

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a.Cosicfinsurancepoliciesinsuringtheentrepro]ectagalnsilg55,o'iire
againsi iiabiiity workr er' s
and'-tte'dorfotati''n
risf.
casualiy
and other

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compensation and other risk to the extent c:eemed necessary bV the

r].,. ^.,i '
Lj\./crI u "

The cost of mainienance and Ordinary repairs of r.rtiiities ?nd othcr

senrices benefiting the common areas:

Fees and or salarles of rnanagerial, legat, accountinE, engineering and
otfier professional or technical pe*onnel or entities employed or retained
by the Eoard to assist in the management of the condominiunn proiect:
T-ne cost of furniture. furnishings. fXtut"* and equipment for tho connmon
areas as the Boarcl may determine to be necessalY or proper;
A

The cosi of any material, suppti+s, fumishings and fixtures. iabor ancJ
Services. mainienance. repairs,l rtaxes Or assessments whtCh the
Association is required or epp6,Wered under ihe Master Deeo wtth

Declaration of Resirictions of tl'ie Qrp:,ect to pav for the proper operation cf

the project or for the enforcem6nt bf tne provisions thereof of the l3uilding
Ruies. provided , that if such gxiepses are rlxpended for the benefit cf
pa'ticular units in the project. sucflexpenses shall thereafter be assessad
aEainst the rnernbers owning such:units.
Elpenses for maintenance and repair Of any unit if such malntenance 3r
repair is necessary in the judgment of the Board to protect the cornm'':rr
areas or any othei portion of the building or to safeguard the value anc
attractiveneis of the project and if the owner fails or refuses to perforrn
lae
such maintenance or repair within the time f,xed in written notice of
Board tc such owner. provideq that the Eoarc shall thei'eafter assess a'rd
reoover said expenses against the member o\{ning such unit'

tf the Board of Director's estirnate of operating exJenses prove inadequate

anv reason. rncluding non-payrnent of any rygmber's.as.sessments. the Boa:'d may'

at any time, levy a further assessment. ln tl1S event that there should be an exc{:ss .
of funds collected under this section over lthe annual operating expenses of :ne f l
CorpOration, Such excess shall at the end qf ,each year-become pan ol the specralil
iu"j ior capltal expenditures provided hereinifter under :iection 2 of this Ariicle,

-?
3. Special Assessment foi'Capital Expenditures' The Boaro of

Section
propriei'?ry
Dii"ectors may levy upon each mernber, in pnoportion t(i such member's
a spr )ral
nrairttaining
and
inierss,r, an assessrnent for the purpose of:establishir'E
project.
the :ost
inciudinE
tne
of
fund for capitai expenditures on the oommoh areas
ny
ci extraordinary repairs, reconstructlon o{ restoratlorl .necessitated
'lamage
of
depreclation, obsolescence, expropriation oJ icondemnation' aS weli as the 6s5
spe;tal
use
also
may
Directors
inrprovements or additions therelo. Thd Bpard.of
:repairs, re{)onstruction or restoraiio' of
funC to advance the cost of extraordinary
particutar units after damage or destruction thereof when authorized hy the memi:'ers
rn a regular or special rne6ting called for the purpose, provided. that said expel'rses
of
s;ra1 th;reafter be assessed Jgainst the mernbers owning such units. The Boa"'l
iis
ai
may
the
tsoarcj
as
fuitd
this
special
in
money
Directors may invest such
<jrscretion deern necessary for the time being, providec that the Board shall take the
r,cessorV steps and precautions to ensure that the sai'1 money shall be available for
purposes providec in this section any time the need may so arise. ln the evenl tnat
lirere
ine Corrroration and/or the project is dissolved for one reason or another and
all
pavment
01
remains unexpected portion of tnis fund, the samer shall, after
ihe
ot
members
u*p"r,r". and liabilities of the Corporation, be distribut':ci among the
funfi.
Corporation pro-rata in accordance with theii total contr ibution to this speciai
Section 4. Special and Other Assissments' The Board of Directors' may
further ievv such special and other assessrhents as ate specially provided for in the

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the pr')ject and al! amencimenls

Master Deed with Declaration of Restrictions of
l;

thereto.

Ji
and ali u,lp?ld
lnterest @n u,*pafld $ssessrnen,,rs. Any
any particular
in
fix
g'oarO
may
of Dlrectors
assessments shatl 0""? l"iu*.i as th6
the time of default as
Section

5.

existinq [aws' rrom

instance. subject to the prcvislons of the
nereinafter defined untilfully paid"
I

rnernber defaults in try) payrn.ent of

Section 6. Default. in the event,th+'b
*i$r the Mast,:r Deed witir Deciaration ci
any assessment durflevi"o ii 3.._.g1oan:e
an'J these By-Laws' ihe Boarc
Restrictions of the project and all amenOm-entsrtneteto
ic
by any.resolut on adoptec by the Board
of Lrirectors may enfo-ice collection thereof
tne
of
representattve
authlrized
r.he contrary" tfre Crriinn"n. ot the Presiieniotift"
Corporationshaltbegiventhepowertoenforcetl.'ecollectig'noj'-uly^':':.n
prolecr is
rrrernber's condominium unit ln the
assessments. ln aOOtiJn thereto, li tfre
Administra:)r
the
ciays'
,5eii' reased and nli J"i"uft has lasted for rnore than i30)
lessee ihe rent from st'lh
tl're nnember':;
nas the lghi tc o"t*"C'u,.,C neieive tnom

iease'upiotheu*ou*tsufficientiopaytheassessnnentdischargeofsuchlease'as
iothoextent of tl'e amount so paic' Fortt-is
berween the iesseJ.ni tn" membeis
binds, themselves to incorpor:;te
puroose, the memnJi;;i ih" corporation heleby
n_this condominium proje'':t'
theiiy{ts
of
ihis provision in tneiel* ""nto.t, if un',
o-f-the lessee io pay ::e
thg.
Ia'ilyr1CI pav such assessments
Nolwithstanding such-atreement' however'
s6a1 not ,uii"u* the member of ,the liability

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lftneCorporationisccrnpelledt"fi!*asuit,'ft,i.thecollectionofcveroue
ther expenses of coliection and

be liable for
assessments, d,elinquen'l rnembers shall

(:25"/4 9t fi]e amou'lt due but in no case

anorriey's fees of twenty five percent
r)e less than P5.000'00"

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rt
lf

mean the failure or

The terrn "default" in payment ot,anflasse:,t*''l^t^^thull
paymljnt'
asses"inefrt on ,1"- Jate fixed tor its
ref usal ro pay any duly levied
by
grantecj
been
has
grace period ior such p:yment
irrespective of wneiher or not a
Corporatrcn'
the
of
piesiOent,-or the auth6rized representative
the Chainnan, or ine
nr oo i*toiution oi the Board of Directons'
.i:'y
ihe
toker.
be
rnay
that
nrieasur,e;
other
Section 7^ othen Measunes.piutiOent,
of
representativ':
or the authorized
g.rard o{ Directoi's, the Chairnral. the
of
nan'ies
'ielinqt'ent
the
cf
of O"tault shail be pbsting.
tt-,;, Corporation in
"ur*
within the prennises of the condomrniun"''
pittt
n,ernbers in ."nspi",]JJt

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ART'UCI-E V[

IIVIPROVEMEITTS

AT'I

D ADDITIO I{S
:J

Section.l,TheBoardofDirectorsnnaYmtlkesuchlmprovementsand
tne
proieci as it deen n-ecessary' provicieci' tha:
:;dditions ro the oo**on areas of tne
expenditrtres
p"io out ot tne nssoiiation;s, special und for capitat
seme can o*
nenticneo i* *;i;;t"iRtti"t"

ffifir

with Declaration

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assessment sr
nertri"tioni of the projebi and sucrr special

.!,

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binding upon all members whether or not they,are presert in the meetinQ or vote
fa'rcr or against making the irnprovements or.4dditions-

DAMAGE OR DESTRIJGTIO}.{

8,
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ffIoh{ OR EXPROPRIATIOT{

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Section i. tDarnage ror Destnuction; Nn the i>vent that the damage or

des:i-uction io ihe project- has nendered ohe half or nore of the units therern
untenantabte, the Board of Directors shall procd rvith the reconstruction .)i'
resioration of the project and pay the cost thereof fo,'m the insurance cr oth'-:r
proceeds of recovery, if any, from the speci4l fund for capital expenditures. in oase
ihe da.nage or desiruction to the common breas of ihc project andlor by lev;ring
speclal assessments Upon the memberg aS provided in the Master Deeci wrr'h
Deciaration of Restrictions of the proiect"
ln rne eveirt that the Camage or destruction to the project is not of such extent
as :o oonstitute a cause for dissolution of the condc,rninium proiect and/or fne
f,r;rporation under the Conclorniniurn Act, the Eoard shall proceed as soon aS

possible with the repair, reconstruction or, restoration of the pads damaged cr
destroyed, using the insurance or other proceieds or reco/ery, if any. the speciaifu'rd
torcafitat expenditures, in case of damage qrdestructiol to the common areas, erld
where necessary. by levying special assessrftents upon rhe members as prcrvidec in
the Master neei witn Declaration of Restrictions of the project and ali amendme-lts

the"etct"

r I
r l:
:

$ection 2. Gondennnatlon on Hxpnopqlatisn. [n the event tnai the projec' r-rr

a nraterial part thereof is condemned or gxp{opriated to such extent as tc render'he
project no ionger viable, the project shafl 1 he terrniratect and the Corpora', ori
disiolved and liquidated in accordance with the pertinent provisions of 'he
Condominium Act. Though the project is still viable, ii the parts thereof taKen bv
(d, ot
condemnation or expropriation is "material" within the rreaning of Section 13
tire Gondominium Act, the Board of Directors shall call a speciat meellng Io
derermine whether or nor the number of members required by said proviston of :ne
Crndominium Act are opposed to continuation of the project and desire to s';ek
qei-rninatiorr of the project and dissolution of the Corporation in accordance with ihe
provislons of saicl bct. lf the vote is ior favo.!'of contint,inE the crolect. the Boarc' of
prcjeci. u;ing
Drr-ectors shall proceed witlr reconstruction, restcration rr repair of the
p,:tls
i^rnotvr award or compensation is obtrained by the Co:"poration in case pari or
cf
in
cas+
belong to the co!-nmon areas, the specialfund for capitai expenditures and.
rernairing
Oefici6ncv shall still exist by levyinE a special assssment upon ',he
mernbers in accorciance with the provisions of the Master Deed with Deciaraiicn of
Restrictions of the prqect and all amendnnents theretoARTICLE VNI$
/qBATEM EillT OFi VIO[-AT1C'

hl

Section ,1. ln the event that any r.hember or hts lenant or lessee fairs or
refuses to comply with any limitation, restricfign, covenant. or condition of the M;ster
Deed with Deciaration of Restrictions of th{ project arrd ail amendments thereto., o:'
the
with the Building Rules, within the time fixed in the noti,:e given to the member b'''
Board of Direciors, the iatter, or its duly authorized representative, shall have the
right

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2s to which such

?roenle:iheunitiJ,T:1'xff3;ilx:",ffTffiffi:l::iihz-.*enilottne
lconoitron constitutrn s ih *
exists ar
violation
rnember owning

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o
-: 1tv
in"-tt t:::::"-^
t:il"*t!
d
"5ry1ti15'"inIC
t1?,?^"-fl:."'
"luil;
violation and witnoui
bv
o{'tre;1a;lf'Jrun"u
breach or viotation
SuiltV
:;uch
OeemeO
ot
of
iiut'i"

ilff

abate or remed) the

uiPi"'Pti't* legal ProceedinEs'

b.
u' ilenloin'

ls

TheEoardshallassessallexPenses'incurredil,jl?*:**ntofthevioiation.
rJ:il#;itne oetauitins rnemDei

incrudrng rnterest'

t"# ;J;iio'n"v'"

:iff:i:"f"J#"t'"-#j:Ft
jin|ii;'##

th9 ?"?11:'il'ir:T
Bv wav cf penartv'
damases
of 20% per monin
tiquidateo
the s
to exceeo ih;;um
oefaunil{ memoer
ro ihe

;ili;;

t'"r:HfiT[:;;:,"ln"U::'ot
lr

of the amount due

,l

*nuffiffiffio's

shalt be the
year of tlre Corporaiion
fiscal
The
alendar Year'

i ii

carentiaryear'

sl"t"T:.?:
2 Annuar
corporaton'it;tffi'"i=t;?:?::{i.3i*\H
the
of
6overing the 6rrevro
,uno,Jrill"iiembers
*"""i"r "?l9t:iT Jl Jn !;:??5'l;: #;i. ;"J *ities ot the corporatton
"i'
sect on

riah

aurr;ted::::::':-lup'"ou"n'on

ri

="'p:lT:;"
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'fr J}ffi:t{ilil+fl;,:k"."QH"i,,
:trep,Jc,a,ionurro'uJ5n;;;,h"*ll"Hf
on their "o'tt
in*" 5oipo'atron osed
# il*ot. ut thg l:1 either througn regritar
c""'T::
Nrowance ror the

Areas'

tlld fi::lqirug"'**ru r,

",;:::ff:lJ!"i,i:,"ilj:",,,:?s'#5j;"r"?,|fi'#,,oji#
'lirur;1"1'!liffi:*'::i[il'1il:#
"lii!,ier
cepreciable
Y;,r;iiy.-wnne the rates of
ot
tor ourPoses"19
tn"
cornr:rising
hr

each rnem
^o:B:"f';l$ol,.nu'u
corresponding to

and

be derermr

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$
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m:*ffI.ft,1H:? Hi??$ffil,io'i,l*"fl1:':"$

r::":"J"T*m";*l"lHLiJ"'X'T'"W

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asse,s t\

th':::,",, "o*'ion'ii""t
.4 Repear

fl

differenr.

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