What is a Condominium Corporation?
Essentially, a condominium or apartment complex is a corporation where every resident is a stockholder. A Condominium Corporation is a corporation formed and organized for the purpose of holding title of all common and limited areas and managing the residential project. The individual owners of the condominium units are the stockholders of this corporation. The terms of reference, rules and regulations and other provisions governing this corporation are governed under Republic Act No. 4726.
Related Questions
- What is the difference between a Strata Corporation and a Condominium Corporation, and a Strata Council and a Condominium Board?
- Can a Condominium Corporation collect and disclose personal information when conducting a signed special resolution?
- Does an Illinois Condominium Association have to be incorporated under the Illinois Not for Profit Corporation Act?
