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Implementing Rules and Regulations of R.A. No. 9904 - HLURB

Implementing Rules and Regulations of R.A. No. 9904 - HLURB

Implementing Rules and Regulations of R.A. No. 9904 - HLURB

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P a g e | 22<br />

property <strong>of</strong> the association. Each association’s managing agent shall<br />

turn over all original books <strong>and</strong> records to the association immediately<br />

upon termination <strong>of</strong> the management relationship with the association,<br />

or upon such other dem<strong>and</strong> as is made by the board. An association’s<br />

managing agent is entitled to keep association records. All records<br />

which he managing agent has turned over to the association shall be<br />

made reasonably available for the examination <strong>and</strong> copying by the<br />

managing agent;<br />

b. All records involving the affairs <strong>of</strong> the association shall be available for<br />

examination by all owners, holders <strong>of</strong> mortgages on the lots, <strong>and</strong> their<br />

respective authorized agents upon reasonable advanced notice, during<br />

normal working hours at the <strong>of</strong>fice <strong>of</strong> the association: Provided, That<br />

holders <strong>of</strong> mortgages on lots may have access to the information about<br />

the property held in mortgage with the consent <strong>of</strong> the registered owner;<br />

c. A financial statement <strong>of</strong> the association shall be prepared annually by<br />

an auditor, the treasurer <strong>and</strong>/or an independent certified public<br />

accountant within ninety (90) days from the end <strong>of</strong> the accounting<br />

period to be posted in the association <strong>of</strong>fice, bulletin boards, or other<br />

conspicuous places within the subdivision/village, <strong>and</strong> to be submitted<br />

to the <strong>HLURB</strong>; <strong>and</strong>,<br />

d. The funds <strong>of</strong> the association shall be kept in accounts in the name <strong>of</strong><br />

the association <strong>and</strong> shall not be joined with the funds <strong>of</strong> any other<br />

association, or any person responsible for the custody <strong>of</strong> such funds.<br />

RULE 9<br />

THE HOMEOWNERS ASSOCIATION<br />

Section 49. Rights <strong>and</strong> Powers <strong>of</strong> the Association. – An association<br />

shall have the following rights <strong>and</strong> powers:<br />

a. Subject to consultation <strong>and</strong> with the approval <strong>of</strong> a simple majority <strong>of</strong> the<br />

members, adopt <strong>and</strong> amend the articles <strong>of</strong> association <strong>and</strong> by-laws,<br />

rules <strong>and</strong> regulations, pursuant to existing laws <strong>and</strong> regulations;<br />

b. In behalf <strong>of</strong> its members, institute, defend, or intervene in litigation<br />

<strong>and</strong>/or administrative proceedings affecting the welfare <strong>of</strong> the<br />

association <strong>and</strong> the subdivision/village as a whole, excluding, however,<br />

disputes that are not the responsibility <strong>of</strong> the association;<br />

c. Regulate the use, maintenance, repair, replacement <strong>and</strong> modification<br />

<strong>of</strong> common areas <strong>and</strong> cause additional improvements to be made part<br />

<strong>of</strong> the common areas: Provided, that the aforementioned do not<br />

contradict the provisions <strong>of</strong> the approved subdivision plan;<br />

d. Regulate access to, or passage through the subdivision/village roads<br />

for purposes <strong>of</strong> preserving privacy, tranquility, internal security, safety<br />

<strong>and</strong> traffic order: Provided, that: [1] public consultations are held; [2]

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