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AAne LE ( oTHY-[.,qWS OF

CITYLIGFITS GARDEf,ilS - TOWER g AND T'OWER 4CONDOM lN ru r'd eORpORAfl or\q

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Section 1. Corporate Nlarne. The rn?me of the Jorporation is as set foi-th rnit-s Afiicles of lncorporation, namely: , : .

crwLrc!-rrs GARDEN$ - TowER l AND TowER 4c oN Dotvl rN rtirvl conpo n.qri o r,r

section 2. object and lrlature. The corporati:n is a non-stock. non-pr"1tiibody fsrrnsd exclusively for the purpose of holding ti"ie to the common areas inCitylights Gardens Towen ij and Tower 4 {refened t6 ar; "ihe project") administeiingihe saic proiect and sucl'l other purposes as are neces$ary, incidentai or conveni,:nttc the accomplishment of said purposes. Any and all rnoney and assets thereof snallbe devoted exclusiveiy to the furtherance of these pLrrpc,sg! and no dividends of rnykind whatsoever shall be declared and no profit shall inure to the benefit of ,lnyperson oir virtue of his membership in the Corporation"

The Corporation shall have the right to hold title ,o and/or manage the SharecAmenittes of the Project as describeO and qefined in Section Zla ot the Amendmenttc the Master Deed with Declaration of Res$rictions (Cigtights Gardens Condonrirrum- Tcwers 3 & 4i acknowieoged oefore Notiry FuUib Rhn-ur C. Fiores anc entere ! rnrirs notariai book as Doc. No. 1Bg. Fage No. 3g: Eook r, series of 2009. and in ihesubsequent amendrc'|er"tts ftre;"eto. , : l

Section 3. Domicile and Principal'Office. Thr: domicile anci princlpal oiiicecf 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 rheprincipai office of the Corporation or anywhere withirr the territoriai jurisdictlo-r oiCebu City. In accordance with law,.howdver, any a€reernent resoiution or aciionfalen. at a nneeti!9 of its Board of Directors in any place wiihin the territlnatjurisdiction of the Philippines, if rnade in writing and concur'red in by a rnai6rity o: theBoard. shall be valid for all purposes as if made an,1 adopteci in the domicil;.: or;.rincipat office ot- the Corporation.

ARTICLE !IMEi/IBERSI-IIP

Section i. Mennbers. Membership in the Corporation shall be iirr,iteciexclusively to the Declarant. as defined in the Mas,:er Deed with Declaration ofRestrictions {Citylights Garderis Towers 3 A 4), who is holding tiite to unsotd l.rnitsand carpark slots as inventory for sale and the ownerr; of the condominiurn unr:s ofrhe proiect, who under the provisions of ,the Master Deed wrth Declaraticn ofRestrictions and the amendments thereioj automatically become nnembers or iheco;ooration. Membership in the corporption, being a mere appunenanco ofownership 0f a unit in said condominium project, cannot be transferied, conveyed,

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secticn 3. Annua! Meeting. The annua! meeting of the-.rnembers drrrinq n DACrirvhich the Board of Directors shail be etected shalt be hetd ii' rr,l","crilai *"".;;;; " "

encLlrnberec or otherwise disposed of separately fron'l t;re condomrnium unrt of vvnicriii ls an appurtenance. Any rnember who "eases

to cwn-a unit or t,3 represen.a anr)wner of a unit in said condominium projeict automaticr,lty ceases to ,be a member of1.itre Corporation.

section 2. Representatlon. rn Fpe any Lrnit in the project is or shaii beowned by two or rnore persons, said co-bwners'rrri J".ignrt" the co-owner rrr-rhcsnali represent them in the corpoFation. ihe o-esignat'on mLrst be in writing, signeob'v all the co-owners and suijmitted,toothe secleiary oi tn" corporation io beeffective. such representative snai fry,tn*-purp*6 ot' voting on any mafterwhatsoever. 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 shatitlesignate who should repi-esent it in tne Oorporation ny way of Borro Resotutic,-i ro3 LlthOrlZO tna{ reDresentative"

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 anotice thereof" srating rhe purpose of the, meeting, is sent t"

"ii.n!n,.,L[1,"i,,1.,r'fteen ( 15i day$ pnior te the date of tfre,r-n#ting.

Section 5. Froxy. Any member of the Corporation nnav be represenrei :lv aoroxy in all meetings of the corporation.l The desigrration "i ; p.r; ,r.,"t,-'i"writing' signed by the member and delivered to the :iecretary before- the meeting'nherein such proxy rs to afiend.

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section 6. euorurn. The presenqe of lhe mernbers representing a ma ority1i 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 corporationcoce or the condominium Act grants a dissenting men,beitne ,igni t; *it"h#; i;;;the corporation and demand paymeni for hls lnirlrest or barticipation ,r, ,t.,.,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 ln tne Corporatiorr uriressrle ccnsents ro sell his unit in the condominiunn project to anv purchaser andeffectiveiy transferrtng his rights and ownership over ti:e unit in accordance \,vrth parij secticn 4''3 srt the lViaster Deeds witir Deblaration ot Restrictions. as amenced."vnose

purcliaser shall automaticaily neplace the dissenting member,s interest oroafticipatiorr iri the corporation. The corporation sfrali pa! lor the refunc cr thedissentinq 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 and particip;rtionin the corporation. All expenses should theie h,e unl, in.urrld in the tiquiclation ofthe interest of the dissenting member shail be oorneoy h;,.- -

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i 'iARTIFI-E [[r1

BOARD OFTD|RECT'ORS

Section 1. Composition and irr,ian"V The (iorporarion shati be governecand its affairs administered and contrglle$ py a tsoard of Directors composed oi

untiirheir 5J::"(:]"r, are ciuty elecr,ed anolduarinerremoers who shali serve as such

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.ernaririnqi:ii'eciot's. if stilt constituting a quorum. A director eler;ted to iili a'vacancv shar; bIqiectec for the unexpired terrn of his predecessor in crffice. Any directorihip tr:, bet:iied ilY reason ,:f an increase in the nurnber of directors or tn case the numb"jr oiairectors 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:; foriila{ purpose.

Section 2. Powers of the Board pf Directors. The Board of Directors :;hallexercise all powers expressly granted Uy ihe By-Laws and the Corporation Codei aslhe sarne is not inconsistent with the Cond.ominium Act and shall do all such acts andInlngs 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 generality- of ,rhe foregoing theioard 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- ofRestrictions 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 fixpenalties, by way of liquidated damages, fgl violation thereof. The Board of Dirertorsshall also be vested with power to levy upil each mernber such assessment a:., areorovided in the Master Deed with Declaiation of Restrictions of the project. The3card may delegate in whole or in part" such powers es it may deem necessar\, andproper and vrnich could lawfully be delegated, hy tmeans of nesolution adopted fc: ihe;

'.)urpose. to any Director. rnernber or comrnittee of the (iorooration"

All coniracts, agreements, instruments and conrrnitrnents for and ln behalf oithe Corporation shall also be executed and signed und{}r the authority of the Boa,d cfSirectors 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: iheme.eting of the members of the Corporation. When he, presides over the meeiinq ofihe rnernbers, he shall not cast his vote on questions brought or taken up befc,re ,;icnr-"'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 of5usiness of the corporation or as subh pther place as !-nay be agr-eeci

"pu, ?q..,e

Directors. Any member of the Board may b4tt a meetirg by means oia written r,,rtice,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 aquorum for the transaction of business and. d oecision of the majoritv of those preseniin a rneettng shall be valid and binding up-On the Corporation except the electiln ofcfficers which requires the majority vote of allthe mernrers of the Bcard.

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Section '+'i The "llreasuner'. The Treasqrql-is tne--'inanctal cfficer cf the

oci.pcrairon and as ,riit rnrrrniu! tne o,]*tlriioi'"riffre iunos and properties oi tlre

.iorporation.

i-iesnailrenderanannualstatementoftheassetsandiiabititiesofthecoroorarion to|. apprJJat of tne Board, ano p*."nt a statement of his cash accouni

ai any time that r," *"#tJ'r"oi,ii.o by the Fresident on tho Board of Directors'

He shall keep the required and proper books of 1'^T.'"t and enter theretn a

full and accurare aJcount of all money "fi-ptnlrties

re'ceived and paid bv him in

behalf ot or for tne aiccrlnt of the Corporationi '

ncid6ntat to the position of Trea'surer anci

Financial officer of the corporation sud;;ii; the iont"'i of the Board of Direc1.''s

anc the President' l

The Treasurer shallfile a bond'f q-Yt'[l?*ount as the Board of Directors mav

require, foi the faithful perfornrance of his duqes'

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aldSection 5.t/tne Secretary' The $qcret?y' *n"-1'::::'

- nLiri^^;h6c chatt keeo record of ii-tfi" n'inutes ancl agreem:"T ?-:1resideniof the Philippines' shall keep.resident of the Philippines' snarr KecP '";*t;,:f

"ii**,"tings of tha members a'rd

;;;""". of 'the tsoard of Direciors and n

B,c):ri'q of Directors"

Heshalliikewisekeeportakechangeofthene.;ordsandcorrespondencesano officral acts of the Corporation'

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

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

Section 1' Membership Fee.Assessnnent' A one

oecoming a rnemner';i'il; cofroominiuil-e"ip"i"tion snalr he cotected fror* 'r:ie

r,rrrir owners in the pt."J;';i' The amoun* o*nlnn[G-o hY t?:! *"mber shall i?e his or

;ts eqLlir.able share 1""'t"# ruii-tunc- "uqu*";"io

t"tr",i without interest in the e\ 3ni

membership in the 'c""i"".ri^ir* corpoialion a""t"'' Any succeeciing merroer

sirali be assessed in*ih;;;;unt untussl'oim"t*nt rate is fixeci subsequenit' rn

,rccordance wirh a J,]rv'J',ppr",]"J lugorutiofid'*[" cy:l:Ti:'u* corporatiort'

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Mernbership ru* .d;;rlff."i in"ri o" useo{o cover..'or pre-operating activitier' oi

rne condorninium corporation anc^cafiQ'-experrdit"rret^-" '' shall oe usec t{;

srpptement any Ceticlency in the confiUritioh for il're p€yment o{' operating experrfes

a,id j or oihen ,#i;lsJ#;; ,il _{T3--u-;ediEired_trpon coilectio'r ot the

,:rritributions throuEh nutinE ton operatilnsi*i"€t.", sN'rared and proponionately

iarticipated in by all l")nit Cwners'

Section2.RegularAssessmentforoperatirrgExpenses.TheBoarooiDi;'ectors shail, from tiiie to time' and ;i|e;tiLy rrna'cn of every year' preseni an

esrimate or rhe "p;il;=";n9"rJ13t1i"

dltpotltion and assess the same agalrnst

eachmember.inproportiontosug!.ymoeisappu,tenaniproprietaryinteresi.insui.:h amounts as shall be necessary-to-*"ut'tire operating expenses' Such

expenses shall inclr'rielino'gn not iirnit-ed to' the followinE :

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

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compensation and other risk to the extent c:eemed necessary bV ther].,. ^.,i 'Lj\./crI u

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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;

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

such maintenance or repair within the time f,xed in written notice of lae

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 1or

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,

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

Dii"ectors may levy upon each mernber, in pnoportion t(i such member's propriei'?ry

inierss,r, an assessrnent for the purpose of:establishir'E and nrairttaining a sp€r )ral

fund for capitai expenditures on the oommoh areas of tne project. inciudinE the :ost

ci extraordinary repairs, reconstructlon o{ restoratlorl .necessitated ny 'lamagedepreclation, obsolescence, expropriation oJ icondemnation' aS weli as the 6s5 of

inrprovements or additions therelo. Thd Bpard.of Directors may also use spe;tal

funC to advance the cost of extraordinary :repairs, re{)onstruction or restoraiio' of

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

s;ra1 th;reafter be assessed Jgainst the mernbers owning such units. The Boa"'l of

Directors may invest such money in this special fuitd as the tsoarcj may ai iis<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

ine Corrroration and/or the project is dissolved for one reason or another and lirere

remains unexpected portion of tnis fund, the samer shall, after pavment 01 all

u*p"r,r". and liabilities of the Corporation, be distribut':ci among the members ot ihe

Corporation pro-rata in accordance with theii total contr ibution to this speciai funfi.

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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with Declaration of Restrictions of the pr')ject and al! amencimenlsl;

JiSection 5. lnterest @n u,*pafld $ssessrnen,,rs. Any and ali u,lp?ld

assessments shatl 0""? l"iu*.i as th6 g'oarO of Dlrectors may fix in any particular

instance. subject to the prcvislons of the existinq [aws' rrom the time of default as

nereinafter defined untilfully paid" I

Section 6. Default. in the event,th+'b rnernber defaults in try) payrn.ent of

any assessment durflevi"o ii 3.._.g1oan:e *i$r the Mast,:r Deed witir Deciaration ci

Restrictions of the project and all amenOm-entsrtneteto an'J these By-Laws' ihe Boarc

of Lrirectors may enfo-ice collection thereof by any.resolut on adoptec by the Board ic

r.he contrary" tfre Crriinn"n. ot the Presiieniotift" authlrized representattve of tne

Corporationshaltbegiventhepowertoenforcetl.'ecollectig'noj'-uly^':':.nassessments. ln aOOtiJn thereto, li tfre rrrernber's condominium unit ln the prolecr is

,5eii' reased and nli J"i"uft has lasted for rnore than i30) ciays' the Administra:)r

nas the lghi tc o"t*"C'u,.,C neieive tnom tl're nnember':; lessee ihe rent from st'lh

iease'upiotheu*ou*tsufficientiopaytheassessnnentdischargeofsuchlease'asberween the iesseJ.ni tn" membeis iothoextent of tl'e amount so paic' Fortt-is

puroose, the memnJi;;i ih" corporation heleby binds, themselves to incorpor:;te

ihis provision in tneiel* ""nto.t, if un', of theiiy{ts n_this condominium proje'':t'

Nolwithstanding such-atreement' however' thg. Ia'ilyr€ o-f-the lessee io pay ::e

";;;;;;"ts s6a1 not ,uii"u* the member of ,the liability 1CI pav such assessments

lftneCorporationisccrnpelledt"fi!*asuit,'ft,i.thecollectionofcveroueassessments, d,elinquen'l rnembers shall be liable for ther expenses of coliection and

anorriey's fees of twenty five percent (:25"/4 9t fi]e amou'lt due but in no case 5f'13r1 it

r)e less than P5.000'00"

The terrn "default" in payment ot,anflasse:,t*''l^t^^thull mean the failure or

ref usal ro pay any duly levied asses"inefrt on ,1"- Jate fixed tor its paymljnt'

irrespective of wneiher or not a grace period ior such p:yment has been grantecj by

the Chainnan, or ine piesiOent,-or the auth6rized representative of the Corporatrcn'

nr oo i*toiution oi the Board of Directons' ;

Section 7^ othen Measunes. other nrieasur,e; that rnay be toker. .i:'y ihe

g.rard o{ Directoi's, the Chairnral. the piutiOent, or the authorized representativ': of

tt-,;, Corporation in "ur*

of O"tault shail be pbsting. cf the nan'ies of 'ielinqt'ent

n,ernbers in ."nspi",]JJt pittt within the prennises of the condomrniun"''

ART'UCI-E V[

IIVIPROVEMEITTS AT'I D ADDITIO I{S

Section.l,TheBoardofDirectorsnnaYmtlkesuchlmprovementsand:;dditions ro the oo**on areas of tne proieci as it deen n-ecessary' provicieci' tha: tne

seme can o* p"io out ot tne nssoiiation;s, special und for capitat expenditrtres

nenticneo i* *;i;;t"iRtti"t" Vt' I

ffifirwith Declaration li nertri"tioni of the projebi and sucrr special assessment sr

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binding upon all members whether or not they,are presert in the meetinQ or vote li-l

fa'rcr or against making the irnprovements or.4dditions-8,/Si\

DAMAGE OR DESTRIJGTIO}.{ ; ffIoh{ OR EXPROPRIATIOT{

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 proc€€d 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'rdtorcafitat 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 Ir 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'heproject 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

condemnation or expropriation is "material" within the rreaning of Section 13 (d, ot

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';ekqei-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

Drr-ectors shall proceed witlr reconstruction, restcration rr repair of the prcjeci. u;ing

i^rnot€v€r award or compensation is obtrained by the Co:"poration in case pari or p,:tls

belong to the co!-nmon areas, the specialfund for capitai expenditures and. in cas+ cf

Oefici6ncv shall still exist by levyinE a special ass€ssment upon ',he rernairing

mernbers in accorciance with the provisions of the Master Deed with Deciaraiicn of

Restrictions of the prqect and all amendnnents thereto-

ARTICLE VNI$

/qBATEM EillT OFi VIO[-AT1C' hl S

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:'

with the Building Rules, within the time fixed in the noti,:e given to the member b''' the

Board of Direciors, the iatter, or its duly authorized representative, shall have the

right :

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i ' - r- "rrinrr 'r 2s to which such

?roenle:iheunitiJ,T:1'xff3;ilx:",ffTffiffi:l::iihz-.*enilottneviolation exists ar

rnember owning ilff -: 1tv "5ry1ti15'"inIC

o lconoitron constitutrn s ih *

violation and witnoui t1?,?^"-fl:."' d t:il"*t! "luil; in"-tt t:::::"-^

iiut'i" ot OeemeO SuiltV o{'tre;1a;lf'Jrun"u of :;uch breach or viotation bv

b. ilenloin' abate or remed) the t

u' uiPi"'Pti't* legal ProceedinEs'

TheEoardshallassessallexPenses'incurredil,jl?*:**ntofthevioiation.incrudrng rnterest' t"# ;J;iio'n"v'" rJ:il#;itne oetauitins rnemDei

Bv wav cf penartv' th9 ?"?11:'il'ir:T :iff:i:"f"J#"t'"-#j:Ftoefaunil{ memoer tiquidateo damases jin|ii;'## ih;;um of 20% per monin

;ili;; ro ihe t'"r:HfiT[:;;:,"ln"U::'ot to exceeo the s

of the amount due lr

,l

*nuffiffiffio's

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

carentiaryear' i iisect on 2 Annuar sl"t"T:.?: it;tffi'"i=t;?:?::{i.3i*\H

,uno,Jrill"iiembers of the corporaton' 6overing the 6rrevro

"i' i *"""i"r "?l9t:iT Jl Jn !;:??5'l;: #;i. ;"J riah *ities ot the corporatton

aurr;ted::::::':-lup'"ou"n'on Nrowance ror the c""'T:: Areas' ="'p:lT:;"

\l:trep,Jc,a,ionurro'uJ5n;;;,h"*ll"Hf 'fr J}ffi:t{ilil+fl;,:k"."QH"i,,in*" 5oipo'atron o€sed on their

"o'tt # il*ot. ut thg l:1 either througn regritar

'lirur;1"1'!liffi:*'::i[il'1il:# tlld fi::lqirug"'**ru r,

\ r

"lii!,ier ",;:::ff:lJ!"i,i:,"ilj:",,,:?s'#5j;"r"?,|fi'#,,oji# differenr. asse,s t\cepreciable "19 Y;,r;iiy.-wnne the rates of

^o:B:"f';l$ol,.nu'u be derermr eo Iitor ourPoses ot ucornr:rising tn" "o*'ion'ii""t

corresponding to each rnem

hr th€':::,",, .4 Repear and m:*ffI.ft,1H:? Hi??$ffil,io'i,l*"fl1:':"$

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

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