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Assembly, Management Board and Board of Directors
According to Law 7933, condos level there is only two organs:
The Assembly,composed of all and each of the joint owners and
Administration, person or entity named in Assembly duly convened.
What so-called "managementmeetings"?
Administrative boards or councils condominiums. Such groups must
bedistinguished from what is known today talking of corporations
such asboards, composed of some partners on behalf of the company.
Hisappointment is given at a general meeting of shareholders. Your
participation in the Organization's management board, so, is the
one thatorganizes and directs.
What is the difference between these two groups?
I. The boards or councils condos level administrative but may or
may notbe named in assembly, they are and must be subordinate to
theadministration. This group may have a specific mission in
thisorganization may be open: coordinate, organize, organize
workinggroups, monitoring services, create commissions, etc. Their
work issubject to administrative guidelines. Not registered in the
Public Registryas there is no legal basis to do so.
II. Board of a Closed Organization. Within the company, is a
body withspecific legal purpose? It is duly registered and
formalized in the journaland in the Public Registry. Its members
are: President, Secretary (a) ,Treasurer , Attorney and Vocal . His
appointment is for a stated periodand is to be the decision-making
body within this organization. You canappoint or remove management.
The President has power Generalissimo general or limited or
unlimited sums. "The boards arecollegial bodies should represent
and protect the interests of corporateshareholders. Its main
objectives are maximizing the investment returnsthat have been
entrusted, protect investments against possible risks;promote
adequate benefits for shareholders and appropriately meet
theinterests of the workforce, customers, suppliers, community
andgovernment. (Taken Corporate Governance , Vol # 1 Page 2 Incae
).
III. Assembly of condominium owners. Deciding Body within
thecondominium.
IV. Administration: Executing within the condominium.
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V. That a "board" is above the administration? Under no
circumstancescan conceive this, since it is not covered by the law
regulating the
Condominium Ownership No. 7933.
IV. Exception: If the case to appoint a Board of Directors
within thecondominium, their interest should be commercial. The J.
D. must beproperly named owners Assembly, composed of condominiums
or not,whose record must protocolized and register in the Public
Registry of Deeds whenever there are changes guidelines. Also,
Condo Regulationshould consider this possibility and may result in
condominiums whoseinterest is not commercial but residential. In
the Constitutive Act of thecondo where appointing an administrative
board, each board member must have specific responsibilities
regarding the administrative conduct.May or may not have legal
representation, may or may not be limited or unlimited power with
no limits or sums.
V. Organizational structure chart of a normal condo CR.
