Law of Ownership Subdivision and Management of Real Estate Units

1. An owners association shall have a general assembly comprising all owners. 2. The general assembly shall address all owners association matters, particularly the following: Law of Ownership, Subdivision, and Management of Real Estate Units a) Reviewing and approving the manager's report on the management of the jointly-owned real estate and of the owners association and its financial position during the fiscal year, as well as the auditor's report if any. b) Reviewing and approving the owners association’s annual budget. c) Appointing a manager and auditor and determining their remuneration. d) Discharging the manager from liability. e) Amending the charter. 3. The general assembly shall elect a chairman from among its members to chair its meetings and follow up on its decisions. The chairman shall serve for a renewable term of three years. 4. The general assembly shall, in accordance with the charter, convene upon a call by its chairman at least once a year within the first three months following the end of the owners association’s fiscal year. 5. The general assembly may, at any time, convene at the request of the manager, the auditor, if any, or at the request of at least half the owners of the subdivided real estate units in the jointly-owned real estate. 6. General assembly decisions shall be deemed valid if approved by owners representing at least three-quarters of the total area of the subdivided real estate units unless the charter stipulates a higher percentage. If an owner’s share is more than half of the total area, the number of his votes shall be reduced to half the votes. 7. The Authority may delegate a representative, or more, to attend general assembly meetings to ensure application of the provisions of this Law.