Republic Acts1 min read
Section 33Sec./Art. 33
Personal notes Saved on this device
0 / 5,000 charactersReport page issue
Answer First
Primary Text
Organization of Beneficiaries.- Beneficiaries of the Program shall be responsible for their organization into associations to manage their subdivisions or places of residence, to secure housing loans under existing Community Mortgage Program and such other projects beneficial to them. Subject to such rules and regulations to be promulgated by the National Home Mortgage Finance Corporation, associations organized pursuant to this Act may collectively acquire and own lands covered by this Program. Where the beneficiaries fail to form an association by and among themselves, the National Home Mortgage Finance Corporation shall initiate the organization of the same in coordination with the Presidential Commission for the Urban Poor and the local government units concerned.
No person who is not a bona fide resident of the area shall be a member or officer of such association.
ARTICLE IX
RELATED STRATEGIES
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
Confirm amendment, repeal, effectivity, and official publication.