Statutes

Article 1: Name and Headquarters...

 1. These statutes, regulations and the general law, are applicable to govern the "ASSOCIATION BVOA - BALAIA VILLAGE OWNERS ASSOCIATION," legal person private utility, nonprofit, hereafter simply called the Association.

 2. The Association will have its headquarters in Balaia Golf Village, Sitio da Balaia, Apartado 917 8200-912 Albufeira.

 

Article 2: Subject...

 1. The association has as its object:
          a. Promoting, supporting and defending the rights and interests of the owners of the fractions which divides the whole touristic complex called Balaia Golf Village, located in the parish and municipality of Albufeira;
          b. The provision of services to members incident to ownership of real estate of those fractions and,
          c. The defense of this and the interests related to the aims pursued.

 2. The Association is developing its activities in view of the interest, sole, of the owners of the fractions in which divides the whole touristic complex better identified in Article 1 of these statutes, particularly its associates.

 

Article 3: Affiliates...

 May be associated with this Association, owners, individuals or legal persons, of the autonomous fractions in which divides the whole tourist complex identified in Article 1 of these statutes.

 

Article 4: Organs...

 1. The organs of the Association are:
          a. The General Assembly;
          b. The Directorate;
          c. The Audit Committee:

 

Article 5: The General Assembly...

 1. The General Assembly is constituted by all the members of the Association.

 2. The board, composed of a President, a First Secretary and a second Secretary will be elected by the Assembly from among its members eligible for three consecutive years.

 3. The General Assembly will have one regular session in October or November, for the approval of the annual report of the previous year and to approve the business plan and budget for the coming year.

 4. The General Assembly also meet in regular session in an election year, convened for this purpose.

 5. The Chairman shall convene an extraordinary meeting on his own initiative, or when the board so decides, or at the request of one fourth of its members, or even at request of any president of the other organs of the Association.

 6. It is for the General Assembly within the regulatory standards:
          a. to elect its President and two Secretaries;
          b. to elect Directors and Fiscal Council;
          c. to monitor and supervise the activities of the other organs;
          d. to take positions against other bodies on matters of interest to the Association.

 7. It is also incumbent on the General Assembly, by proposal or request for authorization of the Directorate, and within the regulatory standards:
          a. to approve the annual activity plan and budget as well as any revisions or amendments;
          b. to approve the annual activity report, balance sheet and account management;
          c. to approve loans;
          d. to approve the establishment plans of the various departments of the Association and to fix the remuneration of its employees in accordance with the regulations and general rules established by competent authorities;
          e. to review and amend the statutes and programs of the Association;
          f. to exercise other powers conferred upon it.

 8. The proposals presented and referred to in points a), b), d) and e) of paragraph 7 cannot be changed, but only approved or rejected, by the Assembly and, if rejected, should be fully justified and without prejudice. In the case of approval, the Board may come to accept in whole or in part, suggestions and recommendations made by the Assembly.

 

Article 6: Directorate...

 1. The Board comprises a President, a Vice-President, a Secretary, a Treasurer and a Board Member, elected by the General Assembly from among its members eligible to serve a term of three consecutive years.

 2. The Directorate is the executive body, responsible for directing the Association, within legal and statutory limits.

 3. The Directorate will have a regular monthly meeting, which could be by telephone or e-mail.

 4. Special meetings may be convened at the initiative of the President or at the request of a majority of its members.

 5. It is incumbent on the Directorate:
          a. to implement and ensure compliance with the resolutions of the General Assembly.
          b. to establish lawsuits and defend them, who may confess, give up or compromise, if there is no offense of third party rights.
          c. to promote all actions necessary to conserve for the conservation of the Association.
          d. to prepare and update the register of movable and immovable property of the Association.
          e. to accept donations, bequests and legacies for the benefit of inventory.
          f. to keep and update the books and documents regarding the Association.
          g. to collect revenues and make expenditures of the Association.
          h. to prepare the annual business plan and budget as well as their amendments and revisions, and provide for their implementation after being approved;
          i. to grant contracts for the operation of services;
          j. to exercise other powers that are assigned

 

Article 7: Audit Committee...

 1. The Audit Committee is composed of a President, a First Secretary and a second Secretary elected by the General Assembly from among its eligible members in order to accomplish a term of three consecutive years.

 2. The Audit Committee is the body that controls the collection of funds and the audit of the Association.

 3.The election of the Audit Committee is simultaneous to the General Assembly and the Directorate and will be in accordance with electoral rules.

 4. The Audit Committee will operate according to rules that are prescribed in the regulations on the operation of the Association, its organs and competence of its members.

 

Article 8: Requirements and legitimacy of the deliberations...

 1. The deliberations of the organs of the Association, except those provided in these statutes and other regulations, are taken by simple majority vote of members present, provided they are members of its body, with the chairman of the board having a deciding vote in case of a tie, not counting abstentions for calculating the majority.

 2. The deliberations and decisions of the organs of the Association shall take effect only after a deliberative and legislative compliance with the standards that are prescribed in the regulations on the operation of the Association, adopted at the General Assembly and not in conflict with these Statutes.

 

Article 9: Finances...

 1. The revenues of the Association come from contributions and other contributions of its members, income from services and goods, grants, legacies, bequests, donations and other donations in favor of their own initiatives, the deposited funds and other income in their favour.

 2. The minimum value of the contributions and the provision of services and goods belonging to the Association shall be fixed annually in the budget of the Association.

 3. The costs of the Association are the ones that result from the exercise of their duties inherent to the fulfillment of its purpose.

 4. The financial management of the Association shall be subject to a Finance Regulation.

 

Article 10: Amendment to Statutes...

 1. These Statutes may only be amended in the General Assembly following proposals prepared by the Directorate, once in each term, or in four in four years by a committee constituted for that purpose.

 2. The constitution and operation of the committee mentioned above will be subject to specific regulations adopted in the General Assembly for three- quarters of the members present.

 3. These Statutes can only be changed in extraordinary General Assembly called for this purpose, pending approval of three-fourths majority of members present.

 

Article 11: Duration, Merger, Division and Dissolution...

 1. The duration of the Association is indefinite.

 2. The merger of the Association with another or others, the division or dissolution requires a majority of four fifths of its members.

 3. In the event of termination, the General Assembly shall appoint the liquidators and define the fate of the corresponding assets which, if any, may be distributed by members.

 

Article 12: Omitted cases...

 1. The provisions of these statutes and other regulations are mandatory for all members present and future.

 2. The missing cases in these statutes and other regulations are always governed as provided under existing legislation.