The Freehold Residents Management Company Articles of Association is a crucial document required when establishing a company to manage shared residential properties in Nigeria. This document is typically used when developing new residential estates or converting existing properties to a formal management structure, ensuring proper administration of common areas and services. It must comply with the Companies and Allied Matters Act 2020 and related Nigerian legislation, while addressing specific requirements for property management. The Articles define the relationship between property owners as members of the company, establish governance structures, and set out procedures for collecting service charges and maintaining the property. This document is essential for creating a legal framework that enables effective property management while protecting the interests of all residents and ensuring compliance with Nigerian corporate and property laws.
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1. Interpretation: Definitions of key terms used throughout the Articles and rules for interpreting the document
2. Company Name and Type: Specification of company name and type as a private company limited by shares or guarantee
3. Objects of the Company: Primary purposes of the RMC including property management, maintenance of common areas, and collection of service charges
4. Liability of Members: Statement of limited liability of members and guarantee amount if applicable
5. Share Capital: Details of share structure, classes of shares, and rights attached to shares
6. Members and Membership: Rules regarding membership, eligibility, rights, and obligations of property owners
7. Transfer of Shares/Membership: Procedures for transferring shares/membership when properties are sold
8. General Meetings: Procedures for conducting general meetings, voting rights, and resolutions
9. Directors: Appointment, removal, powers, and duties of directors
10. Board Meetings: Procedures for board meetings, voting, and decision-making
11. Company Secretary: Appointment and duties of the company secretary
12. Service Charges: Calculation, collection, and management of service charges
13. Maintenance and Repairs: Responsibilities for property maintenance and repairs
14. Accounts and Audit: Requirements for financial management and auditing
15. Notices: Methods and requirements for giving notices to members
16. Indemnity and Insurance: Provisions for indemnifying directors and maintaining insurance
1. Reserve Fund: Provisions for establishing and maintaining a reserve fund for major repairs and improvements - include when the development has significant common facilities
2. Management Delegation: Provisions for appointing external property managers - include when professional management is anticipated
3. Dispute Resolution: Detailed procedures for resolving disputes between members or with the company - include for larger developments
4. Environmental Management: Specific provisions for environmental management and sustainability - include for eco-friendly developments
5. Facilities Management: Detailed provisions for managing specific facilities like gyms or pools - include when the development has such facilities
6. Electronic Communications: Provisions for electronic voting and virtual meetings - include for modern developments wanting digital solutions
7. Sub-Committees: Provisions for establishing and operating sub-committees - include for larger developments with complex management needs
1. Property Description: Detailed description of the managed property including plans and common areas
2. Share Structure: Detailed breakdown of share allocation and voting rights
3. Service Charge Schedule: Detailed methodology for calculating service charges and allocation between properties
4. House Rules: Specific rules and regulations for the use of the property and common areas
5. Maintenance Schedule: Schedule of maintenance responsibilities between the RMC and property owners
6. Proxy Form: Standard form for appointing proxies for general meetings
7. Deed of Adherence: Standard form for new members to sign when purchasing properties
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