AMENDED BY-LAWS OF THE
PHILIPPINE ASSOCIATION OF REALTORS® BOARDS, INC. (PAREB)
ARTICLE 1 – NAME
The name of the corporation shall be PHILIPPINE ASSOCIATION OF REALTORS® BOARDS, INC. which for purpose of these By-laws, is hereinafter referred to as PAREB.
ARTICLE 11- DEFINITION OF TERMS
SECTION 1. When used in these By-laws, the following terms shall mean as follows:
| a. | NATIONAL DIRECTORATE - Refers to the Board of Directors of PAREB composed, of nineteen (19) members who are duly elected during a General Membership meeting. | ||
| b. | NATIONAL OFFICERS – Refers to the officers of PAREB consisting of the National President, Chairman of the Board, Senior Vice President, Vice President for the National Capital Region, Vice President for Luzon, Vice President for Visayas, Vice President for Mindanao, Secretary General and National Treasurer. | ||
| c. | LOCAL BOARDS - Otherwise known as Constituent Member Board as defined in Section 1 (b), Artticle 111 hereof, they shall have the same meaning when used interchangeably. | ||
| d. | MOTHER BOARD – Refers to the local Board where an individual member is a Regular Member and where said member can vote and be voted upon. | ||
| e. | REALTOR® - A proprietary term owned and licensed by the National association of REALTORS® (USA). The term should only be used by, or in reference to, a real estate professional who is a member in good standing of PAREB and who is bound by its Strict Code of Ethics | ||
| f. | MEMBER IN GOOD STANDING – Refers to a Regular Member with a valid real estate broker’s license and who is up to date in the payment of both his Local Board dues and his PAREB Regular Membership dues for the current year as provided under Section 1 and section 2, Article VI hereof. But for purposes of election, however, the member must be physically present and has paid his registration fee during the National Convention, as provided for under Article VIII, Section 4.” When used in reference to a Constituent member Board, a member in good standing is a Local Board which is up-to-date in the payment of its constituent Member Board dues with PAREB as provided under Section 1 (b) and Section 2, article VI hereof. | ||
| g. | NAR – Refers to the National Association of REALTORS® of the United State of America, owner of the registered service mark “REALTORS®” AND THE BLOCK “R” logo. | ||
| h. | HE/HIS – Refers to a Regular Member in good standing regardless of gender. |
ARTICLE III - MEMBERSHIP
SECTION I. The members of PAREB shall consist of:
| a. | CHARTER MEMBERS – Charter Members are the original incorporators and/or founding members of PAREB, consisting of nine (09) local Boards namely: Manila Board of REALTORS®, Quezon City REALTORS® Board, Pasay City REALTORS® Board, Baguio REALTORS® Board, Bicol REALTORS® Board, Cavite REALTORS® Board, Cebu REALTORS® Board, Negros REALTORS® Board and Davao REALTORS® Board; and six (6) individual REALTORS®, namely: Ernesto G. Castaneda, Ramon F. Cuervo, Jr., Alberto Filamor, Artemio U. Valencia, Rosendo V. Donida, and Ciriaco N. Montano. | ||
| b. | CONSTITUENT MEMBER BOARDS or LOCAL BOARDS – Constituent member Board are the Local Boards which are duly incorporated under the corporation laws of the Philippines and whose membership with PAREB has been approved in accordance with the provisions of Article IV hereof. | ||
| c. | REGULAR MEMBERS –Regular Members are natural persons who are duly licensed real estate brokers and are members in good standing of any Constituent Member Board. | ||
| d. | HONORARY MEMBERS – Honorary Members are natural or juridical persons who have rendered distinct and notable serve or contribution to the real estate profession and business in general or to PAREB in particular | ||
| e. | LIFETIME REGULAR MEMBERS – Lifetime Regular Members are the past National President of PAREB. |
Constituent Member Boards shall be properly identified by placing the acronym PAREB before their respective corporate names.
SECTION 3. Pursuant to the Agreement between PAREB and NAR on November 2, 1960, which was subsequently supplemented by the PAREB-NAR Supplemental International Affiliate Agreement on November 12, 1990, PAREB shall extend authority to its Constituent Member Boards and its Regular Members to use the marks “REALTOR®’’ and “REALTORS®,” together with its block “R” logo, by virtue of their being accepted as PAREB members. This privilege, however, may be suspended or withdrawn by PAREB pursuant to Section 3 (d), Article IV hereof.
SECTION 4. Regular membership status for an individual member shall be restricted only to one Local Board where his rights shall include, among others, the right to vote and be voted upon. If a Regular Member wishes to transfer to another Local Board, h shall apply for Regular membership with the other Local Board in accordance with the provisions of Section 2, Article IV hereof.
ARTICLE IV – APPLICATION FOR MEMBERSHIP
SECTION 1. The application of any local Board for membership in PAREB shall be in the form prescribed by the National Directorate and shall state the following:
| a. | That the application has been approved by a majority of the members; | ||
| b. | That the applicant Local Board shall adopt the Articles of Incorporation and By-Laws, inluding amendments thereto, prescribed by PAREB. | ||
| c. | That the applicant Local Board shall subscribe to and the provisions of the PAREB By-laws and its Code Ethics; | ||
| d. | That it shall observe and comply with the Board Charter which shall be issued upon acceptance if its membership in PAREB; and, | ||
| e. | That the applicant Local Board has a minimum of ten (10) members. |
- Failure or refused to comply with any provision of these By-laws or any lawful directive of the National Directorate, or
- Failure or refusal to discipline any of its erring members for: (a) any misconduct that constitutes a violation of its own by-laws or those of PAREB, the Code of Ethics, or any law, administrative rule or regulation relative to its organization and operation: or (b) any act that is inimical to the interest and integrity of PAREB.
(c) PAREB, through a decision of the National Directorate, shall likewise have the right and power to suspend or expel any Regular member on any of the following grounds.
- Failure or refusal to comply with any provision of these By-laws or any directive of the National Directorate, or.
- Engaging in any act that is inimical or prejudicial to their interest and integrity of PAREB, such as not limited to, acts which tend to cause divisions within PAREB, among its Officers, Regular Members and/or Constituent Member Boards: refusal to disassociate himself or herself from membership or participation in realty service organization the policies and activities of which tend to compete and/or discredit the name and undermine the existence of PAREB.
(d) A Constituent Member Board or Regular Member who has resigned from or has been suspended or expelled by PAREB shall be divested of the privilege to use the marks “REALTORS®” or “REALTOR®” immediately upon the acceptance of its or his resignation, or issuance of the order for its or his suspension or expulsion.
(e) Any Regular Member who has been suspended or expelled by PAREB shall not be allowed membership in any of its Constituent Member Boards. Any Constituent Member Board which accepts said member despite this prohibition shall likewise be suspended or expelled from PAREB.
ARTICLE V – CODE OF ETHICS
SECTION 1. Every Constituent Member Board and Regular Member shall adopt and abide by the Code of Ethics imposed by PAREB, the National Code of Ethics as promulgated by the Realty Service Council of the Philippines, with the exception of paragraph (g) Section 4 thereof, and Code of Ethics prescribed under the PAREB-NAR Agreement.
SECTION 2. Any Constituent Member Board who shall neglect or refuse to maintain and enforce the Code of Ethics, after due notice and hearing, shall be expelled by the National Directorate from membership in PAREB.
ARTICLE VI - ANNUAL DUES
(a) ENTRANCE FEE- Each applicant Local Board shall pay an entrance fee in the amount ONE THOUSAND PESOS (P 1,000.00) Philippine Currency, immediately upon admission to PAREB.
(b) CONSTITUENT MEMBER BOARD DUES or LOCAL BOARD DUES – Each Constituent Member Board shall pay to PAREB annual dues according to the following schedule:
From 11 to 50 Members- P 1,000.00
From 51 to 100 Members- P 1,500.00
From 101 to 150 Members- P 2,000.00
From 201 to Members and more- P 3,000.00
(c) REGULAR MEMBERSHIP DUES –Each regular member shall pay to PAREB annual membership dues, which shall be determined by the National Directorate, through his Local board or directly to PAREB. The National Directorate may increase this amount once a year. All collections made during the month shall be remitted by the local board to PAREB within ten(10) days the following month.
(d) The Board of Directors shall be authorized to review the operating expenses of the Association and determine the reasonableness of the membership dues. The Board shall be authorized to increase the dues not more than once a year and not more than twenty percent (2o %) of the current dues.
(e) All past National Presidents, being Lifetime Regular Members, are exempted from paying the Regular Membership dues as well as the registration fees for the annual convention and elections.
SECTION 2. Both the Constituent Member Board dues and Regular Membership dues shall be payable not later than September 15 of each calendar year. Any increase or decrease in the number of Regular Members in a Constituent Member Board and the corresponding adjustment in the amount of the Constituent Member Board dues shall be determined based on the actual number members on record as of certain reckoning dates, such as those of general membership meetings.
SECTION 1. The territorial jurisdiction of PAREB shall be divided into four (4) regions namely: National Capital Region, Luzon, Visayas and Mindanao. Each region shall be comprised of all Constituent Member Boards within the region’s territorial jurisdiction.
SECTION 2. A Local Board may be organized in any city, first class municipality, province or other geographical or political subdivisions in the country as the National Directorate shall decide and approve, subject to consultations with the local board or boards already existing.
SECTION 3. The territory of a Constituent Member Board shall be confined within the geographical or political boundaries where it has been organized and is holding its regular place of business, subject to modification and/or amendment by the National Directorate.
If a municipality, city province , or any part thereof, is annexed, incorporated into another municipality, city or province in which there is a Constituent Member Board, such annexation or incorporation shall not automatically enlarge or reduce the jurisdiction of the Constituent Member Board affected. The National Directorate may retain or modify the territorial jurisdiction of Constituent Member Boards, subject to consultation with the Local Boards concerned.
ARTICLE VIII - NATIONAL CONVENTIONS AND MEETINGS
SECTION 1. A National Convention shall be held annually during the month of October of each and every calendar year. The National Directorate shall fix the date and place of the next National Convention not later than October of the year immediately preceding said succeeding Convention.
SECTION 2. The delegates present during the National Convention may make recommendations to the National Directorate as to be policies of PAREB and as to the actions to be taken up regarding specific issues or problems.
SECTION 3, The Annual General Membership Meeting shall be held during the National Convention. However, special General Membership Meetings may be called by the National Directorate only for specific purposes.
SECTION 4, Voting at any special or general meeting of PARB shall be done in person, physical presence and payment of the corresponding registration fees, being a requirement for a valid vote. A Regular Member in good standing shall be entitled to one (1) vote and a maximum of five (5) proxies, provided they said proxies shall only be used to determine the presence of a quorum as provided in section 6, Article VIII hereof.
The incumbent President of a Constituent Member Board shall have, in additional to his own vote, another one (1) vote representing the vote of the Constituent Member Board of which he is President.
SECTION 5. All proxies must be submitted to the National Secretariat for accreditation not later than fifteen (15) days before the of the National Convention. The National Secretariat shall endorse said proxies to the COMELEC.
SECTION 6. Proxies shall be used only for the purpose of determining the presence of a quorum. A simple majority of all accredited voting members meeting or PAREB
SECTION 7. The newly elected National Directorate shall meet in the month of January following its election on a date and at a place fixed by the National Directorate. The meeting shall be known as the Inaugural National Directorate Meeting.
SECTION 8. There shall be twelve (12) regular monthly meetings of the National Directorate in each calendar year at such times and places fixed by the National Directorate, provided that one (1) meeting shall be held in each of the four (4) regions during each calendar year, unless otherwise decide upon by the national board.
Special meeting may be called by the National President or by seven (7), members of the National Directorate. Notices of Special and Regular Meeting shall be mailed by the Secretary- General at least fifteen (15) days before the date fixed for the meeting.
ARTICLE IX - NATIONAL DIRECTORATE
SECTION 1. The governing body of PAREB shall be vested in a Board of Directors which shall be known collectivity as the National Directorate. It shall consist of nineteen (19) Directors elected from among the Regular Members who are past and incumbent Presidents of Constituent Members Boards, and in the manner herein prescribed. The National Directorate acts only as a collective body and no power is vested in any individual Director as such.
The Immediate Past President of PAREB shall be an ex-officio member of the National Directorate, provided that he not be counted in determining the presence of a quorum or of a majority and shall not be entitled to vote as such ex-officio member of the National Directorate.
SECTION 2. A simple majority of the Directors shall constitute a quorum for transacting business. Absence from three (3) consecutive regular meeting of the National Directorate without valid and justifiable excuse shall be construed as a resignation of the absentee Director. This shall take effect only after proper deliberations and decision by the National Directorate. Any elected officers of the National Directorate may be recalled from office by a two-thirds (2/3) vote of the National Directorate duly convened for which he has been convicted by a proper court, and for gross neglect and/or abandonment of his functions and duties.
Vacancies, except removal or expiration of term, in the National Directorate may be filled up by the remaining Directors constituting a quorum. Should the number of remaining members of the duly elected National Directorate be less than a quorum, then a special general meeting of Regular Members shall be called to elect the Directors to fill up the vacancies. A Director so elected to fill up a vacancy shall serve only for the unexpired term of his predecessor in office
SECTION 3. National Directors shall hold office for one (1) year or until their successor shall have been elected and qualified and have assumed office. No Director shall be re-elected to serve as such for more than three (3) consecutive terms.
ARTICLE X – EXECUTIVE COMMITTEE
SECTION 1. There shall be an Executive Committee composed of the National President, the Senior Vice President, four (4) Regional Vice Presidents representing the National Capital Region (NCR), Luzon, Visayas and Mindanao regions, the Secretary General and the National Treasurer.
SECTION 2. The Executive Committee shall conduct the affairs of PAREB in accordance with the policies and instructions of the National Directorate except with respect to those instances stated in section 5 of the Corporation Code. The Executive Committee shall meet on call of the National President, the National Directorate or any of its members. The President shall be the Chairman of the Executive Committee.
SECTION 3. Prior to the inaugural Meeting of the newly-elected members of the National Directorate, the Executive Committee in consultation with finance Committee, shall prepare a budget for the ensuing calendar, year which it shall submit to the National Directorate at such meeting for any modification and/or approval.
ARTICLE XI - ADVISORY COUNCIL
SECTION 1. There shall be an Advisory Council consisting of all past National Presidents.
SECTION 2. No Members of the Advisory Council shall engage in the partisan politics nor shall he intervene in the activities of the National Directorate, except when requested to do so by the National Directorate.
ARTICLE XII- NATIONAL OFFICERS AND COMMITTEES
SECTION 1. The National Directorate shall consist of the National President, Chairman of the Board, Senior Vice President, Vice President for National Capital Region, Vice President for Luzon, Vice President for Visayas, Vice President t for Mindanao, Secretary- General, National Treasurer and ten (10) National Directors.
SECTION 2. The National President shall be the Chief Executive Officers of PAREB. He shall also be the Chairman of the Executive Committee and shall preside over its meeting and the general membership meeting. He shall represent PAREB and act in its name, subject only to its declared policies. He shall appoint other officers and member s of all committees unless otherwise directed by the National Directorate. He shall be an ex-officio member of all committees and shall perform all other duties to such office.
SECTION 3. The Chairman of the Board shall preside over all meeting of the National Directorate, provided however, that in his absences or disability, National President shall take over as the presiding officers hereof.
SECTION 4.
- The Senior Vice President shall perform the duties of the President in the latter’s absence or disability. He shall supervise the work of PAREB the act as the representative of the National President in such matters as may be assigned to him.
- The four 94) Region Vice Presidents shall supervise all matters pertaining to the Constituent Member Boards within their respective jurisdictions. The rule of succession shall be as follows: Vice President for NCR, Vice President for Luzon, Vice President for Visayas, and Vice President for Mindanao. In that order.
SECTION 5. The Secretary- General who must be a resident and citizen of the Philippines shall perform such duties as are customary to the office and shall have supervision over the Secretariat. He shall perform such other duties as may be delegated to him by the National Directorate and the Executive Committee, and all other duties usual to such office.
SECTION 6. The National Treasurer shall be the custodian of the funds and properties and the disbursing officers of PAREB. He shall deposit the funds in such bank/s and in such manner as the National Directorate may designate and direct.
He shall provide a bond. If required by the National directorate, in a surely company qualified to do business in the Philippines in such amount as shall be fixed by the National Directorate. The cost of the bond premium shall be paid be PAREB.
Section 7. The Standing Committees shall be as follows: Membership, Board Organization, Legislation and Taxation, Education and Information, Vigilance, grievance and Arbitration, and Credentials and Elections. The members of these committees shall be appointed by the National President and to be confirmed by the National Directorate.
Aside from the Standing Committees, there shall be such other committees which may be created by the National Directorate or the Executive only for special or specific purposes. Members of all these committees shall be appointed by the National president, unless otherwise directed by National Directorate or the Executive Committee.
SECTION 8. The accounts of PAREB shall be audited at least once a year by a certified public accountant designated by the National Directorate or the Executive Committee.
SECTION 9. An Executive Assistant shall be appointed by the National President with the concurrence of the majority of the National Directorate. He or she need not be Directorate but must be a career employee who may, however, be removed or terminated only for cause. He shall keep the records and the seal of PAREB and perform such other duties as are customary to the office, including acting as secretary for the National Directorate and Executive Committee. He shall have supervision of the office staff and shall perform such other duties as delegated to him by the National Directorate, the Executive Committee or the National President, and all other duties and function usual to such office.
SECTION 10. The National Directorate may retain a General Counsel who shall perform the duties usual to such office.
The National Directorate may appoint or create such other officers or committees as may be necessary for the proper conduct of the affair of PAREB.
ARTICLE XIII – ELECTION OF NATIONAL OFFICERS AND DIRECTORS
SECTION 1. The election of National Officers and Directors shall be held at the General membership Meeting during the National Convention which shall be held annually every month of October.
SECTION 2. Thirty (30) days prior to the date of the General Membership meeting and Election of National Officers and Directorate, the Secretary- General shall send each Constituent Member Board a Notice of Meeting, agenda and list of qualified candidates for nomination to the position of Regional Directors and Directorate-m at Large. Within five (5) days from receipt hereof, each Local Board shall circularize the same to all its members,
SECTION 3. There shall be a committee on Credentials and Elections (COMELEC), a Standing Committee. Which shall be composed of a Chairman, two (2) members and two (2) alternate members, who shall be appointed by the National President and shall be confirmed by National Directorate.
The COMELEC shall be tasked to promulgate election rules and shall supervise the conduct not only of the election of the National Officers and Directors, but also perform other tasks assigned to it by the National Directorate such as, but not limited to, the functions provided under Section 2, Article XIII hereof.
SECTION 4. At all special or general meeting, the COMELEC shall accredit the qualified voting members who are physically present and shall certify the same National Directorate.
SECTION 5. Election of Regional Directors shall be done by the Regular members of the Constituent Members Boards comprising their respective regions during the Annual General meeting and Election.
There(3) Regional Directors shall be elected by the regular Members from their respective regions, to wit, from the National Capital Region9NCR), Luzon, Visayas and Mindanao: and seven (7) Directors-at Large shall be elected by the General Membership also during the annual General Meeting and Elections. In the e vent a region fails to elect the required number of Directors allotted to it, the vacancies shall be filled by the electing additional Directors-at –Large.
SECTION 6. The election of Regional Directors shall precede that of Directors-at-Large, and those candidates for Regional Directors who shall have failed to be elected may qualify in the election for Directors-at –Large provided that they are duly nominated to the latter post.
SECTION 7. The newly-elected Directors shall meet and organize by electing among themselves a president, a Board chairman, a Senior Vice President, a Vice president for NCR, a Vice President for Luzon. A Vice President for Visayas, a Vice President for Mindanao, a Secretary-general and a National Treasurer, all of whom shall serve for one91) year until their successors are elected and qualified.
SECTION 8. The position of president, Board Chairman and Senior Vice President shall be annually rotate among the four94) regions in the following order:
For the Region to qualify to field its candidate for National p[resident, It must have a total of at least one hundred (100) members in good standing thirty(30) days prior to the scheduled National Convention.
First Year
President From Visayas Region
Chairman of the Board From Mindanao Region
Senior Vice President From Luzon Region
Second Year
President From Luzon Region
Chairman of the Board From NCR Region
Senior Vice president From Mindanao Region
Third Year
President From Mindanao region
Chairman of the Board From Visayas Region
Senior Vice President From NCR Region
Fourth Year
President From NCR Region
Chairman of the Board From Luzon Region
Senior Vice President From Visayas Region
Provided, however, that for an elected National Directors to qualify to run for National President, he must served for at least two(2) terms as National directors, not necessarily consecutive.
In the event that region where the president to be elected on a particular year should come from as provided herein fails to nominate a qualified candidate for President, they said region shall forfeit its slot for that year in favor of the next region in accordance with the rotation schedule.
SECTION 9. Membership in a Constituent Member Board and in PAREB will carry with it the moral obligation to serve as Directors, Officer, Committee Chairman or Member either in the Constituent Member Board or in PAREB. Elections to the National Directorate or any office in the Constituent members Board or PAREB shall not be subject of election campaigns, letters or candidates, or circulars announcing one’s candidacy, or appealing for votes for certain nominees or candidates, or other forms of electioneering, or any agreement or act which will interfere with the free and wise choice by secret ballot of the voting members.
ARTIVLE XIV- CONCILIATION & ARBITRATION
SECTION 1. There shall be a Conciliation and arbitration committee, a Standing Committee which will be tasked to settle disputes between and among different Constituent member Boards, Regular members, affiliate Members, their Patrons, Clients and the General Public, which facility shall first be availed of before elevating any complaint to the Department of Trade and Industry, and other government agency and/or the courts. The finding and/or proposed measures to be undertaken in cases referred to the Committee shall be submitted to the national Directorate for appropriate action.
SECTION 2. The members of the Conciliation and arbitration committee shall be appointed by the National president and confirmed by the National Directorate.
ARTICLE XV - CALENDAR YEAR
SECTION 1. The calendar year of PAREB SHALL BE FROM January 1 to December 31 of each calendar year.
ARTICLE XVI - GIFTS AND REQUESTS
SECTION 1. PAREB may accept gifts and bequests which shall be administered by the national Directorate and which shall constitute an endowment: the income derived from the investment of such gifts and bequests shall be used to promote the objectives of PAREB. PAREB may also accept gifts and bequests for specific purposes, provided such purposes shall have the approval of the National directorate; otherwise, such gifts and bequests shall be used only for the purposes and on the manner specified by the donor.
ARTICLE XVII - SEAL OF PAREB
SECTION 1. The seal of PAREB shall be two 92) concentric oval lines, the middle of which shall contain a map of the Philippines archipelago, under which shall be inscribed the word REALTORS, and in between the said two concentric oval lines shall inscribed the words PHILIPPINE ASSOCIATION OF REALTORS BOARDS, INC.(PAREB).
ARTICLE XVIII - PURCHASE AND SALE OF CAPITAL ASSETS
ANY PURCHASE OF CAPITAL ASSETS MUST REQUIRE A MAJORITY NOF VOTES OF THE NATIONAL Directorate while the sale of capital assets must require a majority of votes of the members during a general membership meeting
ARTICLE XIX - DISSOLUTION OF CORPORATION AND DISTRIBUTION OF ASSETS
The association may be dissolved by a majority vote of the National Directorate, and by a resolution duly adopted by the affirmative vote of two-thirds (2/3) of the members at a meeting called specifically for that purposes.
The National Directorate shall, by majority vote, adopt a resolution recommending a plan of distribution and directing the submission thereof for a vote at a regular or special meeting of members having voting rights. Written notice setting forth the proposed plan of distribution summary thereof, and the date, time and place of such meeting shall be given to each member entitled to vote, within the time and in the manner provided in this Code for the giving of notices of meeting to members. Such plan of distribution shall be adopted upon approval by at least two-thirds (2/3) of the members having voting rights present or represented by proxy at such meeting.
ARTICLE XXI - RULES OF ORDER
SECTION 1. The Robert’s Rules of order, latest edition, shall be recognized as the authority and guide governing the meeting of PAREB as well as those of its committees, provided that the same is not in conflict with any provision of these By-Laws.
ARTICLE XXII - AMENDMENTS AND EFFECTIVITY
SECTION 1. These By-Laws may be amended at any meeting called for that purposes by the majority of all accredited members in good standing upon the recommendation of the National Directorate, provided that the proposed amendments shall have been submitted to the Constituent Boards at least thirty (30) days prior to the meeting. Amendments shall take effect upon approval by the Securities and Exchange Commission.
ARTICLE XXIII - SEPARABILITY OF PROVISIONS
SECTION 1 Should any provision of these By-Laws or any part thereof be declared invalid or illegal, the other provisions, as they are separable or are not affected, shall remain in force.
ARTICLE XXV - TRANSITORY PROVISIONS
SECTION 1 the election of National Officers and directors during the October 19, 2002 Annual General Membership Meeting and Election shall be subject to the provisions of the amended by-Laws the in force.
SECTION 2. This first term reckoned under Section 3, Article IX hereof shall be from January 1, 2003 which will be term of office of the National Officers and Directors who shall first be elected under these amended by-Laws, said election to held in October 2002.
ARTICLE XXVI - EFFECTIVITY
SECTION 1. These By-Laws, as herby amended, shall take effect in the year 2003 and upon its approval by the Securities and Exchange Commission.
