The frequency will be determined by the CJP but is usually annually, quarterly or monthly and will be based on a price per square metre. The amount will be set at the AGM when all owners will get the opportunity to cast a vote which may be done by proxy or in person. Not all condos have a committee, as being a member of it can be a time-consuming role that is usually unpaid, making it an unattractive proposition for many owners.
As such, the owners are likely to delegate the role to a management company, but in Thai law, owners have the right to self-governance, which is when owners vote on whom should form part of the committee if indeed, they have one all. The committee must have between three and nine members. The committee are the people who will decide who is appointed CJP. It is a limit set by the Condominium Act and is NOT the number of units, which is a common misconception.
It is the role of the CJP to ensure that the ratio is not breached whenever there are sales and purchases of condos. It is possible to change the ownership from Thai to Foreigner and vice versa if it does not breach the said ratio. If a breach of ratio does occur, the last sale would likely become invalid, potentially causing several problems and would be viewed as a serious dereliction of duty.
Where there is a dereliction of duty, it is likely to be followed by legal consequences not only for the CJP but for the foreigner making the purchase.
The CJP must be at least 25 years of age, have never been imprisoned in any country, been bankrupt, dismissed from a government position or dismissed from a previous role as manager for dereliction of duties. Sign in via your Institution.
You could not be signed in, please check and try again. Sign in with your library card Please enter your library card number. Related Content Related Overviews corporation international legal personality artificial person guild. Show Summary Details Overview juristic person. Subjects: Law. All rights reserved. Sign in to annotate. Delete Cancel Save. Examples of Juristic Person in a sentence In the event of a Member being a Juristic Person , such Member shall lodge at the offices of the Association, a resolution authorising a particular natural person to represent the Member generally and to exercise the Member's vote on its behalf.
Juristic Person means a company , close corporation , trust or other legal or juristic person. Juristic Person means any juristic person of whatever nature including a body corporate , association , company , close corporation , trust or partnership whether or not having separate legal personality ;.
Juristic Person means a body of persons , a corporation , a partnership , or other legal entity that is recognized by law as the subject of rights and duties ;. Juristic Person means a company , close corporation , a body corporate , partner- ship , association or trust ;.
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