Summerville Homeowners' Association, Ibabao, Cordova Inc. ("SHAICI") is a non-stock, non-profit association. The principal office of the association is located at Summerville Subdivision, Brgy. Ibabao, Cordova, Cebu and the term for which it is to exist is fifty (50) years from and after the date of its incorporation. The association is formed for the following purposes:
- To construct, manage, maintain and operate adequate facilities and services for its members;
- To initiate and organize socio-cultural projects and activities to awaken community consciousness and belonging;
- To promote, enhance and foster the development and improvement of the quality of life of the members through livelihood projects and other economic activities;
- To acquire, accept donations, purchase, own, hold, develop, lease, mortgage, pledge, exchange, sell, transfer or otherwise invest, deal in or trade, in any manner permitted by law and the rules and regulations of government regulatory or licensing agencies, real and personal property of every kind and description, or any interest therein, as may be necessary for the accomplishment of the purposes of the association;
- To borrow and otherwise contract indebtedness and issue notes, bonds and other evidence of indebtedness and to secure payment therefore by mortgage, pledge or deed of trust, or through encumbrances on any and all of its then-owned or after-acquired real or personal properties and assets as may be permitted by law;
- To enter into, make, perform and carry out, or cancel and rescind contracts of every kind and for any lawful purpose with any person, firm, association, corporation, syndicate, domestic or foreign, or others;
- To do and perform any other acts and things, and to have and exercise any other powers, which may be necessary, convenient and appropriate to accomplish the purpose for which the association is organized.
