The Legislative Assembly (AL) finally passed the government’s bill regulating the city’s property management companies, slated to come into effect a year after its promulgation in the Official Gazette (BO), during a plenary session yesterday.
The bill’s outline was passed during a plenum of the legislature in October 2015. The bill aims to improve the quality of the services provided by property management companies. The legislature’s 1st Standing Committee held 17 meetings to review the bill.
According to the new law, property management companies must hold a capital of at least 250,000 patacas in order to be able to obtain a licence valid for three years.
Flanked by several of his portfolio’s officials, Secretary for Transport and Public Works Raimundo do Rosario (centre) addresses yesterday’s plenary session in the legislature’s hemicycle. Photo: MPDG
