Asuntoosakeyhtiölaki

Asunto-osakeyhtiölaki is the Finnish law governing housing companies in Finland, known as asunto-osakeyhtiö. It provides the framework for the formation, governance, ownership, and operation of housing companies that own the building and the shared property.

A housing company is a limited liability company (osakeyhtiö). Owners hold shares in the company corresponding to their dwelling, which gives them occupancy rights and voting power at the general meeting. The shares and the right to participate in decision-making are tied to ownership of a housing unit within the building.

The general meeting is the supreme decision-making body. It approves annual accounts, budgets, and maintenance plans; it decides on significant issues such as alterations to common property, major repairs, and changes to the company’s articles. Decisions are typically taken by majority, with some matters requiring a qualified majority or unanimous consent, depending on the scope and impact of the decision.

The board of the company manages its operations, oversees maintenance of the building and common areas, and supervises finances. It can appoint a managing director if needed and represents the company in interactions with owners and external parties. The board is responsible for compliance with law, the company’s articles, and the decisions of the general meeting.

Financial and administrative duties include preparing annual financial statements and arranging audits where required. Service charges are levied on shareholders to cover maintenance, utilities, and other common costs, allocated according to the shares held or as specified in the articles.

The act also covers transfers of shares, the rights and obligations of owners, and the procedures for changes to ownership and for dissolution or consolidation of housing companies. It interacts with the broader Finnish Limited Liability Companies Act and other real estate regulations, and is periodically updated by Parliament.