Examples of Condo Act in a sentence
This means that any materials to be presented at an owners’ meeting can be presented through electronic means, and any forms required under the Condo Act can be modified to reflect these temporary changes.
Section 45 (3) of the Condo Act specifies that owners may raise matters for discussion at an AGM, so a proxy only AGM may not be appropriate.
Rules must be reasonable and consistent with the declaration and by-laws, in addition to the Condo Act.
Examples include shared roads, golf courses, or ski hills.Leasehold Condominium• Developed on land that is leased for a term between 40 and 99 years.• Common expenses include a portion of the rent payable to the landowner.• Once the lease expires, the owners’ rights to occupy their units are automatically terminated.• Leasehold condo corporations may be less common in Ontario.It is important to note that the Condo Act has some different requirements for different types of condo corporations.
This means directors have a duty under the Condo Act to:• Act honestly and in good faith; and• Exercise the care, diligence, and skill that a reasonably prudent person would exercise in comparable circumstances.A condo corporation may also have a code of ethics outlined in a by-law.
Directors must seek re-election when their term expires if they want to remain on the board.Duties of Directors and Required DisclosuresBoard directors are responsible under section 37 (1) of the Condo Act to exercise their power or carry out their duties for the condo corporation with a standard of care.
The Condo Act requires that all condo corporations have a reserve fund.
The temporary amendments to the Condo Act allow for an owner who votes by telephonic or electronic means to be deemed as present either in-person or by proxy, and therefore can be counted towards quorum under section 50 (1) of the Condo Act.
For AGMs, the corporation must also attach a copy of the financial statements approved by the board and the auditor’s report, as per the Condo Act.Section 54 of the Condo Act was amended to define “electronic means” as any means that uses any electronic or other technological means to transmit information or data, including fax, e-mail, computer, or computer networks.
By- laws must be approved by the owners of a majority of the units, except where the Condo Act provides otherwise, and registered with the Land Registry Office.3. Rules regulate the use of the units or common elements or assets in a condo corporation.