There are various powers and duties of the condo boards and council/corporation members that each building has set out. Such duties and powers can range between buildings, cities and provinces, so be sure you speak to your lawyer to make sure you are fully aware of the laws in the particular province you are purchasing.
The council has the power to do the following three things:
- Set up meetings to conduct business. Each member is required to give seven days notice for such meetings.
- Hire people, on behalf of the condominium corporation, to manage and control the common elements of the building.
- To delegate duties to members and managers.
The council must keep in its possession the following:
– a copy of the Condominium Act and changes in the condo by-laws
– a copy of all legal agreements and contracts which the corporation is a party. This will include, management contracts, deeds, insurance policies, easements, rights of way, purchase agreements and lease agreements
– all registered members of council
– a list of all unit owners, including the legal description, owner’s names, address of any mortgagee, and the name of any tenant or lease
– minutes of all meetings
– a copy of the annual budget of the building for each year
Things the council must do:
– keep minutes of all meetings
– make sure all book keeping is in order
– create record of all monies of the corporation to show at every AGM (annual general meeting)
– have someone that is authorized to make the books of accounts available for any inspection
Read more about the condominium lifestyle:
Costs Associated with Condo Ownership
10 Things to Check Before Buying a Condo
Don't Fear the Condo Fee
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