Please also see Introduction to Condo Living for more information.
An Annual General Meeting (AGM) of the owners is required to be held within six months of the end of each fiscal year of the Corporation. At least 15 days notice must be given for every meeting of owners, and 25 percent of units in attendance (including owners represented by proxy) constitutes a quorum.
At the AGM, the owners will elect Board members (where a Board term has expired), approve by-laws, approve the prior years AGM meeting minutes, appoint the Corporation's auditor and deal with other matters. All voting by owners is on the basis of one vote per unit.
The purpose of the AGM is to elect the Board of Directors, present the audited financial to the owners and to appoint an auditor. It provides the Board an opportunity to update residents on activities that were undertaken in the prior year and of the proposals for improvements for the upcoming year. The AGM also serves as a forum for owners to ask questions of the Board relating to the affairs and business of the corporation and engage in a facilitated open discussion.
The condominium Corporation's Board of Directors consists of five elected Directors:
At least one of the members of Board must not only be an owner, but must also reside in the building (known as the owner-occupied position). The others can be owners, but do not need to reside in the building.
Board members are elected at the Corporation's Annual General Meetings on a staggered basis for a term of three (3) years.
Duties of the Board
The Board of Directors oversees the operation of the Corporation as a whole, and is ultimately answerable to the owners. The Board has the final decision regarding how to best manage, allocate and use the finances of the Corporation. The Board oversees the day-to-day operational support provided by Property Management and continually looks for opportunities to improve the common living environment.
A condominium corporation is required by law to operate with a balanced budget. To sustainably finance the operating expenses of the corporation all owners are required to pay monthly common expenses fees (a.k.a. "maintenance fees"). Examples of these expenses include utility bills, maintenance costs, property management, insurance, salaries, improvements and upgrades. The law also requires the corporation to contribute a portion of these fees to a Reserve Fund, which is a special fund set up to pay for major repairs and renovations that are anticipated or may be needed in the future.
The amount of the fee is based on an annual budget forecast for these expenses. The fee for each individual unit is apportioned based on the relative physical size of each unit specified in the allocations factors in the Declaration.
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