This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Act Form 5 In Cook
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State:
Multi-State
County:
Cook
Control #:
US-00452
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Word;
Rich Text
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Amending the declaration typically requires either 80 or 90 per cent of the voting units agree in writing or a court order. Often restrictions and provisions that are intended to be permanent will be written into the declaration when the condo corporation is created.
In Ontario, condos have one director who can be elected for three years by resident owners only (although the candidate does not need to be a resident owner).
Condo corporations can now conduct virtual or hybrid meetings and votes without the need to pass a specific bylaw. This change, which came into effect in 2023, makes it easier for condos to hold meetings electronically, building on the practices many condos adopted during the COVID-19 pandemic.
The Criminal Code makes it an offence to: (1) enter into an agreement or arrangement to receive interest at a rate exceeding 60 per cent; and, (2) actually receive interest at a rate exceeding 60 per cent.
The interest rate is linked to the Bank of Canada 1-year conventional mortgage rate. As of October 2023, the interest rate is 7.84%.
The prescribed rate of interest is 11.50% per annum with effect from 1 November 2024. The previous rate was 11.75% per annum. ing to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%.
The prescribed rate of interest applicable from time to time, accrued on such monies received from time to time and payable under sections 73, 74 and 82 of the Act is two percent (2%) below “the bank rate established by the Bank of Canada as the minimum rate at which the Bank of Canada makes short-term advances to ...
The Ontario Condo Act specifies that a reserve fund can be used only for replacement and major repairs but notmaintenance or regular repairs that result from normal wear and tear. These have to be covered in the regular budget.
Statutorily, section 134(5) of the inium Act requires a Court Order prior to legal expenses being added to the common expenses of a unit.