Condominium Act Form 5 In Cuyahoga
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FAQ
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).
Section 58 (2) of the Act provides: “The rules shall be reasonable and consistent with this Act, the declaration and the bylaws.” Rules made by a condo corporation board of directors take effect 30 days after notice of them is given to the unit owners unless the unit owners require a meeting of owners which can amend ...
Boards have ultimate responsibility for how a condo fares, regardless of the involvement of a management company. In most cases boards are the ultimate decision makers, referees of minor issues, administrators, educators, and overall leaders of the community.
Section 117 of the inium Act, 1998 (the “Act”) prohibits “dangerous activities” which in the past have been limited to the most egregious conduct.
In particular, inium directors and officers can be personally liable for their dishonesty or bad faith. We know this because the Act specifically says that directors and officers are not to be indemnified by the corporation or protected by D & O insurance if they act dishonestly or in bad faith.
In Ontario, candidates must be at least 18 years old. They cannot be bankrupt, and they must not have been found incapable of managing property within the meaning of the Substitute Decisions Act or the Mental Health Act.
Section 58 (2) of the Act provides: “The rules shall be reasonable and consistent with this Act, the declaration and the bylaws.” Rules made by a condo corporation board of directors take effect 30 days after notice of them is given to the unit owners unless the unit owners require a meeting of owners which can amend ...
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.
