Condominium Act Form 4 In Kings
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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 ...
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 interest rate is linked to the Bank of Canada 1-year conventional mortgage rate. As of October 2023, the interest rate is 7.84%.
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.
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.
Common Area Pipes The condo association typically assumes responsibility for pipes within common areas and shared walls. This often extends to plumbing contained within interior walls, known as risers or supply lines .
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%.
Calling and purpose of an AGM An association's constitution must specify the manner of calling an AGM and the manner in which notice of the AGM is given. If the Model constitution applies, members must be given at least 14 days' notice of an AGM or 21 days' notice if a special resolution is to be proposed.
The Alberta inium Property Act states that all windows and doors located on the exterior walls of a unit are the responsibility of the condo board— even if the windows and doors are solely used by the unit in question.
