What is your condominium board member knowledge?
  • Most of the time when a unit owner becomes a member of the board for the first time they are able to rely on the experience of the current members of the board who can teach them what they need to know.
  • That can work as long as the current board members have the appropriate knowledge required.
  • Many times the current members of the board are familiar with some of their duties, but are not aware of the numerous other requirements of the condominium property ACT and often fall short of fulfilling all their duties and responsibilities.
  • Usually managed boards have an easier time getting the support they need because of the support of their condominium manager, their size and funding support, something self-managed boards struggle with. Both managed and self-managed boards have one thing in common, they both usually require more knowledge and experience than they have and often lack the time, resources, or awareness of what they need, and where to go to get the information.
  • Board members can acquire the knowledge they need from experienced board members, great condominium managers, condominium education courses, and having access to knowledgeable industry professionals to answer their questions. Condominium consultants are useful because they have a wide breadth of knowledge that can cover many different areas that you may have questions on.
  • So, seek out professionals from the condominium industry to help guide you to the answers you are looking for. You will save a lot of time and money doing it right the first time and avoid the costly mistakes that come from a lack of knowledge and experience.
What are your duties and responsibilities?
  • Control and management - Section 37(1) of the ACT
  • 37(1) A corporation is responsible for the enforcement of its bylaws and the control, management and administration of its real and personal property, the common property and managed property.
  • (2) Without restricting the generality of subsection (1), the duties of a corporation include the following:
  • (a) to keep in a state of good and serviceable repair and properly maintain the real and personal property of the corporation, the common property and managed property;
  • (b) to comply with notices or orders by any municipal authority or public authority requiring repairs to or work to be done in respect of the parcel.
We provide Board Member Consulting services for the following:
Directors and Officers
  • Roll of directors.
  • Roll of the officers of the corporation.
  • Governance issues.
  • Conflict of interest.
  • Board authority.
  • Working with or without a condominium manager.
Documents
  • Records of the corporation.
  • What to keep and how long to keep it.
  • Organize your records.
  • Privacy ACT and documents.
  • Reporting requirements.
  • Annual reports.
  • Estoppel certificate.
  • Sample documents for use.
Meetings
  • When am I required to hold a meeting?
  • What type of meeting do I need.
  • Meeting requirements.
Resolutions
  • What is a resolution?
  • What resolution do I use and when?
  • How do I use?
Condominium Property ACT
  • What is the ACT?
  • How does it apply to me?
  • Where do I find it?
Bylaws and Rules
  • What are the Bylaws?
  • What are the Rules?
  • Your Requirements.
  • When and how to update.
Bylaw and Rule Enforcement
  • Enforcement of sanctions.
  • Monetary and non-monetary sanctions.
  • What do you do if a unit owner won't comply or pay?
Corporation Finances
  • Bank accounts.
  • Accounting controls.
  • Monthly and annual financial statements.
  • Budgeting process.
  • Condominium contributions (fees).
  • Collecting contributions and what are caveats.
  • Special assessments.
  • Acquiring and disposing of real property.
  • Audits and taxes.
Reserve Fund
  • The reserve fund.
  • The reserve fund study.
  • The reserve fund (capital budget) plan.
  • The reserve fund annual report.
Insurance
  • What insurance is the corporation required to have?
  • What insurance is a unit owner required to have?
  • Powers of the corporation regarding insurance.
Condominium Resources
  • Where to find the information you are looking for?
Board of director protections under the ACT?
  • BOARD OF DIRECTORS
  • Section 28(2) and 28(9) of the ACT
  • (2) Every member of a board, in exercising the powers and performing the duties of the office of member of the board, shall
  • (a) act honestly and in good faith with a view to the best interests of the corporation, and
  • (b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
  • (9) All acts done in good faith by a board are, notwithstanding that it is afterwards discovered that there was some defect in the election or appointment or continuance in office of any member of the board, as valid as if the member had been properly elected or appointed or had properly continued in office.
  • INSURANCE
  • Section 47(1) and 47(7) of the ACT
  • 47(1) Subject to the regulations, a corporation
  • 47(7) In addition to placing and maintaining insurance under subsection (1), a corporation shall place and maintain insurance against the following:
  • (a) any liability incurred by a member of the board or an officer of the corporation arising out of any action or omission of the member or officer with respect to carrying out the functions and duties of a member or officer except as a result of a failure to comply with section 28(2);
  • (b) any liability incurred by the corporation arising out of any action or omission of a member of the board or an officer of the corporation with respect to carrying out the functions and duties of a member or officer;
  • (c) any liability incurred by the corporation arising out of a breach of duty as the occupier of the common property;
  • (d) any liability incurred by the corporation arising out of the ownership, use or operation of any machinery, equipment, pressure vessels and vehicles.
Contact us if you have any questions