What does a board of directors do in a condo?
Boards of directors run condo corporations on behalf of owners: They represent owners. As an entity, they are responsible for making all major decisions regarding the maintenance of buildings and grounds, condos’ finances, and must uphold and enforce the Condo Act, the declaration, by-laws, and rules.
How many officers does a condo Corporation have?
A condo corporation has three officers: 1. President: This person oversees the business and affairs of a condo corporation. They are responsible for developing policies for board approval, communicating with residents and owners, ensuring the declaration and rules are followed and inspiring trust for the management of the board members.
Can condo managers refuse to contact the board?
As well, numerous complaints have been received about managers who refuse to help owners get in touch with their board. It is imperative that there be a special email address or mail box that allows owners to contact their board in each condo. Boards cannot refuse to be contacted.
Are condo board members liable for member claims?
It requires the members of the board to act justly, in good faith, and in the best interests of the members of a condo association. This means that not only do board members and officers have to exercise due care and diligence, it means they can be held legally liable for claims made by members.
How does a condo board plan for the future?
The only constant is change, and the board must plan for the condo’s future. This involves determining long-range needs and establishing long-term goals, along with implementing a strategy to attain those goals. The board should set annual goals, as well as those for a longer time frame. Performance goals are also set by the board.