Tag Archives: financial statements
As an owner, you have rights and responsibilities, and you can participate in the affairs of the corporation.
* vote at general meetings
* elect board members
* review corporation records (e.g., financial statements, meeting minutes)
* request a meeting of owners
* add matters to a general meeting agenda
* get a court order to make the corporation carry out a duty required under the Condominium Act
* remove a director from the board with a majority of votes.
* pay your monthly common fees/special assessments
* maintain and repair your unit
* follow the condo’s Declaration, By-laws and Rules
* resolve disputes through discussion, mediation, arbitration and/or court order.
Annual General Meetings
The board of directors holds annual general meetings (AGMs) and other meetings where owners vote on major decisions. Under the Condominium Act, AGMs must be held within six months of the end of the corporation’s fiscal year so that owners can review the financial statements in a timely manner.
In advance of the AGM, the auditor must issue a report on the corporation’s financial statements. The financial statements and auditor’s report must be attached to the notice of the AGM.
Owners may petition a special meeting on any topic of concern to the owners, like something found in a Rule. A Rule can be changed by a majority of owners. For example, some owners may wish to change the hours of access to the pool.
If 15% of the owners sign a requisition for a special meeting, the board must call it within 35 days of receiving the requisition. The requisition must include what business will be discussed. If it includes removing a director, the director’s name and reason for removal must be specified. If the board fails to call the special meeting, the person(s) requesting the meeting may call and hold the meeting within 45 days.
The new Rule wouldn’t come into effect until passed by the majority of owners.
A change to a Declaration requires the support of at least 80 or 90% of the owners. If owners wanted to change a unit’s contributions to common expense fees, for example, 90% support would be required. If a Declaration (not a Rule) deals with non-financial matters such as pet restrictions, 80% of owners would need to agree.
A quorum of 25% of owners (who are entitled to receive notice and vote) must be physically present at an owners’ meeting, or available by proxy, to vote on the corporation’s business. This number may be increased to 33% for changing a By-law.
Here’s how voting works:
* Each condo unit gets one vote regardless of the number of owners that the unit has.
* The corporation keeps a list or ‘register’ of eligible owners and mortgagees.
* Each listed owner has a right to vote at members’ meetings, unless the owner has not paid his/her common expense fees for more than 30 days.
* As a registered owner, you may vote in person or by proxy, in writing. Proxy, which allows someone else to vote on your behalf if you cannot be present, applies only to a particular meeting.
* If your proxy is for a meeting dealing with the election or removal of a director, you must specify the director for or against whom your proxy is voting.
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