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Fiduciary Failure – Who Pays?

Author: 
Toronto Condo News
Publication date:
January 28, 2018
Article Summary: 

The blog discusses how condo boards, property managers, and owners can face financial penalties and legal consequences when they fail to perform their fiduciary responsibilities. It emphasizes that fiduciary duty is a legal obligation and requires the board of directors and property managers to act in the best interest of the corporation and unit owners. Failure to fulfill this duty could result in legal action against the condo board, property manager, and owners, including fines and legal costs. The article also highlights the importance of transparency, proper record-keeping, and timely financial reporting in preventing fiduciary failures.

Keywords: 

Condo board, property manager, owners, fiduciary duty, legal obligation, legal action, transparency, record-keeping, financial reporting, financial penalties, legal consequences.

Source Citation: 
Toronto Condo News
Fiduciary Failure – Who Pays?
January 28, 2018
https://tocondonews.com/archives/fiduciary-failure-pays/
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