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Five Things New Condo Directors Need To Know

Author: 
Pat Crosscombe
Publication date:
November 24, 2022
Article Summary: 

The article provides five important things that new condo directors need to know. Firstly, it is crucial to preserve the corporate record, which serves as the memory of the condominium corporation. Secondly, directors must act in the corporation's best interests and not in their own self-interest. Thirdly, they must review the status certificate regularly to stay updated on the financial and physical status of the corporation. Fourthly, managing the corporation's finances responsibly is crucial. Lastly, directors must follow the legislative hierarchy, which includes the Ontario Human Rights Code, Condominium Act, and condo corporation documents.

Keywords: 

condo board, corporate record, fiduciary responsibility, status certificate, finances, and legislative hierarchy.

Source Citation: 
Pat Crosscombe
Five Things New Condo Directors Need To Know
November 24, 2022
https://boardspace.co/five-things-new-condo-directors-need-know/
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