Saskatchewan Condominium Invests in Bitcoin

A Saskatchewan condominium corporation has invested in Bitcoin, which raises questions about whether this type of investment is authorized under Alberta's Condominium Property Act. Section 43 of the Act states that corporations may only invest funds that are not immediately required in accordance with the Regulations, which sets out a closed list of "authorized" investments. Alberta condominium corporations can generally only make investments that ensure the repayment of the principal is secured or guaranteed, precluding investments in fluctuating stocks such as Bitcoin. The author cautions against relaxing the current investment requirements, which are in place to ensure that corporations can meet their statutory obligations, including maintaining the reserve fund for future repairs and replacements.