June 2018 Luncheon - Updates to Condominium Legislation
- Details
- Published: July 26, 2018
While final decisions are yet to be made, some of the expected content will include allowing a corporation to recover insurance deductibles from unit owners when claims are a result of unit owner action or omission. On the topic of insurance, corporations may soon be required to obtain a fidelity bond providing coverage against malfeasance by members of the Board or the Property Manager. Borrowing funds may soon require the corporation to pass an ordinary resolution to borrow money if the amount exceeds 15% of the corporations annual operating budget.
Setting maximum fees for corporation documents, such as $10 for documents that are only produced once, such as Bylaws or Minutes, drew a lot of attention and conversation. Condominium corporations may also be required to provide certain documents free of charge, such as minutes for the previous year.
Electronic participation in board meetings, automatic removal of board members in cases of bankruptcy, criminal convictions or 60+ days arrears and the ability of unit owners to remove a board member through the passing of an ordinary resolution may also be just around the corner.
While it is true little is known for certain, attendees at the ACMA luncheon now have a better understanding of the direction the new legislation is taking. Interested parties may sign up for updates at condo.alberta.ca
On May 24, 2018, ACMA hosted a luncheon at the Coast Plaza Hotel for the property management industry. This well attended event attracted by both property managers and condo board members alike, all of whom were interested in the hot topic Updates to Condominium Legislation. The guest speaker, Lois Flynn, Executive Director, Consumer Programs, Service Alberta, mainly discussed Phase Two of the anticipated legislation, which is intended to enhance condominium governance and financial management.
While final decisions are yet to be made, some of the expected content will include allowing a corporation to recover insurance deductibles from unit owners when claims are a result of unit owner action or omission. On the topic of insurance, corporations may soon be required to obtain a fidelity bond providing coverage against malfeasance by members of the Board or the Property Manager. Borrowing funds may soon require the corporation to pass an ordinary resolution to borrow money if the amount exceeds 15% of the corporations annual operating budget.
Setting maximum fees for corporation documents, such as $10 for documents that are only produced once, such as Bylaws or Minutes, drew a lot of attention and conversation. Condominium corporations may also be required to provide certain documents free of charge, such as minutes for the previous year.
Electronic participation in board meetings, automatic removal of board members in cases of bankruptcy, criminal convictions or 60+ days arrears and the ability of unit owners to remove a board member through the passing of an ordinary resolution may also be just around the corner.
While it is true little is known for certain, attendees at the ACMA luncheon now have a better understanding of the direction the new legislation is taking. Interested parties may sign up for updates at condo.alberta.ca