A lot has been written about the obligation of candidates to disclose information and make certain statements prior to their election or appointment to the board of directors. The Act requires candidates to satisfy the disclosure obligations prior to their election to be qualified as directors (see section 29(1)(f) of the Act). Whether the disclosure may be made orally at the meeting or in writing depends upon a number of factors, including when the person notified the condominium of their intention to be a candidate and the condominium’s by-laws. There is no prescribed form for making the required statements in writing, but many law firms and management companies have created forms for candidates to complete prior to the election. The requirements for candidate disclosures are described in section 11.6 of O.Reg. 48/01. Continue reading
The first phase of amendments to the Act has been in force for almost a month now. We have new forms, a new tribunal, and the CAO. There is a new process for calling and holding meetings. There are new information certificates. The changes span hundreds of pages so, understandably, everyone is still getting the hang of it all. There are even disputes about how certain parts should be interpreted. Here are some of the most common mistakes or misconceptions that we’ve encountered so far: Continue reading
The second draft regulation also describes the mandatory disclosure and training requirements for condominium directors. These changes came about because of perceived problems with widespread mismanagement, deceit, or fraud. Fortunately, these problems are less common than portrayed. Nonetheless, these changes should help protect condominium owners.
The disclosure requirements start even before a person becomes a director. Candidates must disclose certain information at the meeting where the election is taking place if they did not disclose it before in the candidates notice. Continue reading