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.
Mandatory Disclosures
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