Condominiums are equally regarded as both communities and corporations. There are two commonalities that are shared by all condos. The first is that they feature some types of common areas, like gyms, party rooms, and swimming pools that help foster community living. The second is that all condominium corporations must be governed by a Condo Board consisting of at least three Directors that are elected by the condominium’s shareholders (ie. owners).
The Board has a very important obligation to represent the majority views of its owners and to direct all affairs on behalf of the corporation. They are required, by law, to always act honestly in the best interests of that corporation and maintain regular communication and transparency with its owners and residents.
In addition, other responsibilities include: responsibly managing the corporation’s finances and assets, enforcing The Condominium Act and all condominium bylaws and rules at all times, making major decisions regarding building and premise repairs and maintenance, and hiring a reputable property management company to help plan and oversee the day-to-day work that is required to successfully run the condominium.
The Condominium Act specifies that in order to serve on a Condominium Board, Directors must meet five specific requirements. In order to qualify, you:
Must be at least 18 years of age
Need to be mentally competent
May not be undischarged bankrupt. Since one of the major duties includes a fiscal responsibility for the corporation, Directors must showcase that they are financially responsible.
Are required to successfully complete the training program provided by the Condominium Authority of Ontario (CAO) within six months of your appointment.
Must comply with disclosure obligations set out by the Act.
In some instances, an added condo corporation bylaw may require you to be a unit owner in order to act on the Board; however, that is not a requirement of the Act. Skills involving accounting/finance, engineering, and architecture are highly valued in Board positions, though they are not mandatory. Now that you are familiar with the requirements and responsibilities of a condo Director, if you feel that you are an ideal candidate, you can run for election to serve on the Board at your condominium’s next Annual General Meeting (AGM).
