Looking to buy a Calgary Condo? Do you currently own a Condo and want to know more? These videos explore the complexities of condominium ownership from Unit Factors to Special Assessments and everything in between.
In this video we explore the role of the Board of Directors of the corporation.
The “shareholders”, or owners, within the corporation are required to elect a Board of Directors to run the affairs of the corporation.
Boards are elected at the Annual General Meeting (AGM) of the corporation.
Once elected the board has five primary duties (1) manage, (2) repair and maintain, (3) insure, (4) keep records and (5) enforce the bylaws of the corporation.
The corporation may choose to engage the services of a condominium management company in order to carry out some or all of the duties of the board. As this management company will change a fee, the month condo fees of that corporation will increase respectively.