Article Library
October 8, 2009 - By Richard A. Elia
CONDOCENTRIC: Record Keeping
Imagine the following scenario: a condominium corporation spends tens of thousands of dollars to carry out balcony repairs over several years. The cost for each instance of repair is relatively small, as the repairs are carried out on an as-needed basis; however, the overall amount spent is significant. The repairs …
October 8, 2009 - By Richard A. Elia
CONDOCENTRIC: Discretionary Borrowing
The discretionary borrowing authority, found in many existing borrowing by-laws passed under the Condominium Act, R.S.O. 1990 (the “old Act”), is necessary to allow a condominium corporation to meet its short-term financial obligations without resorting to the premature liquidation of its investments. While investments are generally scheduled to mature to …
