Summary of Proposed Regulations re: Governance (Amending the Condominium Act Regs.) Now Available To Review
We are excited to inform you that a Summary describing the first phase of proposed regulation changes has just become available for review.
The actual draft regulations will be posted by the Ministry as soon as they are available; we assume that this will be after the public has had an opportunity to consider the Summary.
The Topics addressed, and their anticipated date of coming into force, are related to Governance, as follows:
- Communications from Condominium Corporations to owners/mortgagees: “Information Certificates”, record of owners, notice to owners, (July 1, 2017)
- Mandatory Disclosure and Training for Directors: qualifications, directors training, disclosure obligations for candidates and directors, (July 1, 2017)
- Meetings and Voting: notices of meetings, quorum, voting, proxies, board meetings (July 1, 2017)
- Record Retention and Access: retention periods, method of retention, access to records, exemptions, penalties (Fall 2017)
The Ministry is seeking input on these proposed amendments (these are amendments to the existing Condominium Act Regulation O. Reg 48/01.) Comments received by the Ministry will be considered during the preparation of the final regulations. The government is accepting comments until March 30, 2017.
Stay tuned to our blog as we will be providing comments and considerations regarding these exciting proposed amendments!