Have a question about KDM Management or Condominium living? Check here for answers to frequently asked questions. If you still require more information, feel free to contact us.
Changes to by-laws can only be made by way of a special resolution. An amendment, repeal or replacement of a bylaw does not take effect until the corporation files a copy of it with the Registry.
If there is a conflict between the bylaws and the Condominium Property Act, the Act prevails and overwrites the regulations in the by-laws.
The by-laws regulate the corporation, providing control, management and administration of the corporation. The owners of the units and anyone in possession of a unit are bound by the regulations of the bylaws.
Once every year, an annual general meeting of the owners is held. An annual general meeting of the owners must be scheduled within 15 months of the preceding annual general meeting. Subject to the regulations, the corporation, in accordance with generally accepted accounting principles, prepare financial statements for the corporation’s preceding fiscal year and distribute copies of the financial statements and the annual budget to each of the owners.
A corporation requires a Board of Directors, every member of the board shall exercise the powers and discharge the duties of the office of the members of the board honestly and in good faith.
The Board of Directors are elected by the owners in accordance to their unit factors. At least 2/3 of the membership of the board of directors shall be unit owners or mortgagees unless the bylaws provide otherwise.
A condominium is a type of property with shared ownership in which each owner owns the unit to which they hold title and jointly owns a portion of all the common property. The common property is maintained and operated by a Board of Directors.
Condominium Corporations are created when the Condominium Plan is registered at Land Titles. Registration creates a separate title for each unit. The owner’s share in the common property, expressed in unit factors, is shown on each title.
The condominium corporation’s insurance is designed to restore the building and its components to the original state in case of damage or loss. This insurance does not provide coverage for improvements or betterments with in your unit or personal property. You should review your own insurance needs with your insurance agent to determine that you have adequately protected your personal interests.
The Condominium Corporation or Condominium Plan Number appears on the land title associated with your unit, as well as all documentation related to the Corporation, including: AGM Minutes, Insurance Certificate, Audited Financial Statements, By-laws, and Budget. All correspondence provided to you from the Management Company will reference the Condominium Corporation or Condominium Plan Number.
The Condominium Corporation or Condominium Plan number, is a seven digit number that is assigned to the Corporation when it is legally registered with Land Titles. It appears on the land title associated with your unit, as well as all documentation of the Corporation, such as, AGM Minutes, Insurance Certificate, Audited Financial Statements, By-laws, and Budget. All of the correspondence provided to you from the Management Company will reference the Condominium Corporation or Condominium Plan Number.