There are those including lawyers that continue to describe a condominium corporation as a business, and owners as the shareholders. This comparison appears to be the most widely accepted comparison. With all due respect, since I began in this industry I have never believed this comparison, and nor should you.
A condominium corporation is a;
- human settlement within the confines of a municipality,
- operated under provincial legislation.
- Directors are the non paid elected volunteer representatives of their owners, similarly to elected politicians are to their constituents
- owners are citizens or stakeholders
- condominium manager acts (in the case of fee management services), as would a professional civil servant, whose responsibility is to run the day-to-day activities, no matter who has been elected to the Board of Directors. and
- all owners are legislated to pay a common element fee similar to that of taxes.
Condo-Ology number one principal “A Board of Directors is a government”
It is extremely important to understand what exactly we are dealing with prior to seeking out best operational practices. For Condo-Ology a Board of Directors is a government
Open to discussion – Please leave comments below.