A declarant sells enough units in a new Ontario condominium that, on June 1, it no longer owns a majority of the units. Under the Condominium Act, 1998, by when must the board elected while the declarant held the majority call the meeting to elect a new board?
Correct Answer
A) Not more than 21 days after June 1
Section 43(1) of the Condominium Act, 1998 requires the board to call the turn-over meeting not more than 21 days after the declarant ceases to own a majority of the units, here by June 22. Section 43(3) then requires the meeting to be held within 21 days after it is called, and if the board fails to call it, an owner or mortgagee entitled to vote may call it (s. 43(2)).
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An Ontario condominium declaration allocates Unit 15A a 1.2% share of the common expenses. The corporation's annual budgeted common expenses are $600,000. What does Unit 15A contribute each year, and how many votes does the unit carry at owners' meetings?