Condominium
Act
The
Condominium Act governs condominium ownership. The act takes
precedence over the condominium documents and over all
agreements where a conflict arises. The Condominium Act
is partnered with both the Ontario Regulation
48 and Ontario Regulation
49
Declaration
The
Declaration deals with certain basic aspects of the
corporation
and outlines what constitutes the division of ownership within
the corporation by detailing the common elements, the units,
the percentage ownership each owner has in common elements, common expense
proportions and creation of exclusive use common
elements. In most circumstances, the declaration cannot be
changed without the consent of all owners and
mortgages.
By-laws
The
original by-laws are usually registered by the builder and
indicate how
the corporation will be organized. The by-laws deal generally
with the Board of Directors and the manner in which they
govern the condominium. New Bylaws are passed by the
Board of Directors and require approval by the owners at an
Annual General Meeting or
a meeting specifically called for this purpose. They
must be registered with the local land registry office in
order to become effective.
Rules &
Regulations
Rules
relate to the use of the common elements and units. The Board
of Directors passes rules; they do not require approval of the
owners. Rules become effective thirty days after notice of the rule has
been given to each owner, unless during that period the Board of
Directors receive a requisition, signed by the owners of at
least 15% of the units, requiring a meeting of owners
to consider amending said rules.
Insurance Certificate
Your
building is fully ensured by Atrens-Counsel insurance Brokers
Inc. Click here for an
updated copy of the insurance certificate for TSCC
1525.