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Mandatory process prior to the adoption by the Board of Directors of any budget forecast of the co-ownership. It allows the Board of Directors to sound out the co-owners as to the general orientations of the expenses of the co-ownership.
WHAT YOU SHOULD KNOW! Section 1072.1 of the Civil Code of Quebec stipulates that board of directors shall consult the general meeting of the co-owners before deciding on any special contribution to the common expenses.
19/01/2025
During our last annual meeting, the board of directors presented the projected budget for the upcoming year, which included a significant increase in common expenses due to major elevator compliance work planned for the year. Although several co-owners strongly opposed this decision, the budget was nevertheless adopted without proper consultation.…...
18/01/2025
The financial situation of our co-ownership is becoming increasingly concerning, as current revenues are no longer sufficient to cover essential expenses and maintain services. Despite several attempts, including surveys with various proposed dates, I have been unable to gather enough participants to meet the quorum required for critical decision-making meetings.…...
18/11/2024
A study of the contingency fund was recently conducted by a professional. This analysis highlighted two possible scenarios: 1. Scenario 1 (status quo): This scenario, which is not recommended by the professional, would maintain the current contributions but would result in a deficit within approximately fifteen years, requiring the use…...
29/02/2024
Preparing a forecast annual budget is an unavoidable task in a co-ownership (condominium); its preparation, preliminary examination and adoption will ensure the proper functioning of the syndicate of co-owners. It is up to the board of directors to define the terms of the forecast annual budget based on the expenses that will have to…...