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Use without right, by the board of directors, of the contingency fund to make payments that are not related to major repairs and replacements of the common portions of the building. At the request of a co-owner, the court may order a syndicate of co-owners and its directors to reimburse the sums misappropriated therein.
28/02/2024
A co-ownership (condominium) is exposed to a variety of risks such as fires, water damages, theft and vandalism acts; among these risks, one that is often overlooked is fraud. The people able to commit fraudulent acts pass sometimes as unsuspected; it may be the case of the director, the co-owner, the condo manager, the service providers and third party members.…...
09/08/2022
At our last annual co-owner's meeting, the board of directors informed us that it was going to take $10,000 from our contingency fund to set up a self-insurance fund. To justify their decision, the directors said that this will allow to avoid putting up a special assessment. Several co-owners seemed to…...