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Starting point
Following the loss of control of the developer, the transitional director must call, within 90 days, a special meeting of the co-owners to elect a new board of directors. At this first meeting, the transitional director must present a rendering of account to the co-owners on his administration. In this regard, he must produce financial statements, which must be accompanied by comments from an accountant on the financial situation of the syndicate. The accounting officer must, in his report, inform the co-owners of any irregularity found.
In addition, it should be noted that under article 1105 of the Civil Code of Quebec, "The financial statements shall be audited on the application of co-owners representing 40% of the votes of all the co-owners. The application may be made at any time, even before the meeting." This can be done during a vote at the meeting of co-owners or by written request addressed to the board of directors. This exercise allows the new members of the board of directors and the co-owners to ensure the fair management done by the transitional director.
Convening of the meeting
The process leading to the convening of an Extraordinary Transitional Assembly must be scrupulously observed. It is necessary to respect certain conditions of form and deadline, otherwise the decisions taken during this meeting could be invalidated. The co-owners are informed of the holding of the meeting of co-owners by receiving a notice of meeting. The written notice must indicate the date, time and place of the meeting and the items on the agenda. Depending on the nature of these matters, certain documents will need to be attached to the notice of meeting.
Ratification of the financial regulations adopted by the transitional director
All management by-laws adopted by the transitional director must be ratified by the co-owners at the first meeting of the co-owners. Failure to do so will render null and void.
Transfer of the register of co-ownership to the first board of directors
The register of co-ownership includes several documents. All must be retained by the transitional director, because when the time comes, he will hand them over to the new board of directors. This may include the register of co-owners, the by-laws adopted in the co-ownership, a copy of the cadastral plan and the declaration of registration of the syndicate. In addition, within 30 days of this "transition" meeting, the promoter must submit to the syndicate plans and specifications, certificates of location available and the description of the private portions for insurance purposes, among others.
Proposal of services for the start-up
The firm Dunton Rainville, offers to accompany you throughout the process of starting the condominium. This package service includes the following services:
The presence of professionals
It is sometimes useful for professionals mandated by the union to be present at the meeting. The professionals of Dunton Rainville, can accompany you. This service, which is in addition to the one described above, makes it possible to expose the technical elements resulting from the reform of the law of divided co-ownership and to answer the various questions of the co-owners. Their presence will also help calm the game during the debates.
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For more details on the financial framework for such a provision of services
Contact Me Yves Joli-Coeur, paralegal
Email: [email protected]
Phones: (450) 686-8683 – (514) 866-6743