Notice of the draft regulations under the Protecting Condominium Owner’s Act 2015 have just been released and can be found here.
According to the Ministry of Government and Consumer Services, the proposed regulations are focused on 4 areas and are expected to come into force on July 1, 2017.
“1. Communications (planned to come into force on July 1, 2017)
Improving communications between boards and owners, including:
• Regular mandatory updates about the corporation, including its finances.
• Clearer rules around the corporation’s requirement to maintain a record of owners.
2. Director Qualifications & Disqualifications (planned to come into force on July 1, 2017)
Improving condo board transparency and training, including:
• New requirements for mandatory director training.
• New requirements for candidates for director positions and sitting directors to disclose information such as potential conflicts.
3. Meetings (planned to come into force on July 1, 2017)
Improving meeting and voting procedures, including:
• New notice of meeting procedures.
• Establishing new mandatory proxy forms.
4. Records (planned to come into force in fall 2017)
Providing clearer rules regarding records retention and access, including:
• A non-exhaustive list of records that need to be retained by each corporation and a minimum retention period for each type.
• A more standardized process for records requests.”
The Ministry is inviting the public to provide their feedback on the proposed regulations, and comments are due March 30, 2017.
