Condo; Board of Directors

Board of Directors

Every condo has a board of directors, who are charged to act with the interests and requests of the owners in mind. Here’s how a condo board works, according to Frank Moneta, a Sherwood Park property manager: “Typically, you always have an odd number of board members because you want to have a winning side when items come down to a vote. A board member cannot serve for more than three years, and new members are elected on a rotating basis that is staggered between three-, two- and one-year terms, so the board always reflects a range of experience. Board members are elected by residents at the annual general meeting.”

A property manager also plays an integral role in the functioning of a condo. “Board members typically come from within the condo community of the corporation. They want to meet people and say ‘hi’ and live as neighbours, but that can be difficult if they’re always telling people what to do and having to become the police of the community,” says Moneta. So instead, a property manager is hired to communicate and enforce the decisions of the board. “The manager becomes the face of the board, and takes decisions of the board and works with and communicates them.”

Finally, a condo is a corporation, which refers to the legal entity created when the structure was built and registered. “This legal entity consists of by-laws and rules, and is registered as a corporation and given a corporation number,” says Moneta. “Within the corporation, members, positions, responsibilities, property management and such are outlined.” By Marissa Ponikowski

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s