Synopsis Of Directors' Duties And Obligations

1. Duty to act honestly and in good faith.
2. Duty to disclose conflicts of interests.
3. Effect compliance with provisions of Act, Declaration, By-laws and Rules.
4. Operate Condominium as a business.
5. Ensure adequate reserve fund
6. Ensure status certificates are issued timely.
7. Employ professionals when necessary (solicitors, engineers, auditors, insurance agents, etc.).
8. Ensure adequate insurance on property including Directors' liability insurance.
9. Become familiar with contents of the Act and more importantly the Declarations, By-laws and Rules of your Corporation.
10. Maintain accurate records and minutes of meetings.
11. Ensure continuing maintenance and repair of common elements.
12. Employ reasonable security measures throughout complex.
13. Educate yourself, (i.e. take courses, subscribe to industry newsletters, magazines, etc.).
14. Attend Board meetings regularly.
15. Establish procedures and policies.
16. Maintain confidentiality.
17. Make decisions as a board, not individually.
18. Investigate suspicions and irregularities.
19. Communicate with Manager and Unit Owners.
20. Find out the facts before acting.
21. Do not vote unless you fully understand the subject of the vote. (If you vote against an action make sure your negative note is recorded in the minutes of the meeting).
22. Know your duties and obligations.

Note: Prepared for general information only by Brookfield Residential Services Ltd. This is not intended to be an exhaustive, precise or definitive list of the duties and obligations of directors and is not a legally binding document.