Annual General Meetings (AGM)
The condominium board must conduct an AGM for unit owners within 15 months of the previous meeting and once per year. The AGM provides the unit owners with the opportunity to review financial and operational reports of the past year as submitted by the retiring board members. Unit owners also select new board members who will continue to address any new or unfinished business, including if necessary, the appointment of auditors.
Bare Land Condominium
A bare land condominium refers to a separate and individual structure that is within the boundaries of shared land with other condominiums. This method of erecting townhouses and villa communities replaces the more traditional condominium, which shares common walls and roof of a building structure.
All condominium communities have registered survey plans at a land titles office. These plans identify specific details of the lot, including the perimeter, boundaries, site location of all buildings on the lot, and the unit-factor distribution. These registered plans replace any original single title with unit titles.
Condominium Property Act
The British Columbia statute governs the Condominium Property Act, which regulates condominium ownership. Although the fundamental concepts of the act are similar in each province, there are major variances in the individual legislation and jurisdiction over land titles and requirements from one to the other.
Officially termed the Capital Replacement Reserve Fund, this pool of money is set aside for major replacements or repairs to the property above and beyond regular or annual maintenance. This fund is held in investments that are usually fairly liquid.
Reserve Fund Study
This study represents a detailed assessment of the current state of the property and inventory of its components. In addition, the anticipated depreciation over the next 25 years and the expected cost and timing for replacements or repairs are also projected.
Reserve Fund Report
The qualified agency and/or individual completing the reserve fund study compiles the findings, conclusions and impacts within a report for submission to the condominium board members.
Reserve Fund Plan
The condominium board members use the reserve fund report to assess the need to establish or amend a reserve fund. A plan is formulated to identify the required amount and frequency of funds to be saved in order to maintain the reserve fund. The corporation must, under legal obligation, provide all condominium owners with a copy of the Reserve Fund plan before collecting any funds.
A Special Resolution may be passed for the enactment or amendment of bylaws or lease transfers of the common condominium property. These are generally approved during appropriately convened general board meetings. It is a requirement that a majority of not less than 75 per cent of entitled voters representing not less than 75 per cent of all condominium units must be in attendance at a meeting to pass a special resolution