Ontario is introducing a new condo law to tackle abuse and mismanagement by condo boards, CBC News reports.
The change was prompted by an investigation by CBC Toronto, which exposed misconduct by members of several condo boards. Signatures for board elections were found to have been forged, and contracts were signed with businesses members had invested in.
Under the new law, condo board directors will have to undergo mandatory training and disclose any conflicts of interest before signing business contracts. Clearer rules will be set for access to records, and communication between boards and condo owners will be improved.
Condominium board disputes are relatively frequent in Bangkok’s condominium market.
Read the full story here
Related Articles: Huge Surge in Real Estate Lawsuits in China
Image: Bill Deneau
{ 0 comments… add one now }