The province of Alberta has made some well needed changes to the Condominium Property Act starting January , 2020.
The amendments include further clarification to regulation the Act. This includes:
1. Documents Provided by Corporation :
- What is offered after an AGM
- Annual Budget Disclosure
- Information Documents At No Charge
- Maximum Fees Not Exceeding Specific Amounts
- Retention Periods for Requested Documents
- Further Definition Around Reserve Fund Studies
2. Meetings and Voting:
3. Borrowing By The Corporation
4. Transfer, Lease or Sale of Common Property, Easement of Covenant or Condominium Parcel
5. Notices, Notifications
6. Change of Bylaw to Ensure Conformity with the Act and Regulations
7. Minimum Retention Period for a Corporation’s Documents and Information
8. Bylaws of the Corporation
9. Notice of Annual General Meetings
Some of the highlights for owners are receiving, for free, condo documents pertanant to the running of their condominium.
There are many more highlights and definitely worth reading over the amendment.