AdministratorApril 10, 2022 at 4:43 pm
Posted by: @terry-g
TerryG: Hopefully someone with more legal knowledge than I will be able to help with some of these questions Jon. To me, it would seem prudent to accept the default bylaws AND add an insurance clause(s).
So, basically a new set of bylaws would be prepared by copy-pasting the default bylaws into a new document then adding an insurance section. Then this document would be registered with land titles, assuming it is passed with a special resolution. Correct?
I was speculating that maybe our current bylaws could simply be repealed so that our corporation would have no registered bylaws – the same situation as for a new condo corporation. We would then deal with our insurance requirements the same as a new corporation that has no bylaws would.
TerryG: I think the question is: are the bylaws fit for purpose?
I haven’t looked into that yet. Right now I am just exploring how the default bylaws would be adopted. If they appear to be fit for purpose I might propose it to my board as an alternative to allowing the manager to prepare new bylaws for us – which I am not in favor of.
TerryG: For example, many small condos will find it best to use the default bylaws – certainly 12 units or less. However, if the condo is larger or more complex, then it is worthwhile and essential to have site specific bylaws, in my opinion.
My condo building is 12 units, 40 years old, wood structure, boiler for hydronic heating, hot water heater, make-up air unit, wood-burning fireplaces, no elevator or amenities to speak of. Pretty basic I think.