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Home COFSAB Forum Finances Meaning & Purpose of a Condo Unrestricted Fund Reply To: Meaning & Purpose of a Condo Unrestricted Fund

  • Karen

    Administrator
    April 10, 2022 at 10:03 am

    MarkH

    @shebacat

    I think you are allowing your judgement to be clouded by referring to an ONTARIO court case which would not necessarily apply under ALBERTA legislation. In Alberta, the condominium board has the right to do what the condominium needs (subject to the CPA&R) which is broader than what some other provinces permit.

    If the new development is on the common property, and if there are funds available, and if the board is confident it has the support of the owners, it can proceed. (It only has to be 75% and 7500/10,000 approval if a special levy is needed to fund the project or borrowing is involved outside the budgetary limits of the CPA&R and the bylaws).