Foolhardy condo board directors a danger to themselves and to owners

Q My husband and I were stunned when the auditor began to read his audit report at our annual general meeting, and we found out that the reserve fund study was not updated every three years as required. We also found out that the total funds are not up to where they should be to meet future major repairs and replacements. The auditor explained this is a breach of the Condominium Act of Ontario and he is obligated to inform the owners of this situation. Will our condo face special assessments or condo fee increases because of the director’s oversight or negligence?     Read more…….

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