Australian strata committees have enjoyed a pretty benign life for the last 50 years. They haven’t had to do too much, mostly defer to owners meetings on key decisions, rely on strata managers for most day-to-day operations and have not been sued very often or for very much.
Directors’ Duties
We frequently talk about directors’ “fiduciary duties” to their associations and their members. While CCIOA seems to say that non-declarant directors do not have a fiduciary duty (it says no director nor officer shall be liable for actions taken or omissions made in performance of such person’s duties except for wanton and willful acts or […]
What the Heck is D&O Insurance and Why is it so Important? A Primer on Board Member and Officer Liability Exposure
Directors and officers of an association are volunteers with enormous responsibilities, who put in countless hours to better their communities. Though directors and officers are appreciated by most of the community, they are sometimes blamed for their decisions and challenged in court. However, in the event that there is a challenge (a threatened or actual […]
Court ruling could increase liability of individual condo, co-op board members
New Yorkers may become even more reluctant to sit on the board of their condominium or co-op building. A decision handed down by the state appellate court this month could increase the likelihood that individual board members will be held liable for their building’s decisions, the Wall Street Journal reported. Read More……
So Now You’re On the Board
The first steps to superior board performance are clarifying your board’s job and then following through with appropriate plans, actions and evaluation of results. The checklists presented here are intended to assist you in those tasks. They cover a significant number of your responsibilities. The checklists will apply to virtually any association. To use them, […]