Special Notice to Residents

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SPECIAL NOTICE TO RESIDENTS

October 18, 2014

A number of residents left the AGM last week rather confused after being asked with no advance notice to sign a signature list to support rejection of the new legislation requiring an Audit of the Corporation. The Board’s most adamant effort to convince residents that an Audit was unnecessary was most inappropriate, misleading and clearly exhibited a conflict of interest. THEY SIMPLY DID NOT WANT THEIR FINANCIAL REPORT TO BE REVIEWED BY AN AUDITOR. Those who do feel mislead and confused over the request for their signature, should immediately advise the Board and property manager that they do support an audit and ask that their signature be removed from the list. Residents are advised that an audit will in fact reveal that residents are sharing in costs for which they are not responsible. THE REQUIRED CORRECTION THAT WILL BE MADE WITH THE AUDIT, WILL EASILY PAY FOR THE RESIDENTS SHARE OF THE AUDIT COST. The accountant has advised an estimated cost of $2500 – $3500 and further advised, that a much more thorough review will be conducted. The announcement of the Board’s position at the meeting was loud and clear, including the following DECLARATIONS.

  1. “THESE EXPENDITURES WILL ME MADE WITH THE APPROVAL OF THE    BOARD”
  2. “THERE WILL BE NO VOTING OF UNIT OWNERS”
  3. “THE RESERVE FUND BUDGET IS PROVIDED FOR INFORMATION PURPOSES ONLY”

Bylaws 10.4, 10.5 of the Corporation, clearly demonstrate, that any such DECLARATIONS and the related demand for cash calls, is totally invalid and requires that a general meeting be held for presentation of all required information and an accurate Reserve Fund Budget, before seeking the REQUIRED APPROVAL OF UNIT OWNERS. Unit owners are under no obligation to pay any of these cash calls until these requirements have been met.

If this required procedure does not take place soon, the average resident must realize, that they will probably be subject to the demands of the Board, to commit themselves to cash calls of $35,000 to $40,000 over the next twelve months. Therefore, residents must ensure that the above Bylaws of the Corporation be respected by the Board of Directors. Please refer to the informative review report on the 2014 AGM held on October 8th. The report is available online at condonewscenter.com. Username and password are both 731. For those of you who do not have internet access, a printed copy of this review is available to you in a printed version upon request at (306)262-3109. Condonewscenter.com