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Condominium

Annual General Meetings (AGM)
Once a year, within 15 months of the last, a condominium board is required to convene an Annual General Meeting of unit owners.  At the meeting, the retiring board provides owners with operational and financial reports for the year past.  Owners then elect a new board, and deal with any unfinished and new business, including (if required) appointment of auditors.

Bareland Condominium 
In traditional condominium, both the master lot and the walls and roof of buildings are common property.  Today, many townhouse and villa communities are developed as bare land condominium in which the private structures lie completely within the unit boundaries, and only the land is condominiumized. 

Condominium Plan 
Every condominium community has a plan, registered at a land titles office, that provides unambiguous definition of the perimeter of the master lot, the location of buildings (if any), unit boundaries, and the unit-factor distribution.  The document replaces the original single title with unit titles. 

Condominium Property Act
The name of the Alberta statute that supports, directs, and regulates condominium ownership.  Since provinces have jurisdiction over land titles, each has its own condominium legislation.  Fundamental concepts are essentially similar.  However, from one province to another, legislative scope and administrative technicalities may vary significantly.  The Act, which must be passed into law by the provincial legislature, articulates legislative concepts and cornerstone provisions. 

Reserve Fund 
A fund of money set aside to provide for the repair and replacement of major parts of the common property.  Officially termed the Capital Replacement Reserve Fund, it is usually held in secure, fairly liquid investments, and is not intended to be used to cover regular or annually recurring maintenance. 

Reserve Fund Study
The purpose of a reserve fund study is to inventory the depreciating common and corporate property needing to be repaired or replaced within the next 25 years, assess the present condition, estimate when each component of the depreciating property will need to be repaired or replaced, and estimate the costs of repairs to and replacement of the depreciating property.

Reserve Fund Report
Once completed, the person who carried out the Reserve Fund Study must prepare and submit to the Board a written report setting out the qualifications and independence of that person, the findings of the study, and any other matters that are considered relevant. 

Reserve Fund Plan
The condominium board must, after receiving and reviewing the reserve fund report, approve a reserve fund plan under which a reserve fund is to be established, if one has not already been established, and set forth the method of amounts needed for funding and maintaining the fund.  The corporation must provide the owners with copies of the approved reserve fund plan prior to the collection of any funds. 

Special Resolution 
Important community decisions such as enacting or amending bylaws, or transferring or leasing common property, require a resolution passed a pproperly convened general meeting by a majority of not less than 75 per cent of all persons entitled to vote and representing not less than 75 per cent of the total unit factors for all units.  Alternately, without a meeting, unit owners representing the same majorities may agree in writing to the special resolution.


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