Sunday, November 15, 2009

Do Condo Directors Get Paid?

Many condo owners often wonder:
- Do condo directors get paid?
- How do I know that whether the directors in my condo get paid or not?

The Condominium Act 1998 stipulates that in order for condo directors to get paid, it has to be set up as a By-law of the condominium corporation, and the By-law also has to specify how much the condo directors are to be paid. [1]

Unless the condo builder (in legalese: the Declarant) has already put such (paying condo directors) in a By-law (rarely the case), all subsequent By-laws will have to be passed at a meeting of owners, such as the Annual General Meeting (AGM).

When you buy a resale condo unit, you should (if not, you are making a big mistake) obtain a document called Status Certificate which includes, among other documents, the By-laws of the condo you are buying into.

Just go through the By-laws of your condo documents, and you’ll know that whether your condo directors are getting paid, or are they doing voluntary unpaid work.

Another place that usually should contain such information is the financial statements that come with the package for the AGM. It should contain an item showing the amount of director remuneration.

Most condo directors don’t get paid for being a director on the condominium corporation, including all the directors of the three condominium corporations of the Grandview Way residential complex.

So, please pay your respect to your condo directors as they expend their time and energy for this voluntary unpaid job, just to look after your interest in the condo. Give them a round of applause at your next AGM.

[Note 1] The Condominium Act 1998 Section 56, subsection (2):
A by-law relating to the remuneration of directors shall fix the remuneration and the period not exceeding three years for which it is to be paid.

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