Turn-over meetings

Developers must hold these meetings within 42 days of them no longer owning a majority of units. This is an important meeting where documents are turned over to the condo corporation and owners elect a new board of directors.

Timing of the meeting

The developer-controlled board must call a meeting of the owners and elect a new board within 21 days of them no longer owning a majority of units. The meeting must then be held within 21 days of being called, meaning that the turn-over meeting must occur within 42 days.

Documents to be turned over

The developer is responsible for turning over important documents at the meeting, including:

• The minute book, which serves as the primary record of the condo corporation’s meetings
• The declaration, by-laws, and rules
• Agreements already entered on the condo corporation’s behalf

The declarant must also turn over the following additional information within 30 days after the meeting:

• All financial records of the condo corporation and of the developer from the date of registration onwards
• A copy of any previous reserve fund studies
• The most recent disclosure statement

The developer must turn over any audited financial statements within 60 days of the meeting.

Developers may be liable to legal action and fines if they do not comply with the turn over requirements.

Voting & quorum

Votes can be cast personally or by appointing a proxy. Voting can happen in person, by phone or electronically through a secure method.

Quorum is the minimum number of owners that are required to be present for a meeting, in person, by proxy, virtually or by voting electronically ahead of time, for the meeting to go ahead. The standard quorum for a turn-over meeting is when owners who own at least 25 per cent of the units are present. The quorum requirement can be reduced to 15 per cent of units on the third and any subsequent attempts to hold the meeting if quorum is not reached on the first two attempts to hold the meeting.