Whose interests does a board have to consider when managing the affairs of the corporation?
Posted on November 04, 2009 at 11:39 AM
Whose interests does a board have to consider when managing the affairs of the corporation? Obviously owners, because much of the Condominium Act addresses protection for owners. "Owners" is most often a present-tense status in the Act. Future owners' interests are addressed in at least two areas. The Act specifies the declarant's obligations to future owners (e.g. disclosure obligations and turnover requirements) and the requirement for a reserve fund study plan to forecast for 30 years suggests that the legislature contemplated protecting the interests of those owners who will arrive far in the future.
But what about the relationship between future owners and the current board's decision making? Does the board have any obligation to consider the interests of future owners? Does that obligation require the board to balance the interests of future owners and current owners, for example when it comes to financial planning decisions. If so, who's interest can or should take priority?
Protecting Owners' Interests
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