- Buying a Condo?
- Condos' Financial Structure
- Owners' Money Facts
- Owners’ Meetings and Voting
- Boards of Directors
- Owners' Rights and Responsibilities
- Managers and Management Companies
- Common Problems of Condo Living
- Condo Act, Declaration, Rules, and By-Laws
- What Should Be Done to Improve Condo Governance and Help Owners?
- FAQs About Your Building & Your Unit
- Condo Auditors & Lawyers
- Condos & Insurance
- Tenants & Landlords
- Are Condos Family Friendly?
- Links and Bibliography
The difference between directors and officers is this: Directors are board members elected by owners. Officers are persons appointed by the board to fulfill certain functions--they generally are directors. Hence, usually all officers are directors, that is, they are appointed from within the board elected by owners.
A director who is an officer can be removed as officer by the board; he or she can then decide whether or not to remain on the board as a director. However, boards cannot remove directors unless they requisition a meeting of owners for this purpose.
A condo corporation must have three officers: a president, treasurer, and secretary. This is the minimum. Many also have one or more vice presidents. In Ontario, of these officers, only the president has to be a board member elected by owners.
A board member can combine two functions. For instance, a president can also be the treasurer, as these two functions complement each other. Or the secretary can also be the treasurer.
A board can appoint officers who are not on the board when directors do not have the time or the willingness to be treasurer or secretary. It is preferable that all officers also be directors: External positions can present problems of confidentiality.
The PRESIDENT’s role resides in the general supervision of the business and affairs of a condo corporation. Efficient presidents are “movers” who present issues and projects to their board, develop policies for board approval, communicate with residents and owner, are faithful to the declaration and rules, and inspire boards to move ahead with projects and solve difficult issues.
In other words, efficient presidents are leaders on behalf of their boards and owners. They inspire trust among owners and board members. They also try to establish links with various organizations in their neighbourhoods. Presidents oversee managers’ duties and activities. As well, they chair board meetings and owners’ meetings.
One aspect of the potential duties of a president that is little known is that he or she can become the condo’s manager when a board decides not to hire a manager or when a condo is too small to afford one. (Click here for Self-Management)
However, a president or a director who becomes the manager may want to hold only the position of manager in order to avoid conflicts that could arise in being both the employer and the employee.
The VICE PRESIDENT may perform some of the president’s duties if they so agree and replace him or her when absent. Similarly, the vice president may chair meetings during the president’s absence.
The TREASURER is responsible for the finances of the condo, including making sure that the financial statements are accurate, the budget is done in a timely fashion, and the reserve fund is sufficient. The treasurer may also be responsible to present to the board a plan for the investment of funds.
The SECRETARY is generally the custodian of the corporation’s records. The secretary is responsible for minutes taken at meetings (although he may not be the one who takes them), and for notices sent to residents for the annual general meeting. In actual practice, this role of secretary is often partly carried out by a president or a manager.