JOIN WHATSAPP GROUP •

SUBSCRIBE

What the Bylaws Say About Roles and Responsibilities of the Board

Board Roles and Duties

• President: Holds all the powers and duties that are usually vested in the chief executive officer of an association.
  
• Vice President: Assists the President and perform duties in absence of President.
• Treasurer: Holds custody of funds, securities and evidences of indebtedness. Keeps books of Association accounts. Treasurer report should be submitted to Board at reasonable intervals.
• Secretary: Keeps minutes of all proceedings, provides notices, keeps custody of the association seal, and keeps records of the Association (except of the Treasurer).
  

The Board of Directors from time to time shall elect other officers and designate their powers and duties as the Board shall deem necessary or appropriate to manage the affairs of the Association. Officers, must be unit owners (or authorized representatives of corporate/partnership/trust unit owners).

Some Key Responsibilities of the Board

• Determining the expenses required for building operations.
  
• Employing and terminating maintenance & operations personnel.
• Adopting and amending rules and regulations of condo and association.
• Maintaining bank accounts and records on behalf of the association.
• Obtaining and reviewing insurance policy and costs.
• Approving repairs, additions or improvement to building.
  
• Enforcing obligations of unit owners, allocating revenue and expenses.
  
• Levying fines for violation of rules and regulations.
  
• Borrowing money on behalf of the association or condo, with connection to operation, care, upkeep/maintenance of the building. Consent of at least 2/3 Owners must be represented at quorum that would cause total indebtedness greater than $250k.
  
• Hiring and firing management company to assist the Board.
  
• Board retains power to make assessments, execution of contacts and promulgation of rules.