FAQs:

Personal Property

Q - Is it necessary for the owners to approve the purchase of equipment for our exercise room?

A - Yes, the strata corporation must obtain prior approval by a resolution passed by a 3/4 vote at a general meeting before buying (or selling) personal property such as exercise equipment where the fair market value of the item is more than $1,000 or any other amount that is specified in the bylaws.

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This FAQ section is for informational purposes only, for the convenience of our visitors. While these questions and answers are about legal issues, they are not a substitute for consultation with a lawyer, and should not be relied on as a basis for any legal decision. As with anything of a legal nature, different circumstances can create different results.