Acts and Regulations

C-16.05 - Condominium Property Act

Section 30
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Full text
Duties, liability and indemnification
30(1)A director or officer of a corporation shall, in exercising the powers and discharging the duties of that office,
(a) act honestly and in good faith, and
(b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
30(2)A director does not contravene subsection (1) if the director relies in good faith on the following:
(a) financial statements of the corporation that have been represented to the director by any of the following as fairly presenting the financial position of the corporation in accordance with generally accepted accounting principles:
(i) a person qualified to review the financial statements in accordance with section 36;
(ii) an officer of the corporation; or
(iii) a manager under an agreement for the management of the property; or
(b) a report of a person whose profession lends credibility to a statement made by that person.
30(3)The by-laws may provide that a director or an officer of a corporation, and that person’s heirs, executors, administrators and other legal personal representatives, may be indemnified and saved harmless by the corporation from and against the following:
(a) any liability and all costs, charges and expenses that the director or officer sustains or incurs in respect of any action, suit or proceeding that is proposed or commenced against that person for or in respect of anything that the person has done, omitted to do or permitted in respect of the execution of the duties of office; and
(b) all other costs, charges and expenses that person sustains or incurs in respect of the corporation.
Duties, liability and indemnification
30(1)A director or officer of a corporation shall, in exercising the powers and discharging the duties of that office,
(a) act honestly and in good faith, and
(b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
30(2)A director does not contravene subsection (1) if the director relies in good faith on the following:
(a) financial statements of the corporation that have been represented to the director by any of the following as fairly presenting the financial position of the corporation in accordance with generally accepted accounting principles:
(i) a person qualified to review the financial statements in accordance with section 36;
(ii) an officer of the corporation; or
(iii) a manager under an agreement for the management of the property; or
(b) a report of a person whose profession lends credibility to a statement made by that person.
30(3)The by-laws may provide that a director or an officer of a corporation, and that person’s heirs, executors, administrators and other legal personal representatives, may be indemnified and saved harmless by the corporation from and against the following:
(a) any liability and all costs, charges and expenses that the director or officer sustains or incurs in respect of any action, suit or proceeding that is proposed or commenced against that person for or in respect of anything that the person has done, omitted to do or permitted in respect of the execution of the duties of office; and
(b) all other costs, charges and expenses that person sustains or incurs in respect of the corporation.