Acts and Regulations

C-16.05 - Condominium Property Act

Section 31
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Disclosure of Interest
31(1)A director shall disclose in writing to the corporation the nature and extent of any material interest he or she has, directly or indirectly, in a contract, transaction or proposed contract or transaction to which the corporation is or will be a party if the contract or transaction is material to the corporation.
31(2)Disclosure of an interest is sufficient if the notice states that the director
(a) is also a director or officer of a party to a contract, transaction or proposed contract or transaction with the corporation, or
(b) has a material interest in a party to a contract, transaction or proposed contract or transaction with the corporation.
31(3)Despite subsection (2), if the contract or transaction involves the purchase of real or personal property by the corporation that the seller acquired within 5 years before the date of the contract, transaction or proposed contract or transaction, the director shall disclose to the corporation the amount the seller paid for the property, if that information is within the director’s knowledge or control.
31(4)The disclosure required by this section shall be made at the board meeting at which the director becomes aware of having an interest in the contract, transaction or proposed contract or transaction, or at the first board meeting held after the director becomes aware of having an interest.
31(5)The board shall enter the disclosure made by a director under this section in the minutes of the board meeting at which the disclosure is made.
31(6)A director shall not vote with respect to a contract, transaction or proposed contract or transaction to which subsection (1) applies unless the director’s interest
(a) is or would be limited solely to liability insurance against liability incurred as a result of acting as a director or officer of the corporation or remuneration as a director, officer or employee of the corporation; or
(b) arises or would arise solely because the director is a director, officer or employee of the corporation, if the director has been appointed to the board by the declarant.
31(7)A director who complies with this section and who acts honestly and in good faith at the time the contract or transaction is entered into is not accountable to the corporation or the owners for any profit or gain realized from the contract or transaction by reason only of holding the office of director.
31(8)A contract or transaction to which subsection (1) applies is not voidable by reason only of the interest of the director if
(a) the contract or transaction is confirmed or approved by at least 60% of the votes cast at a meeting of the owners duly called for that purpose, and
(b) the nature and extent of the interest of the director in the contract or transaction are declared and disclosed in reasonable detail in the notice calling the meeting.
Disclosure of Interest
31(1)A director shall disclose in writing to the corporation the nature and extent of any material interest he or she has, directly or indirectly, in a contract, transaction or proposed contract or transaction to which the corporation is or will be a party if the contract or transaction is material to the corporation.
31(2)Disclosure of an interest is sufficient if the notice states that the director
(a) is also a director or officer of a party to a contract, transaction or proposed contract or transaction with the corporation, or
(b) has a material interest in a party to a contract, transaction or proposed contract or transaction with the corporation.
31(3)Despite subsection (2), if the contract or transaction involves the purchase of real or personal property by the corporation that the seller acquired within 5 years before the date of the contract, transaction or proposed contract or transaction, the director shall disclose to the corporation the amount the seller paid for the property, if that information is within the director’s knowledge or control.
31(4)The disclosure required by this section shall be made at the board meeting at which the director becomes aware of having an interest in the contract, transaction or proposed contract or transaction, or at the first board meeting held after the director becomes aware of having an interest.
31(5)The board shall enter the disclosure made by a director under this section in the minutes of the board meeting at which the disclosure is made.
31(6)A director shall not vote with respect to a contract, transaction or proposed contract or transaction to which subsection (1) applies unless the director’s interest
(a) is or would be limited solely to liability insurance against liability incurred as a result of acting as a director or officer of the corporation or remuneration as a director, officer or employee of the corporation; or
(b) arises or would arise solely because the director is a director, officer or employee of the corporation, if the director has been appointed to the board by the declarant.
31(7)A director who complies with this section and who acts honestly and in good faith at the time the contract or transaction is entered into is not accountable to the corporation or the owners for any profit or gain realized from the contract or transaction by reason only of holding the office of director.
31(8)A contract or transaction to which subsection (1) applies is not voidable by reason only of the interest of the director if
(a) the contract or transaction is confirmed or approved by at least 60% of the votes cast at a meeting of the owners duly called for that purpose, and
(b) the nature and extent of the interest of the director in the contract or transaction are declared and disclosed in reasonable detail in the notice calling the meeting.