Acts and Regulations

C-16.05 - Condominium Property Act

Section 36
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Full text
Review of the financial statements - condominium properties of more than 10 units
36(1)If a condominium property consists of more than 10 units, a review of the financial statements shall be attached to the financial statements referred to in section 34.
36(2)Subject to subsection (3), at an annual owners’ meeting, the owners shall appoint a qualified person to review the financial statements of the corporation and prepare a report.
36(3)If the owners do not appoint a qualified person to review the financial statements at the annual owners’ meeting the board may do so.
36(4)The regulations shall prescribe the persons who are qualified to review financial statements.
36(5)The person reviewing the financial statements shall have access at all times to all the records, documents, accounts and vouchers of the corporation and may require from the directors, officers and employees of the corporation the information and explanations that, in the opinion of that person, are necessary to enable him or her to conduct the review.
36(6)No person shall be appointed to review the financial statements of a corporation if he or she
(a) is an owner or a director, officer, employee or manager of the corporation;
(b) is a partner, employer or employee of an owner or a director, officer, employee or manager of the corporation; or
(c) has an interest in a contract to which the corporation is a party.
36(7)A person appointed under subsection (2) or (3) may be removed in accordance with a contract of employment made between the corporation and the person or in accordance with any law respecting employment by the following:
(a) if appointed under subsection (2),
(i) by the owners, or
(ii) if authorized to do so by the owners, by the board; and
(b) if appointed under subsection (3), by the board.
36(8)The remuneration of the person appointed under subsection (2) shall be fixed by the owners or by the board if it is authorized to do so by the owners, and the remuneration of a person appointed by the board under subsection (3) shall be fixed by the board.
Review of the financial statements - condominium properties of more than 10 units
36(1)If a condominium property consists of more than 10 units, a review of the financial statements shall be attached to the financial statements referred to in section 34.
36(2)Subject to subsection (3), at an annual owners’ meeting, the owners shall appoint a qualified person to review the financial statements of the corporation and prepare a report.
36(3)If the owners do not appoint a qualified person to review the financial statements at the annual owners’ meeting the board may do so.
36(4)The regulations shall prescribe the persons who are qualified to review financial statements.
36(5)The person reviewing the financial statements shall have access at all times to all the records, documents, accounts and vouchers of the corporation and may require from the directors, officers and employees of the corporation the information and explanations that, in the opinion of that person, are necessary to enable him or her to conduct the review.
36(6)No person shall be appointed to review the financial statements of a corporation if he or she
(a) is an owner or a director, officer, employee or manager of the corporation;
(b) is a partner, employer or employee of an owner or a director, officer, employee or manager of the corporation; or
(c) has an interest in a contract to which the corporation is a party.
36(7)A person appointed under subsection (2) or (3) may be removed in accordance with a contract of employment made between the corporation and the person or in accordance with any law respecting employment by the following:
(a) if appointed under subsection (2),
(i) by the owners, or
(ii) if authorized to do so by the owners, by the board; and
(b) if appointed under subsection (3), by the board.
36(8)The remuneration of the person appointed under subsection (2) shall be fixed by the owners or by the board if it is authorized to do so by the owners, and the remuneration of a person appointed by the board under subsection (3) shall be fixed by the board.