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#430
Ron ()
Selling the Corporation's Assets. How can the money be used? 2007/07/25 21:20  
We are considering selling a unit that the corporation owns (occupied by the superintendent at the moment). One of the option on the table is to use the acquired funds for capital improvements of the property. Would it be allowed? Are there specific rules of handling such a situation?

Ron
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#432
wotan ()
User Offline
Re:Selling the Corporation's Assets. How can the money be used? 2007/07/25 23:32  
As far as I am aware, you can use the funds for whatever you think is in the best interests of the corporation. When our condo did the similar (although the super wasn't in the unit), the Board put part of the funds into the Reserve Fund (while claiming that they had been under budget on some Reserve Fund items, so this seemed excessive) and the rest went into offsetting a huge (18%) increase in fees (bringing them down to 10%.)
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#439
Vince ()
Re:Selling the Corporation's Assets. How can the money be used? 2007/07/27 07:28  
Because law is bought and sold by corrupt lawyers, judges and politicians you should use the money from the unit you sell to buy a corrupt lawyer who will buy a corrupt politician who can pass a law saying that condo owners will need more money than they have to take the corrupt board of directors to court over how you used the money you got from selling the unit. That way the corrupt lawyer won't have to buy a corrupt judge and will owe you next time the corrupt board of directors needs to buy a corrupt lawyer.
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#440
Roland ()
Re:Selling the Corporation's Assets. How can the money be used? 2007/07/27 09:46  
Hey Vince, I used to talk like that. LOL

From what I gather, you are saying that the board will use the new found funds for whaterver they wish no matter what the law is because if anyone challenges the board the board will just funnel all kinds of money to the lawyer to squash the challenge (owners money that is).

As negative as it sounds, that's pretty much what happens if the board is more interested in playing the game then looking after the owners who make up the corporation.
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#444
Jony ()
Re:Selling the Corporation's Assets. How can the money be used? 2007/07/27 16:53  
LOL..Vince is on Fire !!!
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