The Condominium Management and Administration certificate program is obtainable in partnership with the Affiliation of Condominium Managers of Ontario (ACMO). For functions of this subsection, the time period “fiduciary insurance coverage protection” shall be defined as both a constancy bond and administrators and officers legal responsibility coverage, the constancy bond within the full quantity of association funds and affiliation reserves that will probably be in the custody of the association, and the administrators and officers liability coverage at a degree as shall be decided to be cheap by the board of managers, if not otherwise established by the declaration or by laws.
2. The affiliation may additionally present satisfactory property insurance coverage coverage for a bunch of at the least three communities created and operating below this chapter, chapter 719, chapter 720, or chapter 721 by acquiring and maintaining for such communities insurance coverage ample to cover an quantity equal to the probable maximum loss for the communities for a 250-year windstorm occasion.
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Except in a timeshare or nonresidential condominium, or if the staggered time period of a board member does not expire till a later annual meeting, or if all members’ terms would in any other case expire however there are no candidates, the terms of all board members expire at the annual meeting, and such members may stand for reelection unless prohibited by the bylaws.