Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Strata Corporation VRX123 has adopted the standard bylaws set out in the Strata Property Act. Assume the annual total contribution to the operating fund is
Strata Corporation VRX123 has adopted the standard bylaws set out in the Strata Property Act. Assume the annual total contribution to the operating fund is $50,000.00. In the annual budget, an expenditure of $2,000 for window cleaning has been authorized. Which of the following statements is TRUE?
- (1)The strata council may pay the$2,000 window cleaning fee without any further consent.
- (2)Because the fee is higher than $500, the strata council will need to call a meeting of the strata corporation and obtain approval by special resolution.
- (3)Under the Standard Bylaws, a strata council may pay any amount up to$2,500 without permission from the corporation, whether or not it is contained in the budget.
- (4)If this is a common property expense, the strata council has complete authority to any amount.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started