(b) the 90th day after the declarant transfers the first unit in the corporation. 1998, c. 19,
s. 42 (6).
The first board is not required to call or hold the meeting mentioned in subsection (6)
if, by the day set for the meeting, the declarant no longer owns a majority of the units and advises
the first board in writing of that fact. 1998, c. 19, s. 42 (7).
Election of directors(8)
At the meeting mentioned in subsection (6), the owners, other than the declarant, may
elect two directors to the first board. 1998, c. 19, s. 42 (8).
Despite subsection 50 (1), at the meeting mentioned in subsection (6), the quorum for
the election of directors under subsection (8) is those owners who own 25 per cent of the units in
the corporation not owned by the declarant. 1998, c. 19, s. 42 (9).
Determination of quorum(10)
To count towards the quorum, an owner must have been entitled to receive notice of
the meeting, must be entitled to vote at a meeting and shall be present at the meeting or
represented by proxy. 1998, c. 19, s. 42 (10).
A director elected to the first board under subsection (8) shall hold office in addition
to the directors appointed to the first board even if the addition of an elected director results in
more directors on the board than the declaration allows. 1998, c. 19, s. 42 (11).
The owners other than the declarant shall not be entitled to elect a director under
subsection (8) if the corporation’s first board was appointed or elected on or before the day this
section comes into force. 1998, c. 19, s. 42 (12).
Turn-over meeting43. (1)
The board elected or appointed at a time when the declarant owns a majority of the
units shall, not more than 21 days after the declarant ceases to be the registered owner of the
majority of the units, call a meeting of owners to elect a new board. 1998, c. 19, s. 43 (1).
Who may call meeting(2)
If the board does not call the meeting within the required time, an owner or a
mortgagee having the right to vote under section 48 may call the meeting. 1998, c. 19, s. 43 (2).
Time of meeting(3)
The board shall hold the meeting within 21 days after it is called. 1998, c. 19, s. 43 (3).
Things to turn over(4)
At the meeting, the declarant shall deliver to the board elected at the meeting,
(a) the seal of the corporation;
(b) the minute book for the corporation including a copy of the registered declaration,
registered by-laws, current rules and minutes of owners’ meetings and board meetings;
(c) copies of all agreements entered into by the corporation or the declarant or the