Good faith honesty prudence
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GOOD FAITH, HONESTY & PRUDENCE. Duties of Condominium Directors in Ontario. Michael H. Clifton, MA, LLB, ACCI (Law) – Partner, Clifton Kok LLP ACMO/CCI-TORONTO CONFERENCE 2008. GOOD FAITH. FIDUCIARY. Position of Trust. Position of Responsibility.

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GOOD FAITH, HONESTY & PRUDENCE

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Good faith honesty prudence

GOOD FAITH, HONESTY & PRUDENCE

Duties of Condominium Directors in Ontario

Michael H. Clifton, MA, LLB, ACCI (Law) – Partner, Clifton Kok LLP ACMO/CCI-TORONTO CONFERENCE 2008


Good faith honesty prudence

GOOD FAITH


Good faith honesty prudence

FIDUCIARY

  • Position of Trust

  • Position of Responsibility

  • Must act in the interest of the person or entity to whom the duty is owed,

and not in his or her own self interest

  • A condominium director’s fiduciary duty is owed to the condominium corporation

    and not to any individual unit owner or group of owners


Good faith honesty prudence

GOOD FAITH

37.  (1)  Every director and every officer of a corporation in exercising the powers and discharging the duties of office shall,

(a)act honestly and in good faith; and

(b)exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.


Good faith honesty prudence

GOOD FAITH

  • To act honestly and without deception

  • To act in a fair and equitable manner

  • To act without use of coercion, intimidation or threat

  • To comply with standards of decency and honesty

  • To act with honourable intent

  • To avoid deceit

  • To act with a lawful purpose


Good faith honesty prudence

HONESTY

CARE

GOOD FAITH

DILIGENCE

SKILL


Good faith honesty prudence

GOOD FAITH

WAIVER

PROFESSIONAL ADVICE

PERSONAL LIABILITY

INDEMNITY

INSURANCE


Good faith honesty prudence

GOOD FAITH


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