Personal Property
Our strata corporation has a painting that was provided by the developer as per the disclosure statement. We have had the painting appraised and found out it is worth $60,000. The strata council wants to sell it and use the money for future expenses of the strata corporation. Is this allowed?
Yes, but before the painting is sold, the strata corporation must approve the sale by a resolution passed by a 3/4 vote at an annual or special general meeting if the painting’s market value is more than the amount set out in the bylaws or $1,000, if the bylaws are silent as to the amount.
Is it necessary for the owners to approve the purchase of equipment for our exercise room?
Yes, the strata corporation must obtain prior approval by a resolution passed by a 3/4 vote at a general meeting before buying (or selling) personal property such as exercise equipment where the fair market value of the item is more than $1,000 or any other amount that is specified in the bylaws.
