Condominium corporations in Canada are not-for-profit organizations, with a basic goal to obtain sufficient income to offset the expenditures for its operation. The Board of Directors is managing a business and this is no small responsibility. Although the task of day to day administration may be delegated, the responsibility still rests with the Board of Directors to oversee delegated duties and to take reasonable precautions to protect the financial security of the Condominium Corporation.
In New Brunswick, The NB Condominium Property Act, Chapter C-16.05 provides the guiding legislation for all condominium corporations in the province. Contained in the Act are the legislative requirements for approving and registering new condominiums, as well as, rules and regulations that govern condominium corporations.