Condominium Association Loan Authority
Subsection 18.4(m) of the Condominium Act has been changed to provide that
condominium associations will have the right to pledge substantially all
of the assets of the association by a majority vote of the board, regardless
of restrictions requiring unit owner consent which may appear in the condominium
instruments. This important change will eliminate a common impediment
to condominium association common element repair loan transactions. This
change will take effect on January 1, 2017.