By-Law Change to Increase Board Members: Survey
some Residents have asked if it would be possible to increase the number of Board Members from 3 to 5. This By-Law was explored and proposed by the Board in 2015 however, it did not receive enough Owner support and therefore did not pass.
We would like to poll Owners to see if there would be enough support to re-attempt this By-Law change before costs are incurred.
The cost for such a By-Law change is approximately $10,000, which includes the costs of: legal drafting the By-Law, mail-out fees, and meeting fees. This cost would represent an approximate 0.33% increase in maintenance fees.
Please bear in mind that proposing a By-Law change does not guarantee that the By-Law will be voted in by the Owners, so there is the possibility that it would fail again, as it did in 2015. In order for such a by-law to pass, it would require 50% + 1 (242 Owners)of all Owners to vote "yes" to the proposal.
There are positives and negatives to be mindful of when considering whether to re-attempt this By-Law change.
Positives: More Directors means more help available, if the additional Directors choose to volunteer beyond the minimum requirement of attending Board Meetings.
Negatives: Quorum may be more difficult to achieve, bigger Boards may have more discord, a By-Law costing $10,000 would have to be passed by the Owners.
All the best,
The Board of Directors of
Emerald City One - TSCC 2368