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Management company provisions.
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65.— (1) In this section—
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(a) references to an apartment include a community apartment, and
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(b) references to an apartment owner include—
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(i) a person to whom an apartment in a designated apartment complex was sold under section 90 of the Principal Act whether before or after the coming into operation of this Part, and
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(ii) a person in whom there subsequently becomes vested the interest of the person referred to in subparagraph (i) or his or her successor in title and the personal representative of that person or successor in title.
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(2) Each apartment owner shall be a member of the management company.
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(3) (a) The voting rights of the members shall be structured in such a manner that in the determination of any matter by the members one vote shall attach to each apartment owner in respect of each apartment in the designated apartment complex to which the management company relates, and that no other person has such a vote.
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(b) Each vote referred to in paragraph (a) shall be of equal value.
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(4) Where 2 or more persons are joint apartment owners they shall constitute one member in respect of the exercise of the voting and other powers vested in such member.
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(5) According as apartments in a designated apartment complex are sold to tenants under this Part, a housing authority shall, subject to subsection (6), nominate for election as directors of the management company such number of persons which, when expressed as a proportion of the total number of directors of the company that will be serving after the election is concluded, does not exceed the proportion of the total number of apartments in the designated apartment complex of which the housing authority is the apartment owner.
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(6) A housing authority may decide not to nominate any person for election as a director of the management company where the number of apartments of which the housing authority is the apartment owner is equal to or less than 20 per cent of the total number of apartments in the designated apartment complex.
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