The Condominium Act came out in Ontario in 1998 and cites the reserve fund 71 times. The Protecting Condominium Owners Act (PCOA), 2015, was the first overhaul of the province's condo law in over 16 years. PCOA not only amended the Condominium Act, 1998, but also enacted the Condominium Management Services Act, 2015.
So, between the recent changes to the Condominium Act, 1998 (now known as the Condominium Owners Protection Act in regulation), the Condominium Authority of Ontario (CAO) and the Condominium Management Regulatory Authority of Ontario (CMRAO), which is the newly appointed regulatory body providing oversight of condominium manager and management firms, all accountable to the Ontario Ministry of Government and Consumer Services’ Policy, Planning and Oversight Division, there are still more regulations that are in the pipeline following the 18-month review of Ontario’s condo law, which includes more on reserve fund studies, as well as improvements and stricter requirements for both Directors and property managers/property management companies (as you know).
It is important to know which Act we are following so we are all on the same page. Every owner pays $1.00 per unit per month = $12.00 per year so it’s to make sure we are all working from the amended Condominium Act, 1998/Protecting Condominium Owners Act.
Excellent recommendation for "All Board of Directors" is to ensure that a professional minute takers record high level points of interest and information-sharing as well as motions and decisions. So it's not carved in stone that only decisions and/or discussion points relevant to a decision is the only way. With various disputes reported and conflicts of interest relating to Condo Managers of Condominium buildings, it is now advisable as of April 16, 2018 that all condominiums always hire a private minute taker company to take all Board minutes and to ensure they are delivered to the Board within 10 - 15 days so that the Board can finalize approvals and sign off on the final draft of minutes. Do not let Minutes stay in the hands of Condo Managers without final approval and signatures because there is too much opportunity for parties to change the draft versions especially if persons other than a private Minute Taker prepares minutes.