Set of moral principles underlining the most appropriate behavior of a director.
Most co-ownership directors perform their function as volunteers. But, contrary to popular belief, they can be paid. Their remuneration takes various forms: salary, honorariums and attendance fees, just to name a few. This financial compensation, a part of the administrative expenses of the co-ownership, may also include the reimbursement of some expenses incurred by a director.
The director of a co-ownership is called to play a key role in the sound management of the co-ownership and preservation of the patrimony of the co-owners. To strengthen and maintain the relationship of trust with them, every director must be fair, honest and loyal toward the Syndicate and the co-wners. The director must also respect ethical standards and the Code of conduct stipulated by the Civil Code of Quebec and the declaration of coownership.
The presence of a Board of Directors is mandatory in a co-ownership. It is the executive body of the syndicate and its legal representative. Its members act as the mandataries of the syndicate.