Account opened by a financial institution in the name of the syndicate of co-owners to deposit in particular the sums of money relating to the contribution of the co-owners to the common expenses and to allow their entries and exits to be recorded. The syndicate may hold various bank accounts, depending on the expectations of the syndicate (e.g. current account or savings account). In order to avoid confusion between the sums paid into the administration fund (which is intended for current operations), the contingency fund and the self-insurance fund, a separate bank account should be opened for each of them.
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.
When a co-ownership is newly constituted, the declaration of co-ownership generally provides for the appointment of a interim director, who exercises the functions of the Board of Directors until the Meeting of co-owners appoints a new board of directors. Consequently, the obligations related to administration, listed below, apply to this director.
Usually, it is the developer who designates him, in accordance with a provision in the declaration of co-ownership (By-laws of the Immovable). Often he appoints one of his representatives to act as the interim director of the syndicate.