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Ron Danks, solicitor with the firm of Simpson Wigle and president of __the Golden Horseshoe Chapter, in an article on "Condominium Dollars and Sense" points out that in managing the finances of a condoâ€" minium corporaâ€" ton; _ the Condominium Act states in Sec. 12 that the objects. and duties of condoâ€" minium corporaâ€" tions include the "management and administration" of the assets and propâ€" erty of the corporaâ€" tion. This includes In these days of low interest rates, we were wondering what we could do to make sure we are obtaining the best rate of interest on our Reserve Fund money. Could we invest the money in our Reserve Fund into some form of Mutual Funds which would bring us a better rate of return than we are presently getting. Dear Treasurer:; Dear Condofax: s ‘KEN zd MAIR KEN ud MAIR Bd MAIR 257â€"0749 "KEN zd MAIR 257â€"0749 257â€"0749 257â€"0749 257â€"0749 257â€"0749 257â€"0749 Tread carefully when investing reserve funds 257â€"0749 257â€"0740 257â€"0749 257â€"0749 Treasurer. 257â€"0749 257â€"0749 o tssc Sm SE Un a uxu\, lully finished lower level, also family room with fireplace, a place to grow. $179,900. WHIRLPOOL TIME! Luxury townhome close to shopping and GO. All the amenities of luxury complex without the price. Near 2,200 square feet â€" offered at $176,900. LAKEVIEW WITHOUT THE PRICE â€" Nearly 2,200 square feet of luxury townhome living with lake views from all levels for only $174,900. SUMMER TIME AND THE LIVING IS EASY! Fourâ€"bedroom, 2â€"storey in River Oaks, light, bright moveâ€"in condition â€" inground pool and extensive decking and landscaping. This is a must see! $269,900. CREATIVE FINANCING FOR THOSE STARTING OUT â€" Fireplace, ceramics, marble, skylight. All wrapped in 2,200 sq. ft. of townhome for $174,900 with unlimited financing options. FIRST TIME! $164,900. Nearly 2,000 sq. ft. town, fireplace, ceramics, 3 bedrooms, 2 1/2 baths. SHERIDAN COLLEGE CLOSE â€" Threeâ€"bedroom link, fully The Act does not tell us how we may invest these monies and some, unfortuâ€" nately, consider that this gives them the freedom to invest it in any way they see fit. In one case, a corporation made a loan of reserve fund money to a relative of a director. anteed in some way, such as T Bills, GICs, and CSBs, but do not include speculative stocks, private mortgages, or mutual funds. The Trustee Act does NOT include mutual funds as a permitted type of investment, _ not even those which Since most corâ€" porations are reguâ€" larly involved in investing the money in their reserve funds, of which all corporations are required to maintain one or more, and since reserve fund money is restricted to paying for the repair and replaceâ€" ment of major capiâ€" tal items, the fund, is, in essence a "trust fund." "financial" manageâ€" ment. The corporation, in turn, is to be managed by a Board of Directors whose actions are governed by the Act, the decâ€" laration, and the byâ€" laws of the corporaâ€" tion. i 257â€"0749 257â€"0749 ‘KEN MAIR 257â€"0749 Most corporaâ€" tions, Danks points out, have adopted the position that any investment of reserve fund money should be governed by the same rules which govern other trust funds, namely those set out in Sec. 26 and 27 of, the Erustee :Act of Ontario. This restricts those who are investing trust money to very safe types of investâ€" ments, usually guarâ€" anteed in some way, such as T Bills, GICs, and CSBs, but do not include speculative stocks, private mortgages, or mutual funds. On the other hand, some people consider that the only type of investâ€" ment of reserve fund money that can be made is to put it into an ordinary bank account. 257â€"0749 AN INDEPENDENT MEMBER BROKER group ‘CEN zd MAIR 257â€"0749 24â€"Hour Direct 257â€"0749 "Not intended to solicit properties already offered for sale COMMUNITY REALTY INC Independently Owned Operated specialize in municâ€" ipal bonds which are administered by private investment firms, which if they run into difficulty might lose money, and though they might carry insurâ€" Thurs. April 7th Read next weeks Real Estate News for further deftails. * BETTER SERVICE * BETTER MARKETING * BETTER WAY Note: 3% or less NOT from 3%! You may never settle for 6% service again. We Can Sell Your Home for 3% or less 257â€"0749 257â€"0749 ance against loss, it might not be high enough to cover their entire portfoâ€" lio. Finally, when investing funds, remember deposits are qnly insured up 257â€"0749 257â€"0749 257â€"0749 1 “zm |24 uS ‘KCEN zd MAIR MAIFI 257â€"0749 257â€"0749 257â€"0749 257â€"0749 257â€"0749 257â€"0749 257â€"0749