What must condominium corporations comply with in relation to their management practices?

Condominium corporations must comply with regulatory frameworks, which encompass various laws and regulations that govern their operation and management. These frameworks include legislation such as the Condominium Act, which sets forth the obligations and responsibilities of condominium corporations, including governance, financial management, and unit owner rights. Compliance with these regulations ensures that the corporation operates within the law and adheres to the standards necessary for proper administration, accountability, and transparency.

While best practice guidelines, industry standards, and financial responsibilities might play important roles in the overall governance and management of a condominium corporation, it is the regulatory frameworks that provide the binding legal structure within which all other practices must align. This ensures that the corporation is not only following ethical and professional standards but also meeting the legal requirements set forth by governing bodies.