Gleniffer Lake Resort
New Director Onboarding Test (10 Questions)
Instructions:Selectthebestanswerforeachquestion.
1.TheCondominiumCorporationsatGlenifferLakeResortaregovernedprimarilyby:
A.BusinessCorporationsAct(BCA)
B.CondominiumPropertyAct(CPA)
C.SocietiesAct
D.MunicipalGovernmentAct
2.GlenifferLakeResortLtd.(GLRL)isgovernedprimarilyby:
A.CondominiumPropertyAct(CPA)
B.BusinessCorporationsAct(BCA)
C.CanadaNot-for-ProfitCorporationsAct
D.Municipalbylaws
3.ADirector’sfiduciarydutyrequiresthemto:
A.RepresenttheinterestsoftheirPhaseonly
B.ActinthebestinterestsoftheCorporationasawhole
C.Followmajorityopinionoflotowners
D.Protectonlyfinancialmatters
4.IfaDirectorhasaconflictofinterestinadecision,theymust:
A.Votequicklybeforediscussion
B.Disclosetheconflictandabstainfromdiscussionandvoting
C.Remainsilentbutvote
D.DelegatetheirvotetoanotherDirector
5.CondoCorpRepresentativesattendingGLRLBoardmeetings:
A.Arevotingmembers
B.Mayvotebyproxy
C.AttendasGuestsanddonotvote
D.Voteonlyonfinancialmatters
6.TheBoardhasauthoritytowaivecondominiumcontributions:
A.Yes,ifunanimouslyapproved
B.Yes,duringfinancialhardship
C.No,itdoesnothaveauthoritytowaivecontributions
D.OnlyforDirectors
7.ReserveFundmoniesareheld:
A.IntrustbyGLRL
B.InCondoCorporationbankaccounts
C.BytheGeneralManager
D.Bytheaccountingfirm
8.Section4.9oftheUnanimousShareholdersAgreementrequiresapprovalofatleastfive (5)Shareholdersfor:
A.HiringorterminatingtheGeneralManager
B.Issuingoperatingpolicies
C.Approvingmeetingminutes
D.Appointingcommitteemembers
9.GLRLisstructuredasa:
A.Not-for-profitentity
B.For-profitprivatecorporation
C.Crowncorporation
D.Municipalcorporation
10.AproperlyfunctioningBoardmustalways:
A.Avoidunpopulardecisions
B.Actfairly,reasonably,andwithinitslegislativeauthority
C.Deferalldecisionstomanagement
D.Focusonlyonshort-termfinancialresults