Governance

PreviousService-Providing Vendors NextAI Agent

Last updated 7 months ago

Governance

Hestia Network's governance is driven by an incentive economy, fostering a collaborative and engaged community through a system of token rewards. Utilizing the concept of Nash equilibrium, where individuals' optimal actions lead to the best overall outcome for the community, Hestia encourages owners and residents to voice their opinions, raise issues, vote, help fellow residents, and volunteer. This direct democracy is facilitated through user-friendly apps and zero-knowledge (zk) voting, ensuring secure and private participation. Residents are incentivized with tokens for their contributions, which can be redeemed for perks such as free entry to condo parties, chances to win in Christmas raffles, or subsidized booking fees and priority access to common facilities. This system not only motivates active participation but also strengthens the sense of community and shared responsibility among residents.

Hestia AI agent follows and facilitates governance guidelines provided by its legislative region. In Ontario, condos are governed by their governing documents [1].

The Condo Act: The legal framework governing condo operations and management. Changes to the Condo Act can only be made through legislative amendments by the Ontario government, often involving consultation with stakeholders and legal experts.
Condo Declaration: The foundational document outlining the condo's structure, units, and common elements. Amendments to the Condo Declaration require written consent from 80-90% of the unit owners, depending on the nature of the amendment. The high threshold makes changes difficult but ensures significant owner agreement. Amendments must be registered with the Land Registry Office to be effective.
Condo By-Laws: By-laws governing the administration and management of the condo. Changes to the condo by-laws usually require a vote by unit owners, with a majority of unit owners (50% + 1). The proposed changes must be presented at an owners' meeting, and if approved, they must be registered with the Land Registry Office to become enforceable.
Condo Rules: Regulations for the use of units and common areas. Alterations to the condo rules generally require a board resolution followed by a notice period of 30 days during which unit owners can review and, if necessary, requisition a meeting to discuss or challenge the changes. Rules must be reasonable and consistent with the Condo Act and the condo declaration.
Condo Policies: Specific guidelines and procedures for various aspects of condo living, shared facilities and management practices. Policies can be created and amended by the condo board without needing owner approval. These policies typically cover operational matters like room bookings and amenity hours. While owner approval is not required, boards should regularly inform owners of any policy changes.

Reference

[1] Governing Documents - Condominium Authority of Ontario. (2023, August 17). Condominium Authority of Ontario.

PreviousService-Providing Vendors NextAI Agent

Last updated 7 months ago

Hestia AI agent follows and facilitates governance guidelines provided by its legislative region. In Ontario, condos are governed by their governing documents [1].

The Condo Act: The legal framework governing condo operations and management. Changes to the Condo Act can only be made through legislative amendments by the Ontario government, often involving consultation with stakeholders and legal experts.
Condo Declaration: The foundational document outlining the condo's structure, units, and common elements. Amendments to the Condo Declaration require written consent from 80-90% of the unit owners, depending on the nature of the amendment. The high threshold makes changes difficult but ensures significant owner agreement. Amendments must be registered with the Land Registry Office to be effective.
Condo By-Laws: By-laws governing the administration and management of the condo. Changes to the condo by-laws usually require a vote by unit owners, with a majority of unit owners (50% + 1). The proposed changes must be presented at an owners' meeting, and if approved, they must be registered with the Land Registry Office to become enforceable.
Condo Rules: Regulations for the use of units and common areas. Alterations to the condo rules generally require a board resolution followed by a notice period of 30 days during which unit owners can review and, if necessary, requisition a meeting to discuss or challenge the changes. Rules must be reasonable and consistent with the Condo Act and the condo declaration.
Condo Policies: Specific guidelines and procedures for various aspects of condo living, shared facilities and management practices. Policies can be created and amended by the condo board without needing owner approval. These policies typically cover operational matters like room bookings and amenity hours. While owner approval is not required, boards should regularly inform owners of any policy changes.

Reference

[1] Governing Documents - Condominium Authority of Ontario. (2023, August 17). Condominium Authority of Ontario.