Information certificate update (ICU)

An Information Certificate Update (ICU) is sent to owners if there are certain key changes before the next scheduled Periodic Information Certificate (PIC).

An ICU must be sent to owners when:

there is a change in the directors or officers of the corporation;

there is a change in the address for service of the corporation, of the directors or officers or of the management company;

there is a change of the address to send requests to examine records;

there is a change in the method of electronic communications the corporation uses to notify owners;

there's a change in the amount of the insurance deductible;

if the corporation’s insurance is terminated; and,

the board lose quorum.

The ICU is to be distributed within 30 days of the change with two exceptions;

1. Loss of insurance
If a corporation loses its insurance coverage, the corporation must advise owners as soon as reasonably possible after the day the insurance termination came to the corporation’s knowledge.

2. Loss of quorum
An ICU must be sent within five days whenever a board loses quorum.

Corporations must use new mandatory forms on the Government of Ontario website, which explain how to complete the certificates.

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