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Tread carefully when investing reserve funds u : Dear Condofax: 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. Treasurer. Dear Treasurer: 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€" tion, the Condominium Act states in Sec. 12 that the objects and on Mg-; * duties of condoâ€" minium corporaâ€" tions include the "management and administration" of the assets and propâ€" erty of the corporaâ€" tion. This includes "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. 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." 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. 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. 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 Trustee ~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.â€"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 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€" ance against loss, it might not be high enough to cover their entire portfoâ€" lio. Finally, when investing funds, remember deposits are only insured up to $60,000, and corâ€" porations are well . advised to . invest only in larger, well established lending institutions such as chartered banks or larger trust compaâ€" nies. Condofax welâ€" comes your quesâ€" tions about condoâ€" miniums and can be reached through the Oakville Beaver at 467 Speers. Rd., Oakville, Ontario L6K 384 or by callâ€" ing The Golden Horseshoe Chapter of the Canadian C on d o m in ium Institute (CCI) at 905â€"521â€"8144. H. Penman Smith is a Burlington resident who has been active in all phases of conâ€" dominium activity since 1975. He is viceâ€"president of the Adam Campbell PA LOCAL AGENT OFFERS CLIENTS ONLY A Associate Broker Call a Pro yelr Pertormer (905) 842â€"7000 THE BEST MARKETING AVAILABLE . Adam Campbell an Associate Consistently one of the top > Re/Max are a perfect fit. Just Broker with Re/Max Aboutowne Realty Corp. in Oakville wants his clients to know where his marketing dolâ€" lars are going. Campbell a tenâ€"year veteran selling homes in Oakville knows that to provide results and obtain top dollar for his clients home requires a large personal investment. "To sell a home for the very best dollar requires a total commitment to expose that property to every potential Purchaser looking in and around Oakville and that means mass marketing well outside our local boundaries. Exposure is the key for maxiâ€" mizing a homes‘ sale price as more and more Buyers are coming from out of town." producing Agents in Oakville, Campbell certainly has the sales records, work ethics and client confidence to justify his amazing results. With an extremely generous marketing budget set for every property he offers for sale, Campbell‘s clients are always comfortable knowing their property will receive a large number of showings which will increase their chances of obtaining a higher dollar for their home. "It is important to provide only the very best service to obtain results in any market and that means 120% effort at all $ times." With North America‘s largest and most effective referâ€" Tal network in place, Adam and Advertisement look at the local market share statistics and it is not hard to understand why Re/Max is on top. "This is an excellent market right now for people who are considering moving up or buyâ€" ing for the first time. With interest rates at their lowest levels in over 20 years and facâ€" ing upward pressure combined with affordable home prices, we may never again see a marâ€" ket quite so perfect." A complete marketing presenâ€" tation and evaluation of your existing home is just a call away. To arrange an appointâ€" ment, ADAM CAMPBELL can be reached by calling his office at (905) 842â€"7000. Golden Horseshoe Chapter of the CCI and former Condominium Information Officer with the Ministry of Consumer and C o m m ercial Relations of the province of Ontario. Sales Representative . 338â€"9000 67 LAKESHORE RD. W. Each office independently owned and operc . Have YQur Discovered The Difference Yet? These Satisfied Vendors Have! Call me before you list and discover the difference! : Large brick link home : featuring 3 bdrms., . SNTING PREMY. 1262 | 1619 RICHARD IANN 338â€"9000 RICHARD IANN 338â€"9000 The opinions stated in this column are his own. He is not qualified to give legal opinions. _‘ RAMBLING LINK fam. rm., new gourmet‘s kit., new oak plank flooring in iv. tm. din. m., new custom fip., custom orch enclosure, arge deck, fin. bsmnt. NLY 188,000 Immaculate 4â€"4bdrm. on quiet childproof street, open stair _ case to basement, ceramics throughâ€" jacuz2 in ensuite. 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