As elected representatives of the owners, the Board of Directors takes responsibility for managing the Condominium Corporation’s property and its business. The Condominium Act and the Declaration and By-laws of the Corporation set out the duties of the Board of Directors. It must ensure that the Condominium Corporation’s moneys are held in trust, and are properly invested. The directors must also keep the records required by the Act available for inspection. The Board is also responsible for enforcing the provisions of the Act, the Declaration, Bylaws and the Rules. In general, the directors are responsible for the upkeep and the maintenance of the Condominium and other business matters, usually by supervising the actions of the property manager. They can hire people to manage the Corporation. They can enter into legal contracts and with the consent of unit owners as specified in the Act, acquire additional property or sell existing property. Directors receive no fees for their work but are expected to assume a great deal of responsibility. In order to avoid personal liability, the Act says that directors should seek out and rely on the advice of professionals whose expertise applies to the issues being considered. Condominium Corporations should also ensure that directors’ liability insurance is obtained for those who serve as directors.