On, October 30, 2019, the Real Estate Amendment Act 2019 went into effect, dismissing Council and giving the Minister of Service Alberta the ability to appoint an Administrator to manage the affairs of RECA.
On December 1, 2020, the Real Estate Amendment Act 2020 came into force, creating a new governance structure for RECA comprised of a Board of Directors and four sector-specific Industry Councils. The powers of the previous Council that were retained in the Act were split between the Board and these Councils.
Due to these governance changes, there are currently only two standing committees (Finance and Audit Committee and Hearings Committee), and one special committee to move the regulation of condominium managers forward towards the Dec 1, 2021 licensing date (the Condominium Manager Implementation Advisory Committee).
Section 12 of the Real Estate Act Bylaws allows the Board to establish standing, advisory, and ad hoc committee for the Board and Industry Councils. The Board determines the committee’s mandate, composition and reporting requirements, and any recommendation or decision of a committee must be ratified by the Board prior to being acted on.
The Board appoints all Board committee members, including the committee chair, by majority vote. The Industry Council for which a particular Industry Council committee relates appoints all Industry Council committee members, including the committee chair, by majority vote. The terms of reference of a committee may also provide for external organizations to make appointments. Each committee must include at least one member of the Board or an Industry Council, and may include licensees and the public at large.
