1. Is this ByLaw ineffective due to the lack of owners’ signatures?
2. I have heard that after two years despite a lack of signatures, the ByLaw would be valid and enforceable. Is this true?
This is what Section 143 of the Act says:
(1) An owners corporation may make a common property rights by-law only with the written consent of each owner on whom the by-law confers rights or special privileges.
(4) After 2 years from the making, or purported making, of a common property rights by-law, it is conclusively presumed that all conditions and preliminary steps precedent to the making of the by-law were complied with and performed.
So my reading of that is that your summary in your second question is correct. However, if on owner or subsequent owner of an affected property wanted to challenge the by-law withing the two years, I suppose they might.