Very easy. The chairman has two votes. So if he gets any members or especially office bearers to side him, he could put in all his contacts for the various jobs required in the condo. Some of the sure things that will happen when a change of committee occurs, for bad, new management company, new security, new landscaping, new janitor etc, each one collect a few % commission. If the committee is honest one, they'll so the same, but only to flush out old 'koncos' of the previous 'bad' committee. But they are answerable if they were to utilise the sinking funds. If I'm you, I'll propose myself as a committee member to safeguard the condo.

President/Chairman can only sit 2 years and other position can only sit 3 years.

Just make sure that there is a healthy change of people from time to time.

Account needs to audited every year, you can't just take the money out without any reason, or transfer to any individual account.
It is a CBT offence if simply take a public money (management fund) into personal use.

Auditor will easily find out when audit the account time.

But only buying engage with a specific contractor/company or cronyism, buying expensive etc is the grey area which should be aware of.
Adopting open tender process, openness during committee meeting etc are several good way to reduce such a grey area.