104 Failure To Approve Budget

104 (1) If a budget is not approved at an annual general meeting, the strata corporation must within 30 days, or such longer period as approved by a resolution passed by a 3/4 vote at the meeting, prepare a new budget and place it before a special general meeting for approval by a resolution passed by a majority vote.

• (2) If a fiscal year to which a budget relates ends before a new budget is approved, the owners must, until the new budget is approved, continue to pay to the strata corporation the same monthly strata fees that they were required to pay under the previous budget.
• (3) Until a new budget is approved, the strata corporation may spend money out of the operating fund only in accordance with section 98 or

• (a) on the type of expenses that are set out in the previous budget and that usually occur once a year or more often than once a year, and
• (b) up to the maximum amount set out in the previous budget for each category of expense.

1998-43-104, effective July 1, 2000 (B.C. Reg. 43/2000).