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14 (1) The strata corporation must pay the expenses that accrue in the period beginning the first day of the month following the month in which the first conveyance of a strata lot to a purchaser occurs until the date the first annual budget takes effect.

  • (2) During the period referred to in subsection (1), the owners must pay to the strata corporation, each month, their monthly share of the estimated operating expenses of the strata corporation and contribution to the contingency reserve fund as set out in the interim budget.
  • (3) The strata corporation must not use money in the contingency reserve fund to pay expenses that accrue before the owners approve the first annual budget.
  • (4) Subject to subsection (5), if the expenses accrued by the strata corporation, for the period referred to in subsection (1), are greater than the operating expenses estimated in the interim budget for that period, the owner developer must pay the difference to the strata corporation within 8 weeks after the first annual general meeting.
  • (5) If the accrued expenses referred to in subsection (4) are 10% or more greater than the operating expenses estimated in the interim budget for that period, the owner developer must include in the payment referred to in subsection (4) an additional amount calculated according to the regulations.
  • (6) If the expenses accrued by the strata corporation, for the period referred to in subsection (1), are less than the operating expenses estimated in the interim budget for that period, the strata corporation must refund the difference to the owners in amounts proportional to their contributions.
  • (7) Despite subsection (6), if no owner is entitled to receive more than $100 in total under subsection (6), the strata corporation may deposit the difference in the contingency reserve fund.
  • (8) If no budget is approved at the first annual general meeting, the period referred to in subsections (4), (5) and (6) ends at the first annual general meeting.

1998-43-14, effective July 1, 2000 (B.C. Reg. 43/2000); 1999-21-3, effective July 1, 2000 (B.C. Reg. 43/2000).

REGULATIONS

The Strata Property Regulation, B.C. Reg. 43/2000, is included at chapter 57 (Strata Property Regulations) in this Manual.

Additional Amount Payable to Strata Corporation: Section 14(5)

Section 3.1(1) of the Strata Property Regulation sets out the formula for calculating the additional amount owner developers must pay to the strata corporation under s. 14(5) of the Act.

Application of Section 14(5)

See s. 17.3(1) of the Strata Property Regulation regarding the application of s. 14(5) of the Act.

Phased Strata Plans

See s. 13.4 of the Strata Property Regulation regarding the application of s. 14 of the Act to phased strata plans.