159 Decision Not To Repair Or Replace

159 (1) The strata corporation may, by a resolution passed by a 3/4 vote at an annual or special general meeting held no later than 60 days after the receipt of the money referred to in section 156, decide not to repair or replace the damaged property.

• (2) Subject to section 160, if the strata corporation decides not to repair or replace the damaged property, the insurance trustee or the strata corporation that receives the payment under subsection (1) of this section holds the money and any interest on the money in trust for each person who has an interest in the money, including the holder of a registered charge, and

• (a) must distribute the money according to each person’s interest, or
• (b) if an application is made under section 160, must distribute the money in accordance with the order made under that section.

1998-43-159, effective July 1, 2000 (B.C. Reg. 43/2000); 1999-21-31, effective July 1, 2000 (B.C. Reg. 43/2000).