21 First Annual Budget Requirements

• 21 (1) The first annual budget must be for the 12 month period beginning on the first day of the month following the date of the first annual general meeting.
• (2) The first annual budget must be distributed with the notice of the first annual general meeting under section 45 and must be accompanied by a financial statement.
• (3) The budget and financial statement

• (a) must contain the information required by the regulations, and
• (b) may be in the form set out in the regulations.

• (4) Approval of the first annual budget must be by a resolution passed by a majority vote.
• (5) The proposed budget may be amended by a majority vote at the first annual general meeting before the budget itself is put to a vote.
• (6) Within 8 weeks after the first annual general meeting, the owner developer must give the strata corporation a financial statement updated to

• (a) the date the first annual budget takes effect, or
• (b) if no budget is approved at the first annual general meeting, the date of the first annual general meeting.

1998-43-21, effective July 1, 2000 (B.C. Reg. 43/2000); 1999-21-4, effective July 1, 2000 (B.C. Reg. 43/2000).