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In This Volume

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).

REGULATIONS

See s. 3.3 of the Strata Property Regulation, B.C. Reg. 43/2000, at chapter 57 (Strata Property Regulations) in this Manual, regarding the budget and financial statement requirements for owner developers under s. 21(3)(a) of the Act.

CROSS REFERENCES AND OTHER SOURCES OF INFORMATION

See s. 35 of the Act regarding the strata corporation’s duty to prepare and retain records.