213 Destruction Of Buildings

213 (1) If the buildings that are part of the leasehold strata plan are destroyed or damaged by more than 1/3 of their fair market value, the leasehold tenants may elect not to rebuild by a resolution passed by a 3/4 vote at an annual or special general meeting.

• (2) When the leasehold tenants pass the resolution referred to in subsection (1), all the strata lot leases terminate and the leasehold landlord must purchase each leasehold tenant’s interest in the strata lot in accordance with section 214.

1998-43-213, effective July 1, 2000 (B.C. Reg. 43/2000).