226 Release Of Security

226 (1) Security provided under section 223 must be released if any of the following requirements are met:

• (a) the common facility is substantially completed, as verified by the certificate of a registered architect or professional engineer;
• (b) after a council is elected, the strata corporation and the owner developer enter into an agreement for the completion of the common facilities and the release of the security is authorized by a resolution passed by a 3/4 vote at an annual or special general meeting;
• (c) the Supreme Court orders the release under subsection (4);
• (d) the Supreme Court makes an order under subsection (5) or under section 233(6) or 235(6) for the provision of the common facilities.

• (2) For the purpose of the 3/4 vote referred to in subsection (1)(b), the owner developer is not an eligible voter.
• (3) Security provided under section 223 must not be released unless one of the requirements in subsection (1) of this section has been met.
• (4) If the municipality, regional district, Nisga’a Village, Nisga’a Nation or treaty first nation refuses to release the security, the owner developer may apply to the Supreme Court for an order that it be released.
• (5) After deposit of the first phase, if a common facility is not substantially completed within the time for completion set out in the Phased Strata Plan Declaration, the strata corporation or an owner may apply to the Supreme Court for one or both of the following orders:

• (a) that the owner developer complete whatever common facilities the court considers equitable;
• (b) that some or all of the security provided for the common facilities be paid as provided by the court.

1998-43-226, effective July 1, 2000 (B.C. Reg. 43/2000); 2002-22-14, effective June 21, 2002 (B.C. Reg. 149/2002); 2007-36-168, effective April 3, 2009 (B.C. Reg. 55/2009).