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278 (1) The interest schedule must meet any requirements as to form and content that are required by this Act and the regulations, and must do all of the following:

  • (a) state whether the strata corporation holds land in its name, or has land held on its behalf, that is not shown on the strata plan;
  • (b) identify land shown on the strata plan and land held in the name of or on behalf of the strata corporation, but not shown on the strata plan, by legal description sufficient to allow the registrar to identify it in the records of the land title office;
  • (c) list the name and postal address of each owner;
  • (d) list the name, postal address and the estimated value of the interest of each holder of a registered charge against the land;
  • (e) list the name, postal address and interest of each creditor of the strata corporation who is not a holder of a registered charge against the land;
  • (f) list each owner’s share of the proceeds of distribution in accordance with the following formula:
  most recent assessed value of an owner’s strata lot  
  most recent assessed value of all the strata lots in the strata plan, excluding any strata lots held by or on behalf of the strata corporation  
  • (2) If there is no assessed value for the owner’s strata lot or for any strata lot in the strata plan, an appraised value
  • (a) that has been determined by an independent appraiser, and
  • (b) that is approved by a resolution passed by a 3/4 vote at an annual or special general meeting
  • may be used in place of the assessed value for the purposes of the formula in subsection (1)(f).
  • (3) If a strata corporation has a schedule of interest on destruction that was required under section 4(g) of the Condominium Act, R.S.B.C. 1996, c. 64, or a similar schedule that was required under any former Act, that schedule determines the owner’s share of the proceeds of distribution on the winding up of the strata corporation and for that purpose replaces the formula in subsection (1)(f).

1998-43-278, effective July 1, 2000 (B.C. Reg. 43/2000); 1999-21-47, effective July 1, 2000 (B.C. Reg. 43/2000).

REGULATIONS

The Strata Property Regulation, B.C. Reg. 43/2000, is included at chapter 57 (Strata Property Regulations) in this Manual.

Strata Corporations Subject to a Schedule of Interest on Destruction: Section 278(1) and (2)

See s. 277 of the Act and s. 17.22(4) of the Strata Property Regulation regarding the application of s. 278(1) and (2) of the Act to strata corporations that have cancelled a schedule of interest on destruction.

Amalgamated Strata Corporations: Section 278(1) and (2)

See s. 277 of the Act and s. 17.21(4)(b) of the Strata Property Regulation regarding the application of s. 278(1) and (2) of the Act to amalgamated strata corporations, at least one of which is subject to a schedule of interest on destruction, that do not submit an Amended Schedule of Interest on Destruction with an application under s. 269 of the Act.

Schedule of Interest on Destruction under the Condominium Act: Section 178(3)

See s. 17.1 of the Strata Property Regulation for definitions of an “Amended Schedule of Interest on Destruction” and “schedule of interest on destruction”.