278 Interest Schedule

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:

• (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).