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In This Volume

92 To meet its expenses the strata corporation must establish, and the owners must contribute, by means of strata fees, to

  • (a) an operating fund for common expenses that
    • (i) usually occur either once a year or more often than once a year, or
    • (ii) are necessary to obtain a depreciation report under section 94, and
  • (b) a contingency reserve fund for common expenses that usually occur less often than once a year or that do not usually occur.

1998-43-92, effective July 1, 2000 (B.C. Reg. 43/2000); 2014-10-42.

CROSS REFERENCES AND OTHER SOURCES OF INFORMATION

Budget Requirements

See s. 103(3) of the Act and s. 6.7 of the Strata Property Regulation, B.C. Reg. 43/2000, regarding the requirements for the budget and financial statements. The Form F is included at chapter 57 (Strata Property Regulations) in this Manual.

No Claim on Contingency Reserve Fund

See s. 101 of the Act, which provides that a seller is not entitled to a return of contributions to the contingency reserve fund on the sale of a strata lot.

Remedies for Owner’s Default

See ss. 112 to 118Division 6, Money Owing to Strata Corporation, ss. 112 to 118, in this Part of the Act, regarding remedies for owner’s default.