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