94 Depreciation Report

94 (1) In this section, “qualified person” has the meaning set out in the regulations.

• (2) Subject to subsection (3), a strata corporation must obtain from a qualified person, on or before the following dates, a depreciation report estimating the repair and replacement cost for major items in the strata corporation and the expected life of those items:

• (a) for the first time,
  • (i) December 14, 2013, in the case of a strata corporation that existed on December 14, 2011, or
  • (ii) the prescribed date, in all other cases;
• (b) if the strata corporation has, before or after the coming into force of this section, obtained a depreciation report that complies with the requirements of this section, the date that is the prescribed period after the date on which that report was obtained;
• (c) if the strata corporation has, under subsection (3)(a), waived the requirement under this subsection to obtain a depreciation report, the date that is the prescribed period after the date on which the resolution waiving the requirement was passed.

• (3) A strata corporation need not comply with the requirement under subsection (2) to obtain a depreciation report on or before a certain date if

• (a) the strata corporation, by a resolution passed by a 3/4 vote at an annual or special general meeting within the prescribed period, waives that requirement, or
• (b) the strata corporation is a member of a prescribed class of strata corporations.

• (4) A depreciation report referred to in subsection (2) must contain the information set out in the regulations.

2009-17-15, effective December 14, 2011 (B.C. Reg. 238/2011); 2012-27-16.