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In This Volume

95 (1) The strata corporation must account for money in the contingency reserve fund separately from other money of the strata corporation.

  • (2) The strata corporation must invest all of the money in the contingency reserve fund in one or the other or a combination of the following:
  • (a) those investments permitted by the regulations;
  • (b) insured accounts with savings institutions in British Columbia.
  • (3) Any interest or income earned on the money in the contingency reserve fund becomes part of the fund.
  • (4) Despite subsection (2), the strata corporation may lend money in the contingency reserve fund to the operating fund as permitted by the regulations.

1998-43-95, effective July 1, 2000 (B.C. Reg. 43/2000); 1999-21-22, effective July 1, 2000 (B.C. Reg. 43/2000); 2002-33-21, effective February 28, 2003 (B.C. Reg. 34/2003).

REGULATIONS

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

Permitted Investments: Section 95(2)(a)

See s. 6.11 of the Strata Property Regulation, B.C. Reg. 43/2000, regarding the types of investments that must be made with money from the contingency reserve fund.

Contingency Reserve Fund Loans: Section 95(4)

See s. 6.3 of the Strata Property Regulation regarding the conditions that must be met for the strata corporation to lend money in the contingency reserve fund to the operating fund.