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In This Volume

96 The strata corporation must not spend money from the contingency reserve fund unless the expenditure is

  • (a) consistent with the purposes of the fund as set out in section 92(b), and
  • (b) approved or authorized as follows:
    • (i) the expenditure is first approved by a resolution passed by
      • (A) a majority vote at an annual or special general meeting if the expenditure is
        • (I) necessary to obtain a depreciation report under section 94, or
        • (II) related to the repair, maintenance or replacement, as recommended in the most current depreciation report obtained under section 94, of common property, common assets or the portions of a strata lot for which the strata corporation has taken responsibility under section 72(3), or
      • (B) a 3/4 vote at an annual or special general meeting if the expenditure is not described in clause (A)(I) or (II);
    • (ii) the expenditure is authorized under section 98.

2014-10-43.

REGULATIONS

See s. 6.2(5) of the Strata Property Regulation, B.C. Reg. 43/2000, at chapter 57 (Strata Property Regulations) in this Manual, regarding guidelines for the depreciation report that may have been used to determine contributions to the contingency reserve fund.