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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 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)
        • (III) related to the installation of EV charging infrastructure or the management of electricity used by EV charging infrastructure, or
        • (IV) necessary to obtain a report respecting the installation or operation of EV charging infrastructure or the management of electricity used by EV charging infrastructure, or
      • (B) a 3/4 vote at an annual or special general meeting if the expenditure is not described in clause (A)(I) to (IV);
    • (ii) the expenditure is authorized under section 98.

2014-10-43; 2020-16-5, effective January 24, 2023 (B.C. Reg. 7/2023); 2023-21-10, effective May 11, 2023.

REGULATIONS

See s. 6.2(5) of the Strata Property Regulation, B.C. Reg. 43/2000, at chapter 58 (Strata Property Regulations), regarding guidelines for the depreciation report that may have been used to determine contributions to the contingency reserve fund.