96 Expenditures From Contingency Reserve Fund

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,
    
    (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; 2023-21-107, effective December 6, 2023 (B.C. Reg. 261/2023).

REGULATIONS

See s. 6.2(5) of the Strata Property Regulation, B.C. Reg. 43/2000, at chapter 59 (Strata Property Regulations), regarding guidelines for the depreciation report that may have been used to determine contributions to the contingency reserve fund.