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98 (1) If a proposed expenditure has not been put forward for approval in the budget or at an annual or special general meeting, the strata corporation may only make the expenditure in accordance with this section.

  • (2) Subject to subsection (3), the expenditure may be made out of the operating fund if the expenditure, together with all other unapproved expenditures, whether of the same type or not, that were made under this subsection in the same fiscal year, is
  • (a) less than the amount set out in the bylaws, or
  • (b) if the bylaws are silent as to the amount, less than $2,000 or 5% of the total contribution to the operating fund for the current year, whichever is less.
  • (3) The expenditure may be made out of the operating fund or contingency reserve fund if there are reasonable grounds to believe that an immediate expenditure is necessary to ensure safety or prevent significant loss or damage, whether physical or otherwise.
  • (4) A bylaw setting out an amount for the purposes of subsection (2)(a) may set out further conditions for, or limitations on, any expenditures under that provision.
  • (5) Any expenditure under subsection (3) must not exceed the minimum amount needed to ensure safety or prevent significant loss or damage.
  • (6) The strata corporation must inform owners as soon as feasible about any expenditure made under subsection (3).

1998-43-98, effective July 1, 2000 (B.C. Reg. 43/2000); 1999-21-23, effective July 1, 2000 (B.C. Reg. 43/2000).

CROSS REFERENCES AND OTHER SOURCES OF INFORMATION

See Part 7, Bylaws and Rules, Division 2, Amending the Bylaws, ss. 126 to 128 of the Act, regarding the requirements for bylaw amendment.