Acts and Regulations

C-16.05 - Condominium Property Act

Section 38
Disposition versions

Full text
Reserve fund - substantial repair and replacement
38(1)In this section,
“eligible security” means a bond, debenture, guaranteed investment certificate, deposit receipt, deposit note, certificate of deposit, term deposit or other similar instrument that(valeur mobilière admissible)
(a) is issued or guaranteed by the Government of Canada or the government of a province of Canada, or
(b) is issued by an institution located in the Province insured by either the Canada Deposit Insurance Corporation or the New Brunswick Credit Union Deposit Insurance Corporation.
38(2)A corporation shall establish and maintain a reserve fund for the purposes referred to in subsection 42(1).
38(3)All contributions collected for a reserve fund shall be paid into the reserve fund and deposited and maintained in a bank, credit union or trust company in the Province or invested in an eligible security.
38(4)A fund set up for any of the purposes referred to in subsection 42(1) is deemed to be a reserve fund even if it is not designated as a reserve fund.
38(5)A reserve fund shall only be used for the purposes referred to in subsection 42(1).
38(6)A reserve fund constitutes an asset of the corporation and shall only be distributed to an owner when the governance of the condominium property by this Act is terminated.
Reserve fund - substantial repair and replacement
38(1)In this section, “eligible security” means a bond, debenture, guaranteed investment certificate, deposit receipt, deposit note, certificate of deposit, term deposit or other similar instrument that(valeur mobilière admissible)
(a) is issued or guaranteed by the Government of Canada or the government of a province of Canada, or
(b) is issued by an institution located in the Province insured by either the Canada Deposit Insurance Corporation or the New Brunswick Credit Union Deposit Insurance Corporation.
38(2)A corporation shall establish and maintain a reserve fund for the purposes referred to in subsection 42(1).
38(3)All contributions collected for a reserve fund shall be paid into the reserve fund and deposited and maintained in a bank, credit union or trust company in the Province or invested in an eligible security.
38(4)A fund set up for any of the purposes referred to in subsection 42(1) is deemed to be a reserve fund even if it is not designated as a reserve fund.
38(5)A reserve fund shall only be used for the purposes referred to in subsection 42(1).
38(6)A reserve fund constitutes an asset of the corporation and shall only be distributed to an owner when the governance of the condominium property by this Act is terminated.
Reserve fund - substantial repair and replacement
38(1)In this section, “eligible security” means a bond, debenture, guaranteed investment certificate, deposit receipt, deposit note, certificate of deposit, term deposit or other similar instrument that(valeur mobilière admissible)
(a) is issued or guaranteed by the Government of Canada or the government of a province of Canada, or
(b) is issued by an institution located in the Province insured by either the Canada Deposit Insurance Corporation or the New Brunswick Credit Union Deposit Insurance Corporation.
38(2)A corporation shall establish and maintain a reserve fund for the purposes referred to in subsection 42(1).
38(3)All contributions collected for a reserve fund shall be paid into the reserve fund and deposited and maintained in a bank, credit union or trust company in the Province or invested in an eligible security.
38(4)A fund set up for any of the purposes referred to in subsection 42(1) is deemed to be a reserve fund even if it is not designated as a reserve fund.
38(5)A reserve fund shall only be used for the purposes referred to in subsection 42(1).
38(6)A reserve fund constitutes an asset of the corporation and shall only be distributed to an owner when the governance of the condominium property by this Act is terminated.