Acts and Regulations

C-16.05 - Condominium Property Act

Section 39
Disposition versions

Full text
Reserve fund - condominium properties of not more than 10 units
39(1)Subject to section (2), if a condominium property consists of not more than 10 units, the amount in the reserve fund for the corporation shall be equal to 100% of the annual operating budget of the corporation, or a greater percentage if specified in the by-laws.
39(2)A corporation referred to in subsection (1) shall assess and collect the owners’ contributions to the reserve fund in an amount that results in the fund meeting the requirements of that subsection within 5 years after the registration of the declaration and description.
Reserve fund - condominium properties of not more than 10 units
39(1)Subject to section (2), if a condominium property consists of not more than 10 units, the amount in the reserve fund for the corporation shall be equal to 100% of the annual operating budget of the corporation, or a greater percentage if specified in the by-laws.
39(2)A corporation referred to in subsection (1) shall assess and collect the owners’ contributions to the reserve fund in an amount that results in the fund meeting the requirements of that subsection within 5 years after the registration of the declaration and description.