40(1)If a condominium property consists of more than 10 units, the corporation shall complete a reserve fund study every 10 years and shall submit it to the Director no later than 30 days after it is completed.

40(2)A corporation referred to in subsection (1) shall complete an update of a reserve fund study every 3 years or any time there is a significant change in the assets of the corporation and shall submit it to the Director no later than 30 days after it is completed.

40(3)A reserve fund status certificate, prescribed by regulation, shall be completed by the person who prepares the reserve fund study.

40(4)A corporation referred to in subsection (1) shall maintain a reserve fund in an amount that meets the minimum amount recommended in the reserve fund study.

40(5)If the amount in the reserve fund of a corporation referred to in subsection (1) is less than the amount required within the period of time recommended in the study, the corporation shall assess and collect the owners’ contributions to the reserve fund in an amount that would result in the fund meeting the minimum funding recommendations of the reserve fund study.

40(6)The form and contents of a reserve fund study and the persons authorized to prepare it shall be prescribed by regulation.