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(b) the leasehold interests in the units are terminated;

(c) claims against the leasehold interests that do not secure the payment of money are

extinguished, unless the lessor consented to their registration, in which case they are

continued against the lessor’s interest; and

(d) claims against the leasehold interests that secure the payment of money are claims

against the persons who were owners of the leasehold interests immediately before the

termination of those interests, and not against the land. 1998, c. 19, s. 175 (1).

Same

(2)

Section 127 does not apply to a leasehold condominium corporation. 1998, c. 19,

s. 175 (2).

Appointment of trustee

(3)

Despite section 129, before the time at which this Act ceases to govern the property,

the corporation shall appoint a trustee to pay out the money remaining in the corporation’s

reserve fund in accordance with this section. 1998, c. 19, s. 175 (3).

Distribution of money

(4)

When this Act ceases to govern the property, the trustee shall pay out the money

remaining in the reserve fund at that time in accordance with the following priorities:

1. To the lessor, the amount, if any, that is required to repair damage to the property that

has not been repaired.

2. To each of the owners, a share of the balance in the same proportion as their common

interests, subject to subsection (5). 1998, c. 19, s. 175 (4).

Payment of secured claims

(5)

Before paying out a share of money payable to an owner, the trustee shall deduct from

the share the amount of claims against the owner that secure the payment of money and shall

remit the deduction to the persons entitled to the claims. 1998, c. 19, s. 175 (5).

PART XIV

GENERAL

Act prevails

176.

This Act applies despite any agreement to the contrary. 1998, c. 19, s. 176.

Regulations

177. (1)

The Lieutenant Governor in Council may make regulations,

1. classifying corporations, properties or persons for the purposes of the regulations;

2. specifying prohibitions, restrictions and other requirements that apply to the registration

of a declaration and description in respect of any type of corporation;

3. specifying requirements for the construction of the buildings described in a description

for the purpose of a certificate mentioned in clause 8 (1) (e) or 157 (1) (c);

4. specifying material to be included in a declaration, a description, a report of a

performance audit mentioned in subsection 44 (8), a table of contents, a disclosure

statement, a budget statement, a status certificate, an agreement described in clause 98