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period not exceeding three years for which it is to be paid. 1998, c. 19, s. 56 (2).

Borrowing by-law

(3)

A corporation shall not borrow money for expenditures not listed in the budget for the

current fiscal year unless it has passed a by-law under clause (1) (e) specifically to authorize the

borrowing. 1998, c. 19, s. 56 (3).

Assessment appeal

(4)

If the board has made a by-law under clause (1) (f), the corporation shall have the

capacity and authority to appeal under section 40 of the

Assessment Act

on behalf of owners but

shall not be liable for an alteration in the assessment of a unit or for any other matter relating to

the appeal, except for the costs of the appeal. 2008, c. 7, Sched. A, s. 18.

Same

(5)

Despite a by-law made under clause (1) (f), on written notice to the board and to the

Assessment Review Board given before the hearing of an appeal under section 40 of the

Assessment Act

, an owner may withdraw an appeal that the corporation has made on the owner’s

behalf. 2008, c. 7, Sched. A, s. 18.

By-laws to be reasonable

(6)

The by-laws shall be reasonable and consistent with this Act and the declaration. 1998,

c. 19, s. 56 (6).

Same, proposed by-laws

(7)

By-laws proposed by the declarant before the registration of a declaration and

description shall be reasonable and consistent with this Act and the proposed declaration. 1998,

c. 19, s. 56 (7).

Inconsistent provisions

(8)

If any provision in a by-law or a proposed by-law is inconsistent with the provisions of

this Act, the provisions of this Act shall prevail and the by-law or proposed by-law, as the case

may be, shall be deemed to be amended accordingly. 1998, c. 19, s. 56 (8).

Registration

(9)

For each by-law of a corporation, an officer of the corporation shall certify a copy of

the by-law as a true copy and the corporation shall register the copy in,

(a) the land titles division of the land registry office within the boundaries of which

division the land described in the description is situated, if the land registry office has

a land titles division; or

(b) the registry division of the land registry office within the boundaries of which division

the land described in the description is situated, if the land registry office does not

have a land titles division. 1998, c. 19, s. 56 (9).

When by-law effective

(10)

A by-law is not effective until,

(a) the owners of a majority of the units of the corporation vote in favour of confirming it,

with or without amendment; and

(b) a copy of it is registered in accordance with subsection (9). 1998, c. 19, s. 56 (10).