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Same, maintenance

(2)

If the declaration provides that the owner has an obligation to maintain the common

elements or any part of them and the owner fails to carry out the obligation within a reasonable

time, the corporation may do the work necessary to carry out the obligation. 1998, c. 19,

s. 92 (2).

Same, maintenance of units

(3)

If an owner has an obligation under this Act to maintain the owner’s unit and fails to

carry out the obligation within a reasonable time and if the failure presents a potential risk of

damage to the property or the assets of the corporation or a potential risk of personal injury to

persons on the property, the corporation may do the work necessary to carry out the obligation.

1998, c. 19, s. 92 (3).

Cost

(4)

An owner shall be deemed to have consented to the work done by a corporation under

this section and the cost of the work shall be added to the owner’s contribution to the common

expenses. 1998, c. 19, s. 92 (4).

Reserve fund

93. (1)

The corporation shall establish and maintain one or more reserve funds. 1998,

c. 19, s. 93 (1).

Purpose of fund

(2)

A reserve fund shall be used solely for the purpose of major repair and replacement of

the common elements and assets of the corporation. 1998, c. 19, s. 93 (2).

Designation not required

(3)

A fund set up for the purpose mentioned in subsection (2) shall be deemed to be a

reserve fund even though it may not be so designated. 1998, c. 19, s. 93 (3).

Contributions to fund

(4)

The corporation shall collect contributions to the reserve fund from the owners, as part

of their contributions to the common expenses. 1998, c. 19, s. 93 (4).

Amount of contributions

(5)

Unless the regulations made under this Act specify otherwise, until the corporation

conducts a first reserve fund study and implements a proposed plan under section 94, the total

amount of the contributions to the reserve fund shall be the greater of the amount specified in

subsection (6) and 10 per cent of the budgeted amount required for contributions to the common

expenses exclusive of the reserve fund. 1998, c. 19, s. 93 (5).

Same, after first reserve fund study

(6)

The total amount of the contributions to the reserve fund after the time period specified

in subsection (5) shall be the amount that is reasonably expected to provide sufficient funds for

the major repair and replacement of the common elements and assets of the corporation,

calculated on the basis of the expected repair and replacement costs and the life expectancy of

the common elements and assets of the corporation. 1998, c. 19, s. 93 (6).

Income earned

(7)

Interest and other income earned from the investment of money in the reserve fund

shall form part of the fund. 1998, c. 19, s. 93 (7).