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Reserve fund study

94. (1)

The corporation shall conduct periodic studies to determine whether the amount of

money in the reserve fund and the amount of contributions collected by the corporation are

adequate to provide for the expected costs of major repair and replacement of the common

elements and assets of the corporation. 1998, c. 19, s. 94 (1).

Contents of study

(2)

A reserve fund study shall be of the prescribed class, shall include the material that is

prescribed for its class and shall be performed in accordance with the standards that are

prescribed for its class. 1998, c. 19, s. 94 (2).

Updates

(3)

For the purposes of this Act, an update to a reserve fund study shall constitute a class

of reserve fund study. 1998, c. 19, s. 94 (3).

Time of study

(4)

A corporation created on or after the day this section comes into force shall conduct a

reserve fund study within the year following the registration of the declaration and description

and subsequently at the prescribed times. 1998, c. 19, s. 94 (4); 2001, c. 9, Sched. D, s. 3 (2).

Same, existing corporations

(5)

A corporation created before the day this section comes into force shall conduct a

reserve fund study at the prescribed times. 1998, c. 19, s. 94 (5).

Person conducting study

(6)

A reserve fund study shall be conducted by a person of a prescribed class who shall

have no affiliation with the board or with the corporation that is contrary to the regulations made

under this Act. 1998, c. 19, s. 94 (6).

Cost of study

(7)

The cost of conducting the study shall be a common expense which the board may

charge to the reserve fund. 1998, c. 19, s. 94 (7).

Plan for future funding

(8)

Within 120 days of receiving a reserve fund study, the board shall review it and

propose a plan for the future funding of the reserve fund that the board determines will ensure

that, within a prescribed period of time and in accordance with the prescribed requirements, the

fund will be adequate for the purpose for which it was established. 1998, c. 19, s. 94 (8).

Copy of plan

(9)

Within 15 days of proposing a plan, the board shall,

(a) send to the owners a notice containing a summary of the study, a summary of the

proposed plan and a statement indicating the areas, if any, in which the proposed plan

differs from the study; and

(b) send to the auditor a copy of the study, a copy of the proposed plan and a copy of the

notice sent to the owners under clause (a). 1998, c. 19, s. 94 (9).

Implementation of proposed plan

(10)

The board shall implement the proposed plan after the expiration of 30 days following

the day on which the board complies with subsection (9). 1998, c. 19, s. 94 (10).