Use of reserve fund95. (1)
No part of a reserve fund shall be used except for the purpose mentioned in
subsection 93 (2). 1998, c. 19, s. 95 (1).
The board does not require the consent of the owners to make an expenditure out of a
reserve fund. 1998, c. 19, s. 95 (2).
The amount of a reserve fund shall constitute an asset of the corporation and shall not
be distributed to the mortgagees of the units or, except on termination of the corporation, to the
owners of the units. 1998, c. 19, s. 95 (3).
All warranties given with respect to work and materials furnished for a unit shall
be for the benefit of an owner. 1998, c. 19, s. 96 (1).
Enforcement by corporation(2)
The corporation may enforce the warranties mentioned in subsection (1) on behalf of
an owner if the corporation does work on behalf of the owner under section 92. 1998, c. 19,
s. 96 (2).
Same, common elements(3)
All warranties given with respect to work and materials furnished for the common
elements shall be for the benefit of the corporation. 1998, c. 19, s. 96 (3).
Changes made by corporation97. (1)
If the corporation has an obligation to repair the units or common elements after
damage or to maintain them and the corporation carries out the obligation using materials that are
as reasonably close in quality to the original as is appropriate in accordance with current
construction standards, the work shall be deemed not to be an addition, alteration or
improvement to the common elements or a change in the assets of the corporation for the purpose
of this section. 1998, c. 19, s. 97 (1).
Changes made without notice(2)
A corporation may, by resolution of the board and without notice to the owners, make
an addition, alteration or improvement to the common elements, a change in the assets of the
corporation or a change in a service that the corporation provides to the owners if,
(a) it is necessary to make the addition, alteration, improvement or change to comply with
an agreement mentioned in section 113 or the requirements imposed by any general or
special Act or regulations or by-laws made under that Act;
(b) in the opinion of the board, it is necessary to make the addition, alteration,
improvement or change to ensure the safety or security of persons using the property
or assets of the corporation or to prevent imminent damage to the property or assets;
(c) subject to the regulations made under this Act, the estimated cost, in any given month
or other prescribed period, if any, of making the addition, alteration, improvement or