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new board at a meeting held in accordance with subsection 43 (1), any party to the agreement

may, within 12 months following the election, make an application to the Superior Court of

Justice for an order under subsection (3). 1998, c. 19, s. 113 (1); 2000, c. 26, Sched. B, s. 7 (7).

Non-application

(2)

Subsection (1) does not apply to a telecommunications agreement within the meaning

of section 22. 1998, c. 19, s. 113 (2).

Court order

(3)

The court may make an order amending or terminating the agreement or any of its

provisions or may make any other order that the court deems necessary if it is satisfied that,

(a) the disclosure statement did not clearly and adequately disclose the provisions of the

agreement; and

(b) the agreement or any of its provisions produces a result that is oppressive or

unconscionably prejudicial to the corporation or any of the owners. 1998, c. 19,

s. 113 (3).

Insurance trust agreements

114.

Despite anything contained in an insurance trust agreement that a corporation has

entered into with an insurance trustee and anything in the declaration, the corporation may

terminate the agreement by giving at least 60 days notice in writing of the termination date to the

trustee. 1998, c. 19, s. 114.

M

ISCELLANEOUS

Corporation’s money

115. (1)

A person who receives money on behalf of or for the benefit of the corporation,

including money received from owners as contributions to the common expenses or the reserve

fund, shall hold the money, together with interest and other proceeds earned from investing it, in

trust for the performance by the corporation of its duties and obligations. 1998, c. 19, s. 115 (1).

Corporation’s accounts

(2)

A corporation shall maintain one or more accounts in its name designated as general

accounts and one or more accounts in its name designated as reserve fund accounts. 1998, c. 19,

s. 115 (2).

Location of accounts

(3)

Each of the accounts shall be located in Ontario at a bank listed under Schedule I or II

to the

Bank Act

(Canada), a trust corporation, a loan corporation or a credit union authorized by

law to receive money on deposit. 1998, c. 19, s. 115 (3); 2002, c. 8, Sched. I, s. 7 (2).

Deposit of money

(4)

Subject to subsections (6) and (7), the person who receives money on behalf of or for

the benefit of the corporation shall pay the money, together with interest and other proceeds

earned from investing it, into,

(a) a general account of the corporation, if the money was not received as contributions

from owners to the reserve fund; or

(b) a reserve fund account of the corporation, if the money was received as contributions