Background Image
Previous Page  86 / 118 Next Page
Information
Show Menu
Previous Page 86 / 118 Next Page
Page Background

signed by the authorized officers of the corporation and shall include a certificate stating that the

persons described in clause (1) (b) have consented in writing to the termination. 1998, c. 19,

s. 122 (2).

Termination upon substantial damage

123. (1)

The registration of a notice under subsection (7) terminates the government of the

property by this Act. 1998, c. 19, s. 123 (1).

Definition

(2)

In this section,

“substantial damage” means damage for which the cost of repair is estimated to equal or

exceed 25 per cent of the replacement cost of all the buildings and structures located on the

property. 1998, c. 19, s. 123 (2).

Estimates of damage

(3)

If damage occurs to a building or a structure located on the property that, in the opinion

of the board, may constitute substantial damage, the board shall have at least two persons, who

shall have no affiliation with the board and who, in the opinion of the board, are qualified, make

estimates of the damage within 30 days after the occurrence of the damage. 1998, c. 19,

s. 123 (3).

Determination by board

(4)

The board shall determine whether, based on the estimates, there has been substantial

damage. 1998, c. 19, s. 123 (4).

Notice of determination

(5)

If the board determines that there has been substantial damage, it shall give notice of its

determination to the owners. 1998, c. 19, s. 123 (5).

Contents of notice

(6)

The notice shall specify that,

(a) the owners have the right, in accordance with section 46 and within 30 days of

receiving the notice, to requisition a meeting of owners; and

(b) the board is required to register a notice terminating the government of the property by

this Act if the condition described in subsection (7) is met. 1998, c. 19, s. 123 (6).

Vote for termination

(7)

The board shall register a notice terminating the government of the property by this Act

if the owners of at least 80 per cent of the units, at the date of the vote, vote in favour of

termination. 1998, c. 19, s. 123 (7).

Form of notice

(8)

The notice shall be in the form prescribed by the Minister and shall be signed by the

authorized officers of the corporation. 1998, c. 19, s. 123 (8).

Time of registration

(9)

The board shall register the notice within 30 days of a vote in favour of termination

under subsection (7). 1998, c. 19, s. 123 (9).

Repairs if no termination