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If there is no vote in favour of termination under subsection (7), the corporation shall,

within a reasonable time, repair the damage to the building or structure located on the property.

1998, c. 19, s. 123 (10).

Termination upon sale of property

124. (1)

If the corporation sells the property or a part of the common elements, this Act

ceases to govern the property being sold. 1998, c. 19, s. 124 (1).

Authorization of sale

(2)

The corporation shall not sell the property or a part of the common elements unless,

(a) the owners of at least 80 per cent of the units, at the date of the vote, vote in favour of

the sale;

(b) at least 80 per cent of those persons who, at the date of the vote, have registered claims

against the property being sold, that were created after the registration of the

declaration and description that made this Act applicable to the property being sold,

consent in writing to the sale; and

(c) if the sale is for only part of the common elements and includes common elements that

are for the use of the owners of certain designated units and not all the owners, the

owners of the designated units consent in writing to the sale. 1998, c. 19, s. 124 (2).

Conveyance

(3)

When a sale takes place, the board shall deliver to the purchaser the following

documents signed by the authorized officers of the corporation: a deed and a certificate in the

form prescribed by the Minister stating that the persons who, under subsection (2), are required

to vote in favour of the sale or consent in writing to the sale have done so. 1998, c. 19, s. 124 (3).

Proceeds

(4)

Subject to subsection (5), the owners at the time of the registration of the deed shall

share the net proceeds of the sale in the same proportions as their common interests. 1998, c. 19,

s. 124 (4).

Same

(5)

The portion of the proceeds of the sale that is attributable to a portion of the common

elements that is for the use of the owners of certain designated units, and not all the owners, shall

be divided among the owners of the designated units in the proportions in which their interests

are affected. 1998, c. 19, s. 124 (5).

Right of dissenters

125. (1)

A corporation that has made a sale under section 124 and every owner in the

corporation shall be deemed to have made an agreement that an owner who has dissented on the

vote authorizing the sale may, within 30 days of the vote, submit to mediation a dispute over the

fair market value of the property or the part of the common elements that has been sold,

determined as of the time of the sale. 1998, c. 19, s. 125 (1).

Application of s. 132

(2)

If an owner submits a dispute to mediation, section 132 applies to the dispute with

necessary modifications as if it were a disagreement under that section. 1998, c. 19, s. 125 (2).

Notice