Condominium Act

Incorporation by reference

(4)

A regulation made under subsection (1) that prescribes any of the following things may

adopt by reference, with the changes, if any, that the Lieutenant Governor in Council considers

advisable, any principle, standard, code or formula, as it reads at the time the regulation is made

or as it is amended from time to time, whether before or after the time at which the regulation is

made:

1. The manner in which financial statements of a corporation are to be prepared or

generally accepted accounting principles for the purpose of those statements.

2. The manner in which the auditor’s report described in subsection 67 (1) is to be

prepared or generally accepted auditing standards for the purpose of that report. 2001,

c. 9, Sched. D, s. 3 (4).

Transition

178. (1)

Corporations created under the

Condominium Act

, being chapter C.26 of the

Revised Statutes of Ontario, 1990, are continued as corporations under this Act. 1998, c. 19,

s. 178 (1).

Lien

(2)

A corporation’s lien that was created under the

Condominium Act

for the default of an

owner in the obligation to contribute to the common expenses is continued as a lien under

subsection 85 (1) of this Act. 1998, c. 19, s. 178 (2).

Transition, turnover

179. (1)

If the corporation was created under the

Condominium Act

, being chapter C.26 of

the Revised Statutes of Ontario, 1990, section 43 does not apply and section 26 of that Act, as it

existed immediately before the coming into force of section 184, continues to apply. 1998, c. 19,

s. 179 (1).

Offences under former Act

(2)

Section 55 of the

Condominium Act

, as it existed immediately before the coming into

force of section 184, continues to apply with respect to contraventions of subsection 26 (3) of

that Act. 1998, c. 19, s. 179 (2).

Transition, disclosure

180. (1)

If, on or before the day sections 44, 72 to 75 and 78 to 82 come into force, the

declarant with respect to a corporation has entered into one or more agreements of purchase and

sale for a unit or proposed unit in the corporation,

(a) those sections do not apply; and

(b) subject to subsection (2), sections 51 to 54 of the

Condominium Act

, being chapter

C.26 of the Revised Statutes of Ontario, 1990, except for subsection 52 (5) of that Act,

as those sections existed immediately before the coming into force of section 184,

continue to apply. 1998, c. 19, s. 180 (1).

Not a material amendment

(2)

For the purposes of subsection 52 (2) of the

Condominium Act

, being chapter C.26 of

the Revised Statutes of Ontario, 1990, a change to the information required to be contained in a