Condominium Act

(k) all reserve fund studies that have been completed or are required to have been

completed at the time the meeting is held, other than the reserve fund study that is

required within the year following the registration of the declaration and description;

(l) a copy of the most current disclosure statement delivered to a purchaser of a unit in the

corporation under section 72 before the meeting; and

(m) all other material that the regulations made under this Act require to be given to the

board. 1998, c. 19, s. 43 (5).

Cost

(6)

The items mentioned in subsections (4) and (5) shall be prepared at the declarant’s

expense, except for the items mentioned in clauses (5) (j) and (k) which shall be prepared at the

expense of the corporation. 1998, c. 19, s. 43 (6).

Audited financial statements

(7)

The declarant shall deliver to the board within 60 days after the meeting audited

financial statements of the corporation prepared by the auditor, on behalf of the owners and at the

expense of the corporation, as of the last day of the month in which the meeting is held. 1998,

c. 19, s. 43 (7).

Application

(8)

The corporation may make an application to the Superior Court of Justice for an order

under subsection (9). 1998, c. 19, s. 43 (8); 2000, c. 26, Sched. B, s. 7 (5).

Court order

(9)

The court, if satisfied that the declarant has, without reasonable excuse, failed to

comply with subsection (4), (5) or (7),

(a) shall order that the declarant pay damages to the corporation for the loss it incurred as

a result of the declarant’s acts of non-compliance with subsection (4), (5) or (7), as the

case may be;

(b) shall order that the declarant pay the corporation’s costs of the application;

$10,000; and

(d) may order the declarant to comply with subsection (4), (5) or (7), as the case may be.

1998, c. 19, s. 43 (9).

Performance audit

44. (1)

If the property of the corporation includes one or more units for residential

purposes or if the corporation is a common elements condominium corporation, the board shall

retain a person who holds a certificate of authorization within the meaning of the

Professional

Engineers Act

or a certificate of practice within the meaning of the

Architects Act

to conduct a

performance audit of the common elements described in the description on behalf of the

corporation. 1998, c. 19, s. 44 (1).

Time for audit

(2)

A performance audit shall be conducted no earlier than six months, and no later than 10

months, following the registration of the declaration and description. 1998, c. 19, s. 44 (2).