Condominium Act

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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
Subsection (1) does not apply to a telecommunications agreement within the meaning
of section 22. 1998, c. 19, s. 113 (2).
Court order
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
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.
MISCELLANEOUS
Corporation’s money
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
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
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
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