Condominium Act

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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
The registration of a notice under subsection (7) terminates the government of the
property by this Act. 1998, c. 19, s. 123 (1).
Definition
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
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
The board shall determine whether, based on the estimates, there has been substantial
damage. 1998, c. 19, s. 123 (4).
Notice of determination
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
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
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
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
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