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Volume 44, No. 21

B.C. Reg. 241/2001

The British Columbia Gazette,

Part II

October 23, 2001

B.C. Reg. 241/2001, deposited October 12, 2001, pursuant to the STRATA PROPERTY ACT [Sections 292, 293 and 322]. Order in Council 907/2001, approved and ordered October 11, 2001.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that

(a)

section 72 (2) (

b) of the Strata Property Act, S.B.C. 1998, c. 43, is brought into force by this regulation, and

(

b) The Strata Property Regulation, B.C. Reg. 43/2000, is amended as set out in the attached Schedule.

— G. COLLINS, Minister of Finance; G. CAMPBELL, Presiding Member of the Executive Council.

Schedule

Part 3 of the Strata Property Regulation, B.C. Reg. 43/2000 is amended by adding the following section:

Contingency reserve fund contribution in first annual budget

3.4 For the purposes of

section 93 of the Act, the amount of the annual contribution to the contingency reserve fund for the fiscal year following the first annual general meeting must be determined as follows:

(

a) if the amount of money in the contingency reserve fund at the time of the first annual general meeting is less than 25% of the estimated operating expenses for the 12 month period set out in the interim budget, the annual contribution to the contingency reserve fund under the first annual budget must be at least 10% of the total contribution to the operating fund for the 12 month period covered by that budget;

(

b) if the amount of money in the contingency reserve fund at the time of the first annual general meeting is equal to or greater than 100% of the estimated operating expenses for the 12 month period set out in the interim budget, any contribution to the contingency reserve fund under the first annual budget must be approved by a resolution passed by a 3/4 vote at the first annual general meeting or a special general meeting;

(

c) if the amount of money in the contingency reserve fund at the time of the first annual general meeting is at least 25% but less than 100% of the estimated operating expenses for the 12 month period set out in the interim budget, the annual contribution to the contingency reserve fund under the first annual budget may be of any amount.

Part 6 is amended

(

a) by repealing

section 6.1 and substituting the following:

Contributions to contingency reserve fund

6.1 For the purposes of

section 93 of the Act, the amount of the annual contribution to the contingency reserve fund for a fiscal year, other than the fiscal year following the first annual general meeting, must be determined as follows:

(

a) if the amount of money in the contingency reserve fund at the end of any fiscal year after the first annual general meeting is less than 25% of the total annual budgeted contribution to the operating fund for the fiscal year that has just ended, the annual contribution to the contingency reserve fund must be at least 10% of the total contribution to the operating fund for the current fiscal year;

(

b) if the amount of money in the contingency reserve fund at the end of any fiscal year after the first annual general meeting is equal to or greater than 100% of the total annual budgeted contribution to the operating fund for the fiscal year that has just ended, any contribution to the contingency reserve fund must be approved by a resolution passed by a 3/4 vote at an annual or special general meeting;

(

c) if the amount of money in the contingency reserve fund at the end of any fiscal year after the first annual general meeting is at least 25% but less than 100% of the total annual budgeted contribution to the operating fund for the fiscal year that has just ended, the annual contribution to the contingency reserve fund may be of any amount. ,

(

b) by repealing

section 6.2 (4) and substituting the following:

(4) A strata corporation must comply with

section 3.4 or 6.1, as applicable, whether or not a depreciation report to assist in determining the appropriate amount for the annual contribution to the contingency reserve fund is prepared. , and

(

c) in

section 6.7 by adding the following subsections:

(3) For the purpose of distribution with notice of the annual general meeting, a strata corporation may provide, by bylaw, that the financial information required under subsection (1) (

c) to (

e) be provided in a

summary form.

(4) Despite a bylaw under subsection (3), the strata corporation must place before the annual general meeting a financial statement that complies with subsection (1).

(5) Despite

section 36 (3) of the Act, if a person who is entitled to a notice under

section 45 of the Act makes a request in the period between the date that notice was given and the date of the annual general meeting, the strata corporation must promptly provide a copy of the financial statement that complies with subsection (1) to that person.

Part 14 is amended by repealing

section 14.12 (1) and substituting the following:

14.12

(1) In this section:

"error" means any erroneous measurement or error, defect or omission in a registered strata plan;

"registered strata plan" includes any document, deposited in the land title office, that

(

a) is referred to in

section 245 (

a) or (

b) of the Act,

(

b) forms part of a strata plan under the Condominium Act, R.S.B.C. 1996, c. 64 or a former Act, or

(

c) amends or replaces a document referred to in paragraph (

a) or (b).

Section 16.1 is repealed and the following substituted:

Cancellation of strata plan

16.1

(1) If a strata plan is cancelled by order of the registrar under

section 275 (1) of the Act or by the filing of a vesting order under

section 281 of the Act, the registrar must do all of the following:

(

a) make a notation of the cancellation on the strata plan;

(

b) make such further entries in the records as the registrar considers necessary;

(

c) mail a copy of the order to the appropriate taxing authority.

(2) If a strata plan is cancelled by the filing of a vesting order under

section 281 of the Act, the registrar may require the deposit of a reference plan that creates a single parcel from the land shown on the strata plan.

Section 17.11 is amended by adding the following subsection:

(6) Subsection (5) does not apply to a bylaw that was filed in the land title office before July 1, 2000 to the extent that the bylaw provides for the apportionment of contributions to a contingency reserve fund as a common expense according to type of strata lot, if that type of strata lot is a type identified in the bylaws of the corporation or a section.

Copyright © 2001: Queen's Printer, Victoria, British Columbia, Canada