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May 23, 2014

Strata Property Act Amendments

Several amendments to the Strata Property Act have become effective as of April 9, 2014. These are described in Bill 12 – Natural Gas Development Statues Amendment Act. The following is an excerpt:

Strata Property Act

 

39 Section 1

(1) of the Strata Property Act, S.B.C. 1998, c. 43, is amended

(a) in the definition of “contingency reserve fund” by striking out “that usually occur less often than once a year or that do not usually occur”, and

(b) in the definition of “operating fund” by striking out “that usually occur either once a year or more often than once a year”.

40 Section 35 (1) (c) (i) is amended by striking out “parking stall numbers,” and substituting “parking stall and storage locker numbers,”.

41 Section 89 (1), (2) and (5) is amended by striking out “the purchaser” and substituting “the purchaser or, if the strata lot is conveyed to the purchaser and the purchaser becomes the owner of the strata lot, that owner”.

42 Section 92 (a) is repealed and the following substituted:

(a) an operating fund for common expenses that

(i) usually occur either once a year or more often than once a year, or

(ii) are necessary to obtain a depreciation report under section 94, and .

(a) consistent with the purposes of the fund as set out in section 92 (b), and

(b) approved or authorized as follows:

(i) the expenditure is first approved by a resolution passed by

(A) a majority vote at an annual or special general meeting if the expenditure is

(I) necessary to obtain a depreciation report under section 94, or

(II) related to the repair, maintenance or replacement, as recommended in the most current depreciation report obtained under section 94, of common property, common assets or the portions of a strata lot for which the strata corporation has taken responsibility under section 72 (3), or

(B) a 3/4 vote at an annual or special general meeting if the expenditure is not described in clause (A) (I) or (II);

(ii) the expenditure is authorized under section 98.

44 Section 109 is amended

(a) in paragraph (a) by striking out “the seller owes” and substituting “the person who is the owner of the strata lot immediately before the date the strata lot is conveyed owes”, and

(b) in paragraph (b) by striking out “the purchaser owes” and substituting “the person who is the owner of the strata lot immediately after the date the strata lot is conveyed owes”.

 

 

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