A. |
That all corporations have a reserve fund for the replacement of major capital items, the money to be deposited with a chartered bank or trust company in a trust account separate from the corporation operating accounts. |
B. |
The developer establish the account in the corporation's name with an initial deposit equal to three months common expenses and transfer the account to the board of directors at the first annual meeting. |
C. |
The annual contributions to the reserve fund be based on the cost and life expectancy of major capital items as disclosed by the developer or as modified by a subsequent appraisal. |
A. |
To define income other than income received from common expenses. (We recommend the term “common surplus”.) |
B. |
To provide that these monies be applied against either future common expense payments or reserve funds, but not be distributed to the owners unless there is termination of the condominium. |
a) |
a unit owner decides not to pay because he feels the corporation is not carrying out its duties. |
b) |
a unit owner is unable to pay his common expenses. |
c) |
absentee owners who either knowingly or unknowingly fail to remit their payment. |
A. |
That interest may be charged on arrears and the cost of recovering common expense arrears be included as a common expense attributable to that unit. |
B. |
By regulation, the rate of interest on common expense arrears be 12 per cent per annum. |
A. |
A maximum fee of $25.00 for the provision of the estoppel certificate and accompanying documents. |
B. |
An expanded certificate. |