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Difference between revisions of "Strata Corporation Finances (22:VIII)"
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Strata Corporation Finances (22:VIII) (view source)
Revision as of 19:10, 22 August 2023
, 19:10, 22 August 2023→5. Operating Fund Expenditures Not Approved in the Budget
| Line 62: | Line 62: | ||
# Less than the amount set out in the strata corporation’s bylaws; or | # Less than the amount set out in the strata corporation’s bylaws; or | ||
# If the bylaws are silent, the lesser | # If the bylaws are silent, the lesser of | ||
::i) $2,000, or | |||
::ii) 5% of the total contribution to the operating fund of the current year. | |||
S 98 also allows for “emergency”-type expenditures (s 98(3)) if there are reasonable grounds to believe that an immediate expenditure is necessary to ensure safety or prevent significant loss or damage. The strata corporation must inform owners as soon as feasible about any expenditure of this type being made (s 98(6)). | S 98 also allows for “emergency”-type expenditures (s 98(3)) if there are reasonable grounds to believe that an immediate expenditure is necessary to ensure safety or prevent significant loss or damage. The strata corporation must inform owners as soon as feasible about any expenditure of this type being made (s 98(6)). | ||
