On February 27, the provincial government released a proposed Regulation, which gives effect to a portion of the changes to the Act made by Bill 106. The Regulation clarifies that insurance deductible by-laws passed by a condominium corporation prior to the repeal of section 56(1)(i) of the Act (which is anticipated to take place on July 1, 2017) will remain in force. After that section is repealed, a condominium corporation will be forced to amend its Declaration in order to benefit from the same risk allocation now available through a by-law. Condominium corporations that do not have an insurance deductible by-law should take steps right away to begin the process of putting one in place. Given the need to prepare the by-law, hold an information meeting, collect proxies, and hold a voting meeting, July 1 will be here before you know it!
For more background on why insurance deductible by-laws are important, please see our article.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
