C-67.2 - Cooperatives Act

Section 221.2.3 Disposition versions

2015-10-01

221.2.3. Where a building belonging to a housing cooperative has been built, acquired, restored or renovated under a housing assistance program of the Government, the federal government or one of their departments, agencies or bodies, the cooperative must

(1)  set up a reserve sufficient to ensure the sound and prudent management, maintenance and preservation of the building;

(2)  name an auditor in compliance with the second paragraph of section 135;

(3)  have the building inspected by an expert at least every five years and submit the expert’s report at the cooperative’s meeting that follows the filing of the report;

(4)  prepare a five-year plan for the maintenance and preservation of the building and the related budgets;

(5)  in its annual report, in addition to the requirements set out in section 132, give the date of the last inspection of the building, and report on the maintenance and preservation work done and on the related budgets.

2003, c. 18, s. 109; 2015, c. 3, s. 32.