B-1.1, r. 8 - Regulation respecting the guarantee plan for new residential buildings

Section 54 Disposition versions

2012-09-01

54. The minimum reserve to be kept at the end of each of the manager’s fiscal years in the reserve account shall never be less than the following percentages of the reserve provided for in section 50, based on the time elapsed since the issue of the guarantee certificate:

Time elapsed since the issue of guarantee certificate:

Percentage

(1)  less than 1 year: 95%;

(2)  1 year or more but less than 2 years: 85%;

(3)  2 years or more but less than 3 years: 75%;

(4)  3 years or more but less than 4 years: 65%;

(5)  4 years or more but less than 5 years: 50%;

(6)  5 years or more but less than 6 years: 25%;

(7)  6 years or more: 0%.

O.C. 841-98, s. 54.