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B-1.1, r. 8 - Regulation respecting the guarantee plan for new residential buildings
Section 74.1
Disposition versions
74.1. The guarantee fund established under section 81.0.1 of the Building Act (chapter B-1.1) is managed by the Board and serves to insure that the guarantee beneficiaries may be compensated by the manager when
(1) it is shown that exceptional or unforeseen major claims are the source of a claim to a manager by the beneficiaries of the guarantee plan, that the guarantee manager has acted with diligence and judgment in activities related to the management of the guarantee plan and that the exceptional and major claims could result in non-compliance of the financial criteria of the Regulation; or
(2) the manager is no longer able to take on the obligations of the guarantee plan, owing to the manager’s financial position and a provisional manager has been appointed.
The fund also guarantees the payment of administration costs or provisional manager’s fees in case of insolvency of a manager of the guarantee plan.
