CCQ-1991 - Civil Code of Québec

Section 1071 Disposition versions

2024-02-21

1071. The syndicate establishes, according to the estimated cost of major repairs and the cost of replacement of common portions, a contingency fund to be used exclusively for such repairs and replacement. The fund must be partly liquid and be available at short notice, and its capital must be guaranteed. The syndicate is the owner of the fund, and the fund’s use is determined by the board of directors.

Not in force

The board of directors obtains a contingency fund study establishing the sums necessary for the fund to be sufficient to cover the estimated cost of major repairs and of replacement of common portions. The study is conducted in accordance with the standards established by a government regulation, which designates among other things the professional orders whose members are authorized to conduct such studies and determines the intervals at which a new study must be obtained by the board of directors. The standards may vary according to the characteristics of an immovable.

Not in force

The sums to be paid into the contingency fund are fixed on the basis of the recommendations made in the contingency fund study and taking into account ongoing developments in the co-ownership, in particular the amounts available in the contingency fund.

Not in force

Until the developer obtains the contingency fund study, the sums to be paid into the fund must correspond to 0.5% of the reconstruction cost of the immovable.

1991, c. 64, a. 1071; I.N. 2014-05-01; 2019, c. 28, ss. 39 and 155; 2024, c. 2, s. 2.

2020-01-10

1071. The syndicate establishes, according to the estimated cost of major repairs and the cost of replacement of common portions, a contingency fund to be used exclusively for such repairs and replacement. The fund must be partly liquid and be available at short notice, and its capital must be guaranteed. The syndicate is the owner of the fund, and the fund’s use is determined by the board of directors.

1991, c. 64, a. 1071; I.N. 2014-05-01; 2019, c. 28, s. 39.

2014-05-01

1071. The syndicate establishes, according to the estimated cost of major repairs and the cost of replacement of common portions, a contingency fund to be used exclusively for such repairs and replacement, which is liquid and available at short notice. The syndicate is the owner of the fund.

1991, c. 64, a. 1071; I.N. 2014-05-01.

1994-01-01

1071. The syndicate establishes, according to the estimated cost of major repairs and the cost of replacement of common portions, a contingency fund to provide cash funds on a short-term basis allocated exclusively to such repairs and replacement. The syndicate is the owner of the fund.

1991, c. 64, a. 1071.