2nd Session, 60th General Assembly
57 Elizabeth II, 2008
Halifax Clayton Park
First Reading: May 23, 2008
Clause 1 adds a Section to the Condominium Act requiring a declarant to hold five per cent of the total sale price of condominium units in trust for five years to pay for prescribed structural repairs.
Clause 2 adds regulation-making powers to provide for matters that must be prescribed with respect to the new Section enacted by Clause 1.
1 Chapter 85 of the Revised Statutes, 1989, the Condominium Act, is amended by adding immediately after Section 11 the following Section:
(2) The five-year period referred to in subsection (1) commences on the date that an occupancy permit is issued with respect to the property and, where more than one occupancy permit is issued with respect to the property, the period commences on the date of the occupancy permit last issued.
2 Subsection 46(1) of Chapter 85, as amended by Chapter 49 of the Acts of 1975, Chapter 33 of the Acts of 1996, Chapter 28 of the Acts of 1998, Chapter 6 of the Acts of 2001 and Chapter 10 of the Acts of 2002, is further amended by adding immediately after clause (e) the following clauses: