BILL NO. 91
4th Session, 61st General Assembly
61 Elizabeth II, 2012
Private Member's Bill
Halifax Clayton Park
First Reading: May 10, 2012
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.
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