C.C.S.M. c. L130
The Life Leases Act
PART 1 | ||
INTERPRETATION AND APPLICATION | ||
1 | (1) | Definitions |
(2) | Other terms and expressions | |
(3) | Meaning of "refundable" | |
(4) | Proposed rental unit | |
2 | (1) | General application |
(2) | Act binds the Crown | |
(3) | Non-application to living accommodation | |
(4) | Conflict with other Acts | |
(5) | Conflict with agreements | |
3 | Restriction or waiver of application void | |
4 | (1) | Residential complex on leased land prohibited |
(2) | Exception for pre-existing residential complexes | |
PART 2 | ||
PAYMENTS AND DISCLOSURE | ||
5 | (1) | Permitted payments |
(2) | Payments subject to section 6 requirements | |
6 | (1) | Pre-lease payments prohibited after occupancy date |
(2) | Information to be disclosed | |
(3) | Amount of pre-lease payment | |
(4) | Entrance fees permitted | |
7 | (1) | Acknowledgement of receipt |
(2) | Content of acknowledgement of receipt | |
PRE-LEASE PAYMENTS | ||
8 | (1) | Pre-lease payment held in trust |
(2) | Pre-lease payment: life lease entered | |
(3) | Pre-lease payment: development not completed | |
(4) | Pre-lease payment: failure to enter into lease | |
(5) | Time of payment | |
ENTRANCE FEES | ||
9 | (1) | Entrance fee held in trust |
(2) | General limitation on use of entrance fees | |
(3) | Refund of entrance fee to tenant | |
CANCELLATION RIGHTS | ||
10 | (1) | Statement of cancellation rights from landlord |
(2) | Cooling-off period | |
(3) | Statement of cancellation rights not in lease | |
(4) | Adequacy of wording | |
(5) | Effective date of cancellation | |
(6) | Refund of entrance fee to tenant | |
ASSIGNMENT OF LIFE LEASES | ||
11 | (1) | Permitted assignment |
(2) | Consideration for assignment | |
(3) | Amendment of term | |
(4) | Registration | |
(5) | Prohibition re registration | |
(6) | No action against district registrar | |
(7) | Disclosure to assignee | |
12 | (1) | Cooling-off period: assignee |
(2) | Adequacy of wording | |
(3) | Effective date of cancellation | |
(4) | Refund of amount paid for assignment | |
(5) | Holdback | |
FAILURE TO GIVE POSSESSION | ||
13 | (1) | Failure to give possession |
(2) | Effective date of cancellation | |
(3) | Early notice | |
(4) | Tenant entitled to full refund | |
(5) | Refund within 60 days of cancellation | |
(6) | Unavoidable delay | |
NOTICE OF POSSESSION DATE | ||
14 | (1) | Notice of possession date |
(2) | Tenant may agree to earlier date | |
CHANGE IN LANDLORD | ||
15 | (1) | Change in ownership |
(2) | Exception | |
(3) | Right to continue in occupancy | |
PART 3 | ||
RESERVE FUNDS, INSURANCE AND ANNUAL REPORTING | ||
RESERVE FUNDS | ||
16 | (1) | Reserve fund for non-profit landlord |
(2) | Use of reserve fund | |
INSURANCE | ||
17 | (1) | Insurance required |
(2) | Notice to tenants | |
ANNUAL REPORTING | ||
18 | (1) | Annual meeting |
(2) | Notice of meeting | |
(3) | Content of notice | |
(4) | Statement by trustee or landlord | |
(5) | Owner representative to attend meeting | |
TENANT REPRESENTATION AT BOARD MEETINGS | ||
18.1 | (1) | Tenant representation at board meetings |
(2) | Notice of board meeting | |
(3) | Right to attend and be heard | |
(4) | Confidential matters | |
(5) | Board minutes | |
(6) | Access to minutes | |
AUDITED FINANCIAL STATEMENTS | ||
18.2 | (1) | Meaning of "majority of tenants" |
(2) | Audited financial statements | |
(3) | Tenant entitled to a copy of audited statements | |
(4) | Withdrawal of request | |
(5) | Personal information in financial statements | |
PART 4 | ||
TRUSTEES AND REFUNDABLE ENTRANCE FEES | ||
APPOINTMENT AND QUALIFICATIONS OF TRUSTEES | ||
19 | (1) | Appointment of trustee re entrance fees |
(2) | Appointment of trustee re refund fund | |
20 | (1) | Qualifications of trustee |
(2) | Application to court | |
(3) | Replacement trustee | |
(4) | Application of The Trustee Act | |
INITIAL TENANTS' ENTRANCE FEES | ||
21 | (1) | Meaning of "unleased rental unit" |
(2) | Entrance fee paid to trustee | |
(3) | Trustee to hold entrance fees and pre-lease payments | |
(4) | Prerequisites to payment | |
(5) | Security reduced if rental unit leased | |
(6) | Application of funds | |
(7) | Use of funds | |
REFUNDABLE ENTRANCE FEES AND THE REFUND FUND | ||
22 | Minimum refundable | |
23 | Refund fund | |
24 | (1) | "Priority date" defined |
(2) | Effective date of cancellation | |
(3) | Refund of entrance fees | |
(3.1) | No deduction for damage or arrears | |
(4) | Priority | |
25 | Use of excess funds | |
26 | Limitation | |
27 | (1) | Meaning of "fully funded" refund fund |
(2) | Right to refund | |
(3) | Income after fully funded | |
(4) | Payment of excess to certain landlords prohibited | |
MORTGAGE SECURITY | ||
28 | (1) | Requirement for mortgage |
(2) | Terms of mortgage | |
(3) | Purchase price of land | |
29 | Increase in entrance fees | |
30 | Mortgage discharged | |
DEFAULT | ||
31 | (1) | Demand by trustee |
(2) | Mandatory foreclosure proceedings | |
(3) | Waiver or postponement | |
(4) | Meeting of tenants | |
32 | Distribution of refund fund | |
33 | Surplus on mortgage sale | |
PART 5 | ||
GENERAL PROVISIONS | ||
34 | (1) | Non-profit landlord limited to one residential complex |
(2) | Exception for property managers | |
35 | Right of first refusal | |
36 | (1) | Notice of life lease filed against the land |
(2) | Failure to file notice | |
37 | (1) | Investment by landlord |
(2) | Investment by trustee | |
37.1 | (1) | Payment of shortfall as a rent increase |
(2) | Landlord to give written notice | |
(3) | Paying shortfall by a lump sum payment | |
OFFENCES AND PENALTIES | ||
38 | (1) | Offence: false or misleading statement |
(2) | Offence: contravention of Act or regulations | |
(3) | Directors, officers and agents | |
(4) | Defence | |
(5) | Penalties | |
(6) | Limitation | |
NOTICE AND MISCELLANEOUS | ||
39 | (1) | Giving of notices |
(2) | Disclosure to tenant | |
(3) | Notice of cancellation | |
(4) | When given by mail | |
(5) | Director or commission may give directions | |
(6) | Actual notice is sufficient | |
40 | Substantial compliance | |
41 | Certificate of director as proof | |
REGULATIONS | ||
42 | Regulations by L.G. in C. | |
43 | Regulations by minister | |
PART 6 | ||
APPLICATION TO MATTERS ARISING BEFORE THE COMING INTO FORCE OF THIS ACT | ||
44 | (1) | Pre-lease payments made before coming into force |
(2) | Entrance fees paid before coming into force | |
(3) | Assignments made before coming into force | |
45 | (1) | Life leases entered into before coming into force |
(2) | Entrance fee received after coming into force | |
46 | Disclosure where entrance fee paid | |
47 | Section 10 cancellation right | |
48 | Section 12 cancellation right | |
49 | Annual disclosure | |
50 | Notice of life lease filed against the land | |
51 | Requirement for reserve fund | |
52 to 88 | ||
PART 8 | ||
C.C.S.M. REFERENCE AND COMING INTO FORCE | ||
89 | C.C.S.M. reference | |
90 | Coming into force |