5th Session, 42nd Legislature
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THE LIFE LEASES AMENDMENT ACT
|Bilingual version (PDF)||Explanatory Note|
(Assented to )
HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
1 The Life Leases Act is amended by this Act.
2(1) Subsections 15(1) and (2) are replaced with the following:
15(1) A person who acquires a landlord's interest in a residential complex or a rental unit is deemed to be the landlord under each subsisting life lease.
15(2) Unless the person acquiring a landlord's interest by mortgage sale, tax sale or foreclosure under The Real Property Act agrees otherwise, each subsisting life lease is terminated immediately after the interest is acquired.
2(2) Subsection 15(3) is amended, in the part before clause (a), by striking out "clause (2)(a)" and substituting "subsection (2)".
3 The following is added after section 16 and before the centred heading that follows it:
16.1(1) Subject to the regulations, a non-profit landlord of a residential complex must ensure that a reserve fund study is conducted and updated from time to time in accordance with the regulations.
16.1(2) The purpose of the study is to determine the appropriate amount required for the reserve fund based on the estimated cost of replacing or performing major repairs to the assets of the complex.
4 Subsection 18(1) is amended
(a) by striking out "and" at the end of clause (a) and adding the following after clause (a):
(a.1) to present any reserve fund study or update conducted under section 16.1 that has not previously been presented to an annual meeting of the tenants; and
(b) by adding the following after subclause (b)(i):
5 The following is added after subsection 18.2(5):
18.2(6) The audited financial statements referred to in this section must be prepared in accordance with generally accepted accounting principles in Canada.
6 Section 43 is amended by adding the following after clause (e):
(e.1) respecting reserve fund studies and updates of those studies, including
(i) specifying classes of reserve fund studies and updates and classes of non-profit landlords,
(ii) exempting a class or classes of non-profit landlords from the requirement to ensure a reserve fund study is conducted or updated,
(iii) prescribing the persons who may conduct any or all classes of reserve fund studies and updates and specifying their qualifications,
(iv) governing the content of any or all classes of reserve fund studies and updates, the standards that must be observed in conducting them and the time at which they are to be conducted, and
(v) providing for transitional matters respecting reserve fund studies and updates;
7(1) The Residential Tenancies Act is amended by this section.
7(2) Section 68.1 is amended by striking out "clause 15(2)(a)" and substituting "subsection 15(2)".
7(3) Subsection 126.1(1) is amended, in the part before clause (a), by striking out "clause 15(2)(a)" and substituting "subsection 15(2)".
8(1) Subject to subsection (2), this Act comes into force on the day it receives royal assent.
8(2) Sections 3, 4 and 6 come into force on a day to be fixed by proclamation.