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S.M. 1994, c. 11
The Condominium Amendment Act
(Assented to July 5, 1994)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
The Condominium Act is amended by this Act.
Subsection 27(1) is repealed and the following is substituted:
Reserve fund to be held by corporation in trust
The money in a reserve fund shall be held in trust by and in the name of the corporation in one or more special accounts and is subject to this section and sections 28 to 33.
Section 29 is repealed and the following is substituted:
Subject to subsection (2), the money in a reserve fund of a corporation shall be deposited in a bank, trust company, credit union or caisse populaire, as shall be determined by a majority of the owners of the units, and any interest earned shall be added to and form part of the reserve fund.
Investment of reserve fund money
Money in a reserve fund may be invested in accordance with the regulations, and any money earned from an investment shall be added to and form part of the reserve fund.
Section 34 is amended by adding the following after clause (f):
(g) respecting the classes of investments in which money from reserve funds may be invested, and governing the making of such investments.
This Act comes into force on the day it receives royal assent.