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 | Non-profit landlord limited to one residential complex |
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 |