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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 |