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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 | (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 | |