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Nothing was said about how or who should establish whether 10% was going to be enough to take care of future repairs or replacements, nor how often should the status of the funds be checked. In response to your first two quesâ€" tions, Peter Leong, in an article in the Condominium Magazine, points out that, in Bill 81, in clauses 94 (2) and (3) how often, or by whom will the studies be (Con‘t From Page RE 4) common expenses for that year is to be set aside for major repairs and replaceâ€" ment of the common elements etc. It didn‘t matter whether you had a million dollars in the reserve fund, you still had to put away 10% into that fund. Vital to study legislation carefully. roo pert roo bleached oak kitchen with walkâ€"out, fantastic master with en suite. Thousands in upgrades. Call GARY REED, Sales Representative, 825â€" 2525., nesi J2 IS 1993 A MOVING YEAR?? Res. 849â€"9624 mppenmanguge Bus. 844â€"5000 Direct 329â€"5417 ERNIE NICHOLLS®* bedrooms plu with firep ction â€" ideal lo 0 SEE IT TO BELIEVE IT 500. Glen Abbey showm GREAT STARTER OR GLEN ABBEY RAVINE wo Propertic FOR MOVING UP OR SIDEWAYS _2OKs) |Fes REALTY MOVER UPPER OWT Sales Representative 20 White REE i1 act ce walkâ€"out. Call GARY REED, Sales Representative, 825â€"2525. REAAMEX rroressionaus mc. At present, in answer to your fourth question, the Board had only one option in the event there isn‘t enough money available in the Reserve Fund to take care of the repairs and replacements that it faces â€" you can make a special assessâ€" ment and the Board has no obligation to go to the owners for permission to do so. As to your third question Peter goes on to say, "The Ministry of Consumer and Commercial Relations is leaving it up to the regulations to state which comâ€" mon elements and assets should be included in the Reserve Fund Study should be conducted and who is qualified to carry out the study. By leaving it up to the Ministry to regulate these requireâ€" ments, this could severely hamper the proper administration of our Reserve Funds." conducted, it is not specified but is left up to the regulations which will be later attached to the Act. Thus we don‘t have a specific answer to that problem yet. In the revision, as laid out in Bill 81, it is different for if a major shortfall in funds develops, as a result of a Reserve Fund study, and it is established that the Fund is inadequate, the Board has to call a special meeting of the owners to proâ€" pose a plan to increase the Fund to an adequate level. The kicker is, however, the Board cannot implement the plan GLEN ABBEY LOCATION 1131 Nottinghill Gate L6M 1K5S5 STUNNING! AFFORDABLE! Kathryn (Kit) Linegar, sales rep POWER OF SALE 2272 MOWAT #18 825â€"2525 Finished basement with 270â€"8840 t )wnnouse, large Open family roorm 4 K This provision severely limits the Board‘s ability to properly administer the Reserve Fund and to carry out the required repairs and replacements necesâ€" sary to keep the condominium in good and serviceable condition. unless the majority of the owners agree at that meeting. What happens if the owners refuse to accept the call for extra funds is left up to our imagination. So at the moment you are free to go ahead and place a special assessment if you have to increase your reserves to a level sufficient to take care of your perâ€" ceived requirements. But next year, if the new legislation is not amended and is finally passed, it may not be so easy, for then the owners can object â€" and that would place the Directors in a most awkâ€" ward position. I can see lawyers gleefully rubbing their hands at the prospect. fireplaces, |n%round pool. I ADAM CAMPBELL 842â€"7000 Dedroom with smmg room ADAM CAMPBELL 842â€"7000. CAMPBELL 842â€"7000 AMPBELL 842â€"7000 Condofax welcomes your questions about condominiums and can be reached through the Oakville Beaver at 467 Speers Rd., Oakville, Ontario L6K 384 or by calling The Golden Horseshoe Chapter of the Canadian Condominium Institute (CCT) at 521â€"8144. I hope this helps and we look forward to welcoming you in the ranks of memâ€" bers of the Golden Horseshoe Chapter. H. Penman Smith is a Burlington resident who has been active in all phases of condominium activity since 1975. He is viceâ€"president of the Golden Horseshoe Chapter of the CCI and former Condominium Information Officer with the Ministry of Consumer and Commercial relations of the province of Ontario. The opinions statâ€" ed in this column are his own. He is not qualified to give legal opinions. COMMUTERS SPECIAL 1ST TIMER‘S FREEKHOLD POWER OF SALE om home in East Oakville. ture lot, finished basement, 2 , inground pool. Don‘t miss it!! POWER OF SALE Duy h. Huge fireplace, 1. ADAM ADAM