93 (1) The corporation shall establish and maintain one or more reserve funds. 1998, c. 19, s. 93 (1). Purpose of fund (2) A reserve fund shall be used solely for the purpose of major repair and replacement of the common elements and assets of the corporation. 1998, c. 19, s. 93 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 93 (2) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 84 (1)) Purpose of fund (2) A reserve fund shall be used solely for, (a)  the purpose of major repair of a unit, the common elements or assets, if any, of the corporation, if the corporation has the obligation to repair in that regard under this Act; (b)  subject to the regulations, the purpose of complying, in accordance with the regulations, with the requirements imposed by any general or special Act or regulations or by-laws made under that Act; or (c)  such other purposes, if any, that are prescribed, subject to the requirements, if any, that are prescribed. 2015, c. 28, Sched. 1, s. 84 (1). Definition (2.1) In subsection (2), “major repair” means repair as determined in accordance with the regulations, if any. 2015, c. 28, Sched. 1, s. 84 (1). Designation not required (3) A fund set up for the purpose mentioned in subsection (2) shall be deemed to be a reserve fund even though it may not be so designated. 1998, c. 19, s. 93 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 93 (3) of the Act is amended by striking out “the purpose” and substituting “any of the purposes”. (See: 2015, c. 28, Sched. 1, s. 84 (2)) Contributions to fund (4) The corporation shall collect contributions to the reserve fund from the owners, as part of their contributions to the common expenses. 1998, c. 19, s. 93 (4). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 93 (4) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 84 (3)) Contributions to fund (4) The corporation shall collect contributions to the reserve fund from the owners, as part of the contributions to the common expenses payable for their units, to ensure that the amount of money in the fund and the amount of contributions to the common expenses that the corporation collects are adequate, as determined by the regulations, for the purposes of the fund mentioned in subsection (2). 2015, c. 28, Sched. 1, s. 84 (3). Amount of contributions (5) Unless the regulations made under this Act specify otherwise, until the corporation conducts a first reserve fund study and implements a proposed plan under section 94, the total amount of the contributions to the reserve fund shall be the greater of the amount specified in subsection (6) and 10 per cent of the budgeted amount required for contributions to the common expenses exclusive of the reserve fund. 1998, c. 19, s. 93 (5). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 93 (5) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 84 (3)) Outside opinion (5) If the amount of money in a reserve fund is below the prescribed amount, the corporation shall, within the prescribed period of time, if any, obtain a written opinion, in accordance with the regulations, if any, from a reserve fund study provider with respect to the reserve fund and whether the provider recommends that the corporation obtain a reserve fund study before the time at which it is next required to obtain such a study. 2015, c. 28, Sched. 1, s. 84 (3). Same, after first reserve fund study (6) The total amount of the contributions to the reserve fund after the time period specified in subsection (5) shall be the amount that is reasonably expected to provide sufficient funds for the major repair and replacement of the common elements and assets of the corporation, calculated on the basis of the expected repair and replacement costs and the life expectancy of the common elements and assets of the corporation. 1998, c. 19, s. 93 (6). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 93 (6) of the Act is repealed. (See: 2015, c. 28, Sched. 1, s. 84 (3)) Income earned (7) Interest and other income earned from the investment of money in the reserve fund shall form part of the fund. 1998, c. 19, s. 93 (7). Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 84 - not in force