75 (1) The declarant is accountable to the corporation under this section for the budget statement that covers the one-year period immediately following the registration of the declaration and description. 1998, c. 19, s. 75 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 75 (1) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 66 (1)) Declarant’s accountability for first year (1) The declarant is accountable to the corporation under this section for, (a)  the statement mentioned in clause 72 (6) (e) that is required to be contained in the budget statement described in subsection 72 (6); and (b)  the portion of the budget of the corporation for its first fiscal year required by subsection 83.1 (3) that represents the one-year period immediately after the registration of the declaration and description and that is determined in accordance with the regulations. 2015, c. 28, Sched. 1, s. 66 (1) Reserve fund contributions (1.1) If the budget statement described in subsection 72 (6) does not comply with clause 72 (6) (e), the declarant shall pay to the corporation the amount required for compliance with that clause, as determined in accordance with the regulations. 2015, c. 28, Sched. 1, s. 66 (1). Common expenses (2) The declarant shall pay to the corporation the amount by which the total actual amount of common expenses incurred for the period covered by the budget statement, except for those attributable to the termination of an agreement under section 111 or 112, exceeds the total budgeted amount. 1998, c. 19, s. 75 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 75 (2) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 66 (1)) Common expenses (2) The declarant shall pay to the corporation the amount by which the total actual amount of common expenses incurred for the one-year period mentioned in clause (1) (b), except for the following, exceeds the total budgeted amount for that period: 1.  The expenses attributable to the termination of an agreement under section 111 or 112. 2.  The amount, or any part of it, that the declarant is required to pay under subsection (1.1). 3.  Any other prescribed amount. 2015, c. 28, Sched. 1, s. 66 (1). Revenue (3) The declarant shall pay to the corporation the amount by which the total actual amount of fees, charges, rents and other revenue paid or to be paid to the corporation, during the period covered by the budget statement, for the use of any part of the common elements or assets or of any other facilities related to the property, is less than the total budgeted amount. 1998, c. 19, s. 75 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 75 (3) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 66 (1)) Revenue (3) The declarant shall pay to the corporation the amount by which the total actual amount of fees, charges, rents and other revenue paid or to be paid to the corporation, during the one-year period mentioned in clause (1) (b), for the use of any part of the common elements or assets or of any other facilities related to the property, is less than the total budgeted amount for that period. 2015, c. 28, Sched. 1, s. 66 (1). Set-off (4) If the total actual amount of revenue described in subsection (3) exceeds the total budgeted amount, the declarant may deduct the excess from any amount payable under subsection (2). 1998, c. 19, s. 75 (4). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 75 (4) of the Act is amended by striking out “subsection (2)” at the end and substituting “subsection (1.1) or (2)”. (See: 2015, c. 28, Sched. 1, s. 66 (2)) Notice of payment (5) After receiving the audited financial statements for the period covered by the budget statement, the board shall compare the actual amount of common expenses and revenue described in subsections (2) and (3) for the period covered by the budget statement with the budgeted amounts and shall, within 30 days of receiving the audited financial statements, give written notice to the declarant of the amount that the declarant is required to pay to the corporation under this section. 1998, c. 19, s. 75 (5). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 75 (5) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 66 (3)) Notice of payment (5) After receiving the audited financial statements for the corporation’s first fiscal year, the board shall, (a)  if it has not already done so, determine the amount, if any, that the declarant is required to pay to the corporation under subsection (1.1); (b)  compare the actual amount of common expenses and revenue described in subsections (2) and (3) for the one-year period mentioned in clause (1) (b) with the budgeted amounts for that period; and (c)  within 90 days of receiving the audited financial statements, give written notice to the declarant of the amount that the declarant is required to pay to the corporation under this section. 2015, c. 28, Sched. 1, s. 66 (3). Time for payment (6) Within 30 days of receiving the notice, the declarant shall pay the corporation the amount that it is required to pay under this section. 1998, c. 19, s. 75 (6). Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 66 - not in force