123 (1) The registration of a notice under subsection (7) terminates the government of the property by this Act. 1998, c. 19, s. 123 (1); 2015, c. 28, Sched. 1, s. 106 (1). Definition (2) In this section, “substantial damage” means damage for which the cost of repair is estimated to equal or exceed 25 per cent of the replacement cost of all the buildings and structures located on the property. 1998, c. 19, s. 123 (2). Estimates of damage (3) If damage occurs to a building or a structure located on the property that, in the opinion of the board, may constitute substantial damage, the board shall have at least two persons, who shall have no affiliation with the board and who, in the opinion of the board, are qualified, make estimates of the damage within 30 days after the occurrence of the damage. 1998, c. 19, s. 123 (3). Determination by board (4) The board shall determine whether, based on the estimates, there has been substantial damage. 1998, c. 19, s. 123 (4). Notice of determination (5) If the board determines that there has been substantial damage, it shall give notice of its determination to the owners. 1998, c. 19, s. 123 (5). Contents of notice (6) The notice shall specify that, (a)  the owners have the right, in accordance with section 46 and within 30 days of receiving the notice, to requisition a meeting of owners; and (b)  the board is required to register a notice terminating the government of the property by this Act if the condition described in subsection (7) is met. 1998, c. 19, s. 123 (6). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 123 (6) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 106 (2)) Contents of notice (6) The notice shall, (a)  specify that, (i)  the owners have the right, in accordance with section 46 and within 30 days of receiving the notice, to requisition a meeting of owners, and (ii)  the board is required to register a notice terminating the government of the property by this Act if the conditions described in subsection (7) are satisfied; and (b)  contain a copy of the text of section 46 and this section. 2015, c. 28, Sched. 1, s. 106 (2). Vote for termination (7) The board shall register a notice terminating the government of the property by this Act if the owners of at least 80 per cent of the units, at the date of the vote, vote in favour of termination. 1998, c. 19, s. 123 (7). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 123 (7) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 106 (2)) Vote for termination (7) The board shall register a notice terminating the government of the property by this Act if, (a)  the owners have requisitioned a meeting in accordance with section 46 within 30 days of receiving a notice under subsection (5); (b)  the owners of at least 80 per cent of the units, at the date of the vote, vote in favour of termination; and (c)  all other conditions, if any, that are prescribed have been satisfied. 2015, c. 28, Sched. 1, s. 106 (2). Form of notice (8) The notice shall be in the form prescribed by the Minister and shall be signed by the authorized officers of the corporation. 1998, c. 19, s. 123 (8). Time of registration (9) The board shall register the notice within 30 days of a vote in favour of termination under subsection (7). 1998, c. 19, s. 123 (9). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 123 (9) of the Act is amended by adding “if any” after “subsection (7)”. (See: 2015, c. 28, Sched. 1, s. 106 (3)) Repairs if no termination (10) If there is no vote in favour of termination under subsection (7), the corporation shall, within a reasonable time, repair the damage to the building or structure located on the property. 1998, c. 19, s. 123 (10). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 123 (10) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 106 (4)) Repairs if no termination (10) If the conditions under subsection (7) have not been satisfied, the corporation shall, within a reasonable time, repair the damage to the building or structure located on the property. 2015, c. 28, Sched. 1, s. 106 (4). Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 106 (1) - 01/11/2017; 2015, c. 28, Sched. 1, s. 106 (2)-(4) - not in force