82 (1) The declarant shall pay interest at the prescribed rate to the purchaser on all money that a person pays on account of the purchase price of a proposed unit or that the declarant credits to the purchase price of a proposed unit. 1998, c. 19, s. 82 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 82 (1) of the Act is amended by striking out “that the declarant” and substituting “that the declarant or a person acting on behalf of or for the benefit of the declarant”. (See: 2015, c. 28, Sched. 1, s. 73 (1)) Money released from trust (2) The interest is payable on the money even if, under clause 81 (7) (b), the declarant provides security of a prescribed class for the money. 1998, c. 19, s. 82 (2). Calculation (3) The interest shall be calculated from the day the person pays the money received until the day the proposed unit is available for possession or occupancy in accordance with the purchaser’s agreement of purchase and sale with the declarant. 1998, c. 19, s. 82 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 82 (3) of the Act is amended by adding “or a person acting on behalf of or for the benefit of the declarant” at the end. (See: 2015, c. 28, Sched. 1, s. 73 (2)) Time of payment (4) The interest shall be paid to the purchaser by way of payment or set-off, (a)  on the day the declarant delivers to the purchaser a deed to the proposed unit that is in registerable form, if the declarant so elects; or (b)  on the day the proposed unit is available for possession or occupancy in accordance with the purchaser’s agreement of purchase and sale with the declarant, otherwise. 1998, c. 19, s. 82 (4). Note: On a day to be named by proclamation of the Lieutenant Governor, clause 82 (4) (b) of the Act is amended by striking out “otherwise” and substituting “or a person acting on behalf of or for the benefit of the declarant, otherwise”. (See: 2015, c. 28, Sched. 1, s. 73 (3)) Compound interest (5) A declarant who elects to pay the interest to the purchaser on the day of delivering to the purchaser a deed to the proposed unit that is in registerable form shall, on that day, pay interest to the purchaser at the prescribed rate on the interest that the declarant is required to pay under subsection (1). 1998, c. 19, s. 82 (5). Calculation (6) The declarant shall pay the interest payable under subsection (5) from the day the proposed unit is available for possession or occupancy in accordance with the purchaser’s agreement of purchase and sale with the declarant until the day of payment. 1998, c. 19, s. 82 (6). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 82 (6) of the Act is amended by striking out “with the declarant” and substituting “with the declarant or a person acting on behalf of or for the benefit of the declarant”. (See: 2015, c. 28, Sched. 1, s. 73 (4)) Terminated agreements (7) If an agreement of purchase and sale provides that a purchaser is entitled to a return of money paid under the agreement upon termination of the agreement and the agreement is terminated, the declarant shall pay interest at the prescribed rate to the purchaser on the money returned. 1998, c. 19, s. 82 (7). Excess interest (8) The declarant is entitled to the excess of all interest earned on money held in trust over the interest it is required to pay under this section. 1998, c. 19, s. 82 (8). Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 73 - not in force Note: On a day to be named by proclamation of the Lieutenant Governor, the Act is amended by adding the following sections: (See: 2015, c. 28, Sched. 1, s. 74) Corporation’s sale of the property 82.1 (1) A corporation may sell the property if, (a)  the owners of at least 80 per cent of the units, at the date of the vote, vote in favour of the sale; (b)  at least 80 per cent of those persons who, at the date of the vote, have registered claims against the property that were created after the registration of the declaration and description that made this Act applicable to the units being sold, consent in writing to the sale; and (c)  all other conditions, if any, that are prescribed have been satisfied. 2015, c. 28, Sched. 1, s. 74. Conveyance (2) When a sale takes place, the board shall deliver to the purchaser the following documents signed by the authorized officers of the corporation: a deed and a certificate in the form prescribed by the Minister, (a)  stating that the persons who, under subsection (1), are required to vote in favour of the sale or consent in writing to the sale have done so; and (b)  containing all other statements and material, if any, that are prescribed. 2015, c. 28, Sched. 1, s. 74. Net proceeds (3) Subject to subsection (4), the owners at the time of the registration of the deed, as determined by the regulations, shall share the net proceeds of the sale in the same proportions as their common interests, subject to the conditions, if any, that are prescribed. 2015, c. 28, Sched. 1, s. 74. Same (4) The portion of the net proceeds of the sale that is attributable to a portion of the common elements that is for the use of the owners of certain designated units, where the owners are those at the time of the registration of the deed, as determined by the regulations, and not all the owners at that time, shall be divided among the owners of the designated units in the proportions in which their interests are affected, subject to the conditions, if any, that are prescribed. 2015, c. 28, Sched. 1, s. 74. Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 74 - not in force Right of dissenters 82.2 (1) A corporation that has made a sale under section 82.1 and every owner in the corporation shall be deemed to have made an agreement in accordance with the prescribed requirements, if any, that an owner who has dissented on the vote authorizing the sale may, within 30 days of the vote, submit to mediation a dispute over the fair market value of the units that have been sold, determined as of the time of the sale. 2015, c. 28, Sched. 1, s. 74. Application of s. 132 (2) If an owner submits a dispute to mediation in accordance with the agreement mentioned in subsection (1), section 132 applies to the dispute with necessary modifications as if it were a disagreement under that section. 2015, c. 28, Sched. 1, s. 74. Notice (3) An owner who submits a dispute to mediation in accordance with the agreement mentioned in subsection (1) shall give the corporation notice of intention in accordance with the prescribed requirements, if any, within 10 days after the vote authorizing the sale. 2015, c. 28, Sched. 1, s. 74. Entitlement to amount (4) An owner who serves a notice of intention in accordance with subsection (3) is entitled to receive from the net proceeds of the sale the amount the owner would have received if the sale price had been the fair market value as determined by the arbitration. 2015, c. 28, Sched. 1, s. 74. Deficiency (5) The corporation shall pay to each of the owners who served a notice of intention in accordance with subsection (3), the deficiency in the amount to which the owner is entitled if the net proceeds of the sale are inadequate to pay the amount, subject to the conditions, if any, that are prescribed. 2015, c. 28, Sched. 1, s. 74. Liability (6) The owners, other than those who dissented on the vote authorizing the sale, are liable for the amount of the deficiency payments determined by the proportions of their common interests. 2015, c. 28, Sched. 1, s. 74. Common expenses of other owners (7) The corporation shall add the amount of the liability of each of the owners who voted in favour of the sale to the contribution to the common expenses payable for the unit of that owner. 2015, c. 28, Sched. 1, s. 74. Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 74 - not in force Lease of Units