94 (1) The corporation shall conduct periodic studies to determine whether the amount of money in the reserve fund and the amount of contributions collected by the corporation are adequate to provide for the expected costs of major repair and replacement of the common elements and assets of the corporation. 1998, c. 19, s. 94 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 94 (1) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 85 (1)) Reserve fund study (1) The corporation shall obtain periodic studies, when required to do so, to determine whether 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 93 (2). 2015, c. 28, Sched. 1, s. 85 (1). Permissive studies (1.1) In addition to obtaining a reserve fund study when it is required to do so, the corporation may obtain a reserve fund study at other times to make the determination described in subsection (1). 2015, c. 28, Sched. 1, s. 85 (1). Contents of study (2) A reserve fund study shall be of the prescribed class, shall include the material that is prescribed for its class and shall be performed in accordance with the standards that are prescribed for its class. 1998, c. 19, s. 94 (2). Updates (3) For the purposes of this Act, an update to a reserve fund study shall constitute a class of reserve fund study. 1998, c. 19, s. 94 (3). Time of study (4) A corporation created on or after the day this section comes into force shall conduct a reserve fund study within the year following the registration of the declaration and description and subsequently at the prescribed times. 1998, c. 19, s. 94 (4); 2001, c. 9, Sched. D, s. 3 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 94 (4) of the Act is amended by striking out “conduct” and substituting “obtain”. (See: 2015, c. 28, Sched. 1, s. 85 (2)) Same, existing corporations (5) A corporation created before the day this section comes into force shall conduct a reserve fund study at the prescribed times. 1998, c. 19, s. 94 (5). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 94 (5) of the Act is amended by striking out “conduct” and substituting “obtain”. (See: 2015, c. 28, Sched. 1, s. 85 (2)) Person conducting study (6) A reserve fund study shall be conducted by a person of a prescribed class who shall have no affiliation with the board or with the corporation that is contrary to the regulations made under this Act. 1998, c. 19, s. 94 (6). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 94 (6) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 85 (3)) Person conducting study (6) A reserve fund study shall be conducted by a reserve fund study provider. 2015, c. 28, Sched. 1, s. 85 (3). Cost of study (7) The cost of conducting the study shall be a common expense which the board may charge to the reserve fund. 1998, c. 19, s. 94 (7). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 94 (7) of the Act is amended by striking out “conducting” and substituting “obtaining”. (See: 2015, c. 28, Sched. 1, s. 85 (4)) Plan for future funding (8) Within 120 days of receiving a reserve fund study, the board shall review it and propose a plan for the future funding of the reserve fund that the board determines will ensure that, within a prescribed period of time and in accordance with the prescribed requirements, the fund will be adequate for the purpose for which it was established. 1998, c. 19, s. 94 (8). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 94 (8) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 85 (5)) Plan for funding (8) Within 120 days of receiving a reserve fund study, the board shall review it and propose a plan, in accordance with the regulations, if any, for the future funding of the reserve fund that the board determines will ensure that the amount of money in the fund will be adequate, as determined by the regulations, for the purposes of the fund mentioned in subsection 93 (2). 2015, c. 28, Sched. 1, s. 85 (5). Copy of plan (9) Within 15 days of proposing a plan, the board shall, (a)  send to the owners a notice containing a summary of the study, a summary of the proposed plan and a statement indicating the areas, if any, in which the proposed plan differs from the study; and (b)  send to the auditor a copy of the study, a copy of the proposed plan and a copy of the notice sent to the owners under clause (a). 1998, c. 19, s. 94 (9). Implementation of proposed plan (10) The board shall implement the proposed plan after the expiration of 30 days following the day on which the board complies with subsection (9). 1998, c. 19, s. 94 (10). Section Amendments with date in force (d/m/y) 2001, c. 9, Sched. D, s. 3 (2) - 29/06/2001 2015, c. 28, Sched. 1, s. 85 - not in force