13/08/2023
Co-ownership: protecting the contingency fund
August 13, 2023 - Contingency funds should not be confused with working capital. However, many condominiums dip into their contingency fund in all sauces, which will eventually turn against them.
Those who have developed this bad habit, by promising to remit the sums of money deducted with interest at a later date, are transgressing the rules set out in article 1071 of the Civil Code of Québec. This windfall represents the financial heritage of a condominium. It can only be used to pay for major repairs to be made in a building, or to replace common areas that have expired....