Contingency fund

With the entry into effect of the Civil Code of Québec in 1994, the legislator introduced the obligation for every syndicate of co-owners to have a contingency fund in order to anticipate and to finance the future expenses to repair and to replace the common portions; this fund is strictly reserved for major repairs as well as replacements of the common portions and it shouldn't be used to ensure their maintenance.

Furthermore, Bill 16 modified the Civil Code of Québec in order to subject the syndicate of co-owners to certain additional obligations such as the one to obtain a contingency fund study establishing the necessary sums for the fund to be sufficient.

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