CPA · Condominium Property Regulation
Part 2 — .3
31.8 Statement respecting permitted borrowing
lender attesting to the corporation's
(a) maximum permitted borrowing amount, as of the date of
issue, and
(b) remaining permitted borrowing amount, based on current
corporate indebtedness.
(2) Unless a statement issued under subsection (1) is withdrawn
before a loan is advanced to the corporation, the statement is
conclusive proof in favour of the person who received the
statement that if the corporation borrows funds in accordance with
the limit described on the statement, it does so validly, unless the
person has, or by virtue of the person's position with or
relationship to the corporation ought to have, knowledge of more
accurate facts at the relevant time.
(3) A corporation shall withdraw or revise a statement respecting
permitted borrowing where the corporation's borrowing limit
changes before a loan is advanced to the corporation on the basis of
the statement.
AR 154/2019 s21