CPA · Condominium Property Act
62 Transfer by corporation
the corporation may be directed, by a resolution passed by all the
owners unanimously, in accordance with this section and the
regulations, to wind up the affairs of the corporation.
(2) A unanimous resolution under subsection (1) must include
directions for
(a) the transfer of the building or parcel, or any portion of the
building or parcel, as applicable,
(b) the sale or disposition of any other assets held by the
corporation,
(c) the payment of money, and
(d) the method of distributing any funds on the transfer of the
building or parcel, or any portion of the building or parcel,
referred to in clause (a), or the sale or disposition of any
other assets referred to in clause (b), on a unit factor basis or
any other basis.
(3) Where the unanimous resolution under subsection (1) provides
that the existing owners are entitled to the building or parcel as
tenants in common in shares proportional to the unit factors of the
respective units of the existing owners, the corporation must send
to the Registrar a copy of the unanimous resolution under
subsection (1) endorsed on it, or accompanied with a certificate
under, the seal of the corporation stating that the unanimous
resolution was passed and that the requirements of the regulations
have been complied with.
(4) On the receipt of a copy of a unanimous resolution conforming
with the requirements of subsection (3), the Registrar shall
(a) cancel the certificates of title relating to the units, and
(b) issue certificates of title to the existing owners accordingly.
(5) Subject to subsection (3), when the board is satisfied that the
unanimous resolution under subsection (1) was properly passed and
the requirements of the regulations have been complied with, the
corporation shall execute the necessary documentation to give
effect to the transfer.
(6) A transfer of the building or parcel, or any portion of the
building or parcel, or a sale or disposition of any other assets held
by the corporation, executed under subsection (5) is valid and
RSA 2000
effective without execution by any person having an interest in the
building or parcel, or any portion of the building or parcel, or any
other assets held by the corporation, and the receipt of the
corporation is a sufficient discharge of and exonerates the person
under the transfer, sale or disposition, from any responsibility for
the application of the money expressed to have been so received.
(7) The Registrar shall not register a transfer executed under this
section or in accordance with an order of the Court under section
61 unless the transfer
(a) is accompanied by the order of the Court made under
section 61, or
(b) has endorsed on it or is acc ompanied with a certificate under
the seal of the corporation stating that the unanimous
resolution was passed and that the requirements of the
regulations have been complied with.
(8) A certificate made under subsection (7)(b) is conclusive proof
of the facts stated in the certificate
(a) in favour of a purchaser of the building or parcel, or a
portion of the building or parcel, as applicable, and
(b) in favour of the Registrar.
(9) When land is transferred by a corporation in accordance with
subsection (7), the Registrar shall
(a) cancel the certificates of title relating to the units, and
(b) register the transfer and issue to the transferee or transferees
a certificate of title or certificates of title, as the case may
be, for the land transferred.
(10) If a unanimous resolution to terminate is passed under section
60(b) but no unanimous resolution is passed under subsection (1),
an application may be made to the Court, and the Court shall have
the same powers as under section 61(2).
RSA 2000 cC-22 s63;2014 c10 s44;2024 c20 s1(27)