Condominium Property Regulation s. 31.7

(1) In this section, "resolution" means an ordinary resolution,
or a special resolution if a bylaw requires that a special resolution
be passed for the purposes of approving borrowing of money by the
corporation.
(2) Subject to subsection (5), the borrowing of money by a
corporation must be authorized by a resolution where the sum of
the amount of the loan and all outstanding loans during that fiscal
year is more than
(a) 15% of the corporation's revenues as set out in the most
recent financial statements prepared under section
30(4)(a) of the Act, or an amount set out in the bylaws, or
(b) the maximum amount of borrowing for the corporation for
that fiscal year, as adopted by a previous resolution to
authorize borrowing,
whichever is greater.
(3) A resolution adopted under subsection (2)(b) must specify the
maximum amount the corporation is permitted to borrow in the
fiscal year as either a percentage of the corporation's revenues as
set out in the most recent financial statements prepared under
section 30(4)(a) of the Act, or as an amount in dollars.
(4) Subject to subsection (5), nothing prevents a corporation from
passing more than one resolution under subsection (2)(b) in a year,
but, if a corporation lowers the maximum amount permitted for
borrowing by a resolution, the resolution has no impact on a loan
validly borrowed under a higher permitted maximum amount.
(5) Subsections (2) to (4) do not apply if the certificates of title to
all of the units included in the condominium plan are registered in
the name of the same owner or the same group of owners.
AR 154/2019 s21

Section 31.8 AR 168/2000

RTA Residential Tenancies Act

31.7 Borrowing by Corporation Resolution for borrowing