Report: First strata termination approved without a unanimous vote goes to supreme court for confirmation
January 20, 2017
BY Kevin Zakreski
Business in Vancouver has published a story on British Columbia’s first strata corporation to use the new termination procedure. The strata corporation has now reached the stage of confirmation of the resolution to terminate by the Supreme Court of British Columbia.
Bill 40 amended part 16 of the Strata Property Act, permitting the cancellation of a strata plan and the winding up of a strata corporation upon approval of a resolution to terminate by an 80-percent vote. Previously, a resolution approved by a unanimous vote was required. Bill 40 also implemented a new court procedure, which called for confirmation of the decision to terminate by the supreme court. Bill 40’s changes came into force in July 2016.