The new provisions introduced by Bill 16 will bring about many changes regarding the contingency fund in a co-ownership. It will be mandatory to obtain a contingency fund study, which will establish the necessary amounts so that the fund is sufficient to cover the estimated cost of major repairs and replacement of the common elements (art. 1071 of the Civil Code of Quebec). The miminal content of this study and the professionals who will be able to carry it out will be determined in a future government regulation soon to be published. Such study will have to be obtained every five years by the board of directors, which will have to determine the amounts to be paid into this fund, according to the recommendations made in this study.
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