Strata Property Act, s. 108

Special levy 108 (1) The strata corporation may raise money from the owners by means of a special levy. (2) The strata corporation must calculate each strata lot's share of a special levy (a) in accordance with section 99, 100 or 195, in which case the levy must be approved by a resolution passed by a 3/4 vote at an annual or special general meeting, or (b) in another way that establishes a fair division of expenses for that particular levy, in which case the levy must be approved by a resolution passed by a unanimous vote at an annual or special general meeting. (3) The resolution to approve a special levy must set out all of the following: (a) the purpose of the levy; (b) the total amount of the levy; (c) the method used to determine each strata lot's share of the levy; (d) the amount of each strata lot's share of the levy; (e) the date by which the levy is to be paid or, if the levy is payable in instalments, the dates by which the instalments are to be paid. (4) The strata corporation must (a) account for the money collected separately from other money of the strata corporation, (b) invest all of the money collected in one or both of the following: (i) investments permitted by the regulations; (ii) insured accounts with savings institutions in British Columbia, (c) use the money collected for the purpose set out in the resolution, and (d) inform owners about the expenditure of the money collected. (4.1) A strata corporation may, by bylaw or by a resolution approving a special levy, establish a rate of interest, not to exceed the rate set out in the regulations, to be paid if an owner is late in paying the owner's strata lot's share of the special levy. (4.2) The interest payable on a late payment of a special levy in accordance with a bylaw or resolution referred to in subsection (4.1) is not a fine, and forms part of the special levy for the purposes of section 116. (5) If the money collected exceeds the amount required, or for any other reason is not fully used for the purpose set out in the resolution, the strata corporation must pay to each owner of a strata lot the portion of the unused amount of the special levy that is proportional to the contribution made to the special levy in respect of that strata lot. (6) Despite subsection (5), if no owner is entitled to receive more than $100 in total under subsection (5), the strata corporation may deposit the excess in the contingency reserve fund. (7) In subsections (4) and (5), "money collected" means the money collected on a special levy and includes any interest or income earned on that money.