Mr. Speaker, I move, seconded by the honourable Member for Deh Cho, that Bill 2, An Act to Amend the Condominium Act, be read for the second time.

Mr. Speaker, this bill amends the Condominium Act. Provisions are added to regulate the development of condominiums and the sale of units, and to permit the development of condominiums in phases and the amalgamation of condominiums. The developer and condominium corporation are required to disclose relevant information to owners, purchases, mortgagees and tenants, and parties are afforded protections where material changes are made in respect of the condominium. Provisions are added to facilitate the transfer of control from the developer to the purchasers of a new condominium development, and to extend protections for tenants on the conversion of rental accommodations to a condominium. Annual general meetings must be convened within fixed periods and with certain mandatory agenda items. The process for making condominium corporation bylaws, including those that provide for sanctions, is clarified, and the requirements for making changes to the declaration and plan, or for terminating a condominium, have been simplified. Affected persons are given a right to apply to the Supreme Court to object to a bylaw or a change to the declaration of plan. The voting rights of owners, and mortgagees in certain cases, are specified. New requirements are added relating to the rental of units and protections are afforded to tenants, owners and the condominium corporations. Requirements for the establishment and use of the common expenses funds are expanded, and a new obligation is placed on condominium corporations to establish a capital reserve fund and develop a comprehensive plan to repair or replace depreciating property. A requirement that a reserve fund study be conducted over five years is added. The condominium corporation is required to obtain insurance with respect to the common elements, sand a number of minor changes are made to the act. The regulation-making powers are expanded to address requirements set out in this bill, and transitional provisions are included to deal with the applications of the amendments after they are brought into force. Thank you, Mr. Speaker.