The Owners, Strata Plan, 1234 (the "Strata Corporation") is a strata corporation based out of Courtenay, British Columbia. The Strata Corporation is getting ready for its FIRST annual general meeting ("AGM"). One key topic up for discussion is the Strata Corporation's contribution to its contingency reserve fund (the "CRF"). Which of the following is TRUE regarding the Strata Corporation's required contributions to its CRF at the time of the first AGM?
o The Strata Corporation is not required to contribute to the CRF at the first AGM, given that the developer already paid a lump sum to the CRF.
o The Strata Corporation must bring the CRF to at least 50% of the total amount budgeted for the annual operating fund.
o The Strata Corporation is not required to contribute to the CRF at the first AGM, given that the Strata Property Act does not mandate the Strata Corporation to contribute to the CRF until the fifth AGM.
o The Strata Corporation must contribute a minimum of 10% of the total amount budgeted for the annual operating fund to the CRF.