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A new or amended by-law has to be registered at the Registrar General’s Office within two years of the vote being taken to make the change.
Until such times as the by-law has been registered, it has no legal standing.
The question of who should vacate what and when is not so clear cut. In simple terms, the EC could ask the owner concerned to vacate what is still common property until such times as the matter is resolved.
However, I would caution you that there is a common law principle called something like fraud against a minority which basically concerns a majority of owners having legitimately (under the law) chosen a course of action which discriminates against a minority.
An example would be 80 owners in a building of 100 units but only 80 car spaces, awarding themselves exclusive use of common car spaces, and let the other 20 owners go whistle without compensation of any kind.
Strata law allows for a 76 percent majority to pass a by-law but common law doesn’t allow such blatantly unfair behaviour.
So, in your case, the person who loses out on the storage could have a claim against the Owners Corp which could lead to the original and as-yet unregistered exclusive use by-laws being struck down. If the two excluded owners currently arguing over the one storage space get together, then you might have real trouble on your hands.