WHEREAS by Section 12(p) of the Real Estate Act, S.A. 1995, c. R-4.5 (the “Act”), the Real Estate Council of Alberta (the “Council”) may make rules authorizing Council to establish and administer an insurance or indemnity plan for industry members and respecting all matters necessarily related to the establishment and administration of a plan; and
WHEREAS by Rule 57(6) the form and content of the Real Estate Insurance Exchange Agreement and the insurance policy, both as amended or replaced from time to time, are subject to the approval of the Council.
THEREFORE BE IT RESOLVED THAT:
The Declarations will now read as follows:
3. Group Coverage Period
12:01 A.M., October 1, 2002, to 12:01 A.M., October 1, 2003, Mountain Standard Time and subsequent annual periods without interruption until notice of cancellation is provided to the Person Indemnified.
Part III – Exclusions will now read as follows:
2. There are some claims which are not covered by this Policy if you or your spouse (including a common law spouse) are directly or indirectly involved in the excluded activity. In those circumstances, AREIX will not cover, pay damages, provide a defence, or make supplementary payments on your behalf for claims arising out of:
(a) Your or your spouse’s activities as a builder, contractor, construction manager, owner or developer of real property, or as a principal, or as a controlling shareholder in a principal, or as a directing mind in a principal in a real estate transaction, …
3. AREIX will not provide indemnity, pay damages, or provide a defence or make supplementary payments for claims made against you:
(a) by a business or enterprise
(i) in which your spouse (including a common law spouse) either directly or indirectly have a controlling beneficial ownership interest or are the directing mind, …
DATED at Calgary, Alberta, this 18th day of September 2002.