Part 6 - Real Estate Assurance Fund

Administration of Fund

37

The Fund shall be administered by the executive director subject to the direction of Council.

Practices & Procedures

38

The Council may establish practices and procedures in relation to the administration of the monies held in the Fund.

 

Trust Account

 

39

All monies credited to the Fund shall be maintained in a trust account in a bank, loan corporation, trust corporation, credit union or treasury branch in Alberta, separate and apart from any other money of the Council.

 

Levies

 

40

Any monies collected by the levy of assessments on applicants to become industry members and/or on the classes of industry members provided for in the Regulations, pursuant to section 57(5) of the Act, as well as any income from such monies, shall be credited to the Fund.

 

Recoveries

 

41

Any recovery of monies by the Council pursuant to subsection 60(5) and section 61 of the Act shall be credited to the Fund.

 

Payments from Fund

 

42

Payments may be made from the Fund for the following purposes:

(1)

payment of compensation pursuant to subsection 60(4);

(2)

payment of any or all of the monies in the Fund in excess of the amount prescribed in the Regulations for any purpose authorized in the Regulations, with the prior written consent of the Minister, pursuant to subsection 57(4) of the Act; and

(3)

payment of the administrative costs associated with the Fund, from the income from the investment of the money in the Fund, assessments levied pursuant to subsection 57(5) of the Act or monies approved by the Minister pursuant to section 57(4) of the Act, or from a combination of two or more of the foregoing sources.

 

Payments Authorized by Minister

 

43

In the event that the payment of monies from the Fund is authorized by the Minister pursuant to subsection 57(4) of the Act, any such monies shall be held in a trust account separate from the remainder of the Fund.

 

Executive Director's Fund Duties

 

44

The executive director shall:

(1)

ensure that all monies credited to the Fund are held as trust funds and invested only as permitted by the Act, the regulations, the bylaws and as directed by the Council;

(2)

ensure that accurate records and accounts are kept in relation to the Fund and report to the Council in relation to the Fund as directed by the Council;

(3)

advise the Council as to the balance and prospective balance of the Fund; and

(4)

assist the Council in making appropriate reserves for the contingent liabilities of the Fund and determining the need for the levy of assessments pursuant to subsection 57(5) of the Act.

   

Notification to Minister

 

45

If at any time the balance of the Fund falls below the amount prescribed in the Regulations, the Council shall immediately inform the Minister.

 

Continue with Schedule 1 - Rules of Procedure

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