Real Estate Act
Part 4 - Real Estate Assurance FundSection 62 - Winding-up of Fund
If the amount of the Fund at any time falls below the amount prescribed in the regulations, the Council shall immediately advise the Minister.
|(2)||If the amount of the Fund is less than the amount prescribed in the regulations or the Minister considers it in the public interest to do so, the Minister may order that the Fund be wound up in accordance with the regulations.|
|(3)||When the Minister makes an order under subsection (2), every applicant to be an industry member and industry member who is subject to the Fund shall provide the Council with a bond in accordance with the rules.|
|(4)||On the winding‑up of the Fund, the Fund shall be distributed in accordance with the regulations.|
RSA 2000 cR‑5 s62;2007 c39 s39