Real Estate Act

Part 6 - General

Section 75 - Receiving Order, Freezing Assets
75(1)

The executive director,

  (a) where the executive director is about to commence an investigation of an industry member under section 38, or during or after such an investigation,
  (b) where
    (i) criminal proceedings, or
    (ii) proceedings in respect of non-compliance with this Act, the regulations, the bylaws or the rules
    that, in the opinion of the executive director, are connected with or arise out of a transaction in the business of an industry member, are about to be or have been instituted against any industry member, or
  (c) where the executive director has reason to believe that the trust funds in an industry member’s trust account are less than the amount for which the industry member is accountable,
  may do any or all of the things referred to in subsection (2).
(2) If subsection (1) applies, the executive director may do one or more of the following:
  (a) in writing
    (i) direct any person having on deposit or under that person’s control or for safekeeping any funds or securities of the industry member to hold those funds or securities, or
    (ii) direct the industry member to refrain from withdrawing funds or securities referred to in subclause (i) from any person who has them on deposit, under control or for safekeeping,
    until the executive director in writing revokes the direction or consents to release any particular fund or security from the direction;
  (b) in writing direct any person having on deposit or under that person’s control or for safekeeping any funds or securities of the industry member to pay those funds or securities into or deposit those funds or securities with the Court;
  (c) where subsection (1)(a) applies, publish in a form and manner that the executive director considers appropriate information about the subject-matter of the investigation.
(3) Where under subsection (2)(a) the executive director directs a person to hold funds or securities, the executive director may send to those persons whom the executive director is readily able to identify as having an interest in those funds or securities a notice stating that the funds or securities are being held.
(4) Where under subsection (2)(b) the executive director directs a person to pay funds or securities into or deposit funds or securities with the Court, the executive director shall send to those persons whom the executive director is readily able to identify as having an interest in those funds or securities a notice stating that
  (a) the funds or securities have been paid into or deposited with the Court, and
  (b) a person may apply to the Court for an order directing payment or distribution of all or part of the funds or securities to one or more persons.
(5) An application under subsection (4)(b) must be served on the industry member.
 

RSA 2000 cR-5 s75;2001 cC-28.1 s465;2003 c31 s19;
2007 c39s44; 2009 c53 s157

 

Continue with Part 6 Section 76 - Reviews

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