Resolution 1998-1 of the Real Estate Council of Alberta

WHEREAS pursuant to section 84(1) of the S.A. 1995, c. R-4.5 (the ""), the Real Estate Council of Alberta (the "Council") has the power, duty and responsibility to amend or appeal bylaws and rules.


THEREFORE BE IT RESOLVED THAT:

Rule 69.1 be amended from:
 
69.1(1) A mortgage agent’s accounting for the purposes of Section 25 of the Act shall consist of a Report of Auditors, in a form containing the information required by the Council.
(2) The Report of Auditors must be completed by an independent Chartered Accountant, Certified General Accountant, or Certified Management Accountant.
(3) The fiscal year end reporting date for all mortgage agents is March 31.
(4) A mortgage agent’s accounting referred to in subsection (1) shall be filed with the Council not later than 90 days after March 31 and shall cover the fiscal year or, that part of the fiscal year for which the mortgage agent carried on business.

to read as follows:

69.1(1) Where, during a reporting period, a mortgage agent receives money on the account of others in the course of his business, the mortgage agent’s accounting for the purposes of Section 25 of the Act shall consist of a Report of Auditors in a form and containing the information required by the Council.
(2) The Report of Auditors must be completed by an independent Chartered Accountant, Certified General Accountant, or Certified Management Accountant.
(3) The fiscal year end reporting date for all mortgage agents is March 31.
(4) A mortgage agent’s accounting referred to in subsection (1) shall be filed with the Council not later than 90 days after March 31 and shall cover the fiscal year or, that part of the fiscal year for which the mortgage agent carried on business.
(5) A mortgage agent who receives no money on the account of others in the course of this business shall file with the Council a Declaration Respecting Absence of Trust Transactions in a form and containing the information required by the Council not later than 90 days after the mortgage agent’s fiscal year end reporting date as set out in subsection (3), and the Declaration shall cover the fiscal year or, where the mortgage agent did not carry on business for the entire year, that part of the fiscal year for which the mortgage agent carried on business.

DATED at Calgary, this 25th day of February 1998.

 

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