Real Estate Act Ministerial Regulation

Part 1 - Alberta Real Estate Foundation

Board of Governors

2(1)   Subject to subsection (2), the board of governors of the Alberta Real Estate Foundation shall consist of the following members:
(a) 2 persons who are appointed by the Alberta Real Estate Association;
(b) 2 persons who are appointed by the Real Estate Council of Alberta;
(c) one person, who is not in the industry, who is appointed by the current members of the board then in office and is, in the opinion of those members, representative of the interests of real estate consumers;
(d) one person, who is not in the industry, who is appointed by the current members of the board then in office and is, in the opinion of those members, representative of Alberta businesses;
(e) one person, who is not in the industry, who is appointed by the current members of the board then in office and who, in the opinion of those members, possesses special skills or experience to assist the board in carrying out the Foundation’s purposes.
(2)   The members of the board of governors referred to in subsection (1) may appoint as an additional member the immediate past chair of the board, for one term only of not more than 2 years.


Term of office
3(1)   A member of the board of governors referred to in section 2(1) may be appointed for a term of not more than 3 years.
(2)  A person may not be appointed as a member of the board of governors under section 2(1) for more than 2 consecutive terms.
(3) Notwithstanding that the term of office of a member has expired, the member remains in office until a successor is appointed.

Vacancies
4(1)    Where a vacancy occurs on the board of governors, a person may be appointed to fill the vacancy for the balance of the term of office, in the same manner as the member whose office became vacant was appointed..
(2)  No vacancy on the board of governors impairs the right of the remaining members to act while the vacancy exists.

Chair
5(1)  The board of governors shall select a person as chair from among its members.
(2)   A person may not serve as chair for more than 2 consecutive years.

Quorum
6 A majority of the persons appointed as members of the board of governors is a quorum at a meeting of the board.

Fiscal Year
7. The fiscal year of the Foundation is from November 1 to October 31.

Trust account interest
8(1)   Sections 25(5) and 69 of the Act apply only in respect of industry members who are industry members of the brokerage class referred to in section 1(2)(a)(i) and (b)(i).
(2)   An industry member referred to in subsection (1) who maintains a trust account referred to in section 69 of the Act and is credited with interest on money in the account by a bank, trust company, credit union or treasury branch shall instruct the bank, trust company, credit union or treasury branch in writing to pay to the Foundation at least quarterly the interest less allowable service charges.
(3)  A bank, trust company, credit union or treasury branch that pays interest to the Foundation pursuant to this Regulation shall ensure that
  (a) each payment is accompanied by a statement that sets out the interest and service charge calculations and is in a form acceptable to the Foundation, and
  (b) a copy of the statement is sent to the industry member to whom the trust account relates on the request of the industry member
(4)   An industry member who deposits money in an account as required by section 25(1)(c) of the Act is not required to account to any person other than the Foundation for interest earned on the account.
AR 113/96 s8;77/2001;251/2001;225/2002;124/2008


Continue with Ministerial Regulation Part 2 - Real Estate Assurance Fund

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