Real Estate Act

Part 5 - Alberta Real Estate Foundation

Section 68 - Establishment of Fund
68(1)

The fund established by the Foundation under the Real Estate Agents’ Licensing Act, RSA 1980 cR‑5, is continued.

(2)

The Foundation shall maintain an account for the fund in a bank, loan corporation, trust corporation, credit union or treasury branch, to be called the “real estate foundation account”.

(3) The following shall be paid into the fund:
  (a) money paid to the Foundation by a bank, loan corporation, trust corporation, credit union or treasury branch under section 69;
  (b) interest from investment of the money in the fund;
  (c) money paid to the Foundation under section 25(5);
  (d) money received by the Foundation by way of gift.
(4) The Foundation may pay out of the fund the reasonable costs of the administration of the fund and of carrying out the purposes of the Foundation.
(5) Any money that is not immediately required for the purposes of the Foundation may be invested in the name of the Foundation in any manner in which trustees are authorized to invest trust funds, if the investments are in all other respects reasonable and proper.
 

1995 cR-4.5 s67

 

Continue with Part 5 Section 69 - Payment of Trust Account Interest

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