Real Estate Act

Part 5 - Alberta Real Estate Foundation

Section 69 - Payment of Trust Account Interest
69(1)

An industry member who

  (a) maintains a trust account under section 25,
  (b) is credited with interest on money in the account by the bank, loan corporation, trust corporation, credit union or treasury branch in which the account is maintained, and
  (c) is an industry member of a class specified in the regulations for the purposes of this section
 

holds the interest in trust for the Foundation.

(2) An industry member referred to in subsection (1) shall, in accordance with the regulations, instruct the bank, loan corporation, trust corporation, credit union or treasury branch to pay the interest credited to the account to the Foundation.
(3) A bank, loan corporation, trust corporation, credit union or treasury branch that receives an instruction under subsection (2) shall pay the interest to the Foundation in accordance with the regulations.
(4) This section does not apply to
  (a) money deposited in a separate account for a party in respect of a dealing or trade, or
  (b) a security deposit that is given under a tenancy that is subject to the Residential Tenancies Act or the Mobile Home Sites Tenancies Act.
   
 

RSA 2000 cR‑5 s69;2007 c39 s41

 

Continue with Part 5 Section 70 - Audit of Foundation Accounts

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