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C-73.2, r. 4 - Regulation respecting records, books and registers, trust accounting and inspection of brokers and agencies
Section 28
Disposition versions
28. A licence holder opens only one general trust account, as soon as the licence holder’s activities so require and not later than 10 days after the licence is issued, and as many special trust accounts as necessary, in which the sums held are deposited, including advances on remuneration, given by a client or another person.
The accounts must be composed of deposits covered by the deposit insurance under the Canada Deposit Insurance Corporation Act (R.S.C. 1985, c. C-3) or guaranteed under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2).
The accounts must be opened in Québec, in a financial institution governed by the Trust Companies and Savings Companies Act (chapter S-29.02), the Bank Act (S.C. 1991, c. 46), the Act respecting financial services cooperatives (chapter C-67.3) or the Trust and Loan Companies Act (S.C. 1991, c. 45) and with which the Organization has entered into an agreement on the payment of interest under section 44.
28. A licence holder opens only one general trust account, as soon as the licence holder’s activities so require and not later than 10 days after the licence is issued, and as many special trust accounts as necessary, in which the sums held are deposited, including advances on remuneration, given by a client or another person.
The accounts must be composed of deposits covered by the deposit insurance under the Canada Deposit Insurance Corporation Act (R.S.C. 1985, c. C-3) or guaranteed under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2).
The accounts must be opened in Québec, in a financial institution governed by the Trust Companies and Savings Companies Act (chapter S-29.02), the Bank Act (S.C. 1991, c. 46), the Act respecting financial services cooperatives (chapter C-67.3) or the Trust and Loan Companies Act (S.C. 1991, c. 45) and with which the Organization has entered into an agreement on the payment of interest into the Financing fund of the Organization.
28. A licence holder opens only one general trust account, as soon as the licence holder’s activities so require and not later than 10 days after the licence is issued, and as many special trust accounts as necessary, in which the sums held are deposited, including advances on remuneration, given by a client or another person.
The accounts must be composed of deposits covered by the deposit insurance under the Canada Deposit Insurance Corporation Act (R.S.C. 1985, c. C-3) or guaranteed under the Deposit Insurance Act (chapter A-26).
The accounts must be opened in Québec, in a financial institution governed by the Act respecting trust companies and savings companies (chapter S-29.01), the Bank Act (S.C. 1991, c. 46), the Act respecting financial services cooperatives (chapter C-67.3) or the Trust and Loan Companies Act (S.C. 1991, c. 45) and with which the Organization has entered into an agreement on the payment of interest into the Financing fund of the Organization.
