Statutes of Newfoundland and Labrador 2006 Chapter 30

1. S.29 Amdt.
Trust

        2. PART II Rep.

        PART II
        REAL ESTATE                    FOUNDATION

              52.   Definitions
53.   Foundation continued
54.   Composition of board
55.   Vacating office on
        board
56.   Objects of foundation
57.   Fund
58.   Foundation may
        receive gifts
59.   Powers of board
60.   Audit and report
61.   Trust money
62.   Non-compliance of
        agent
63.   Agent not liable to
        client
64.   Client's money not
        affected
65.   Dissolution of
        Foundation

3. Transitional

4. Protection from liability

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSNL1990 cR-2
as amended

1. Section 29 of the Real Estate Trading Act is amended by adding immediately after subsection (3) the following:

(4) Interest earned on money deposited in a trust account referred to in subsection (1) shall be the property of the agent.

2. The Act is amended by repealing the heading "PART II REAL ESTATE FOUNDATION" and sections 52 to 65.

Transitional

3. (1) Notwithstanding the repeal of sections 52 to 65 of the Act the board established under section 54 of the Act shall be continued for the sole purpose of effecting the dissolution of the Real Estate Foundation, the payment of its debts and liabilities, the distribution of its funds and property and the filing of a report in accordance with subsection (7).

(2) On the coming into force of this Act,

(a) the foundation shall cease its activities, except as otherwise provided in subsection (1);

(b) a financial institution shall remit to the foundation interest earned on money on deposit in a trust account referred to in section 29 of the Act from the date on which interest was last paid to the foundation to the date on which this Act comes into force; and

(c) all existing contracts or agreements relating to the appointment or employment of persons to carry out the objects of the foundation, except with respect to its dissolution, are cancelled.

(3) The dissolution of the foundation shall be completed by April 30, 2007.

(4) Upon the dissolution of the foundation, an appointment or designation of a person as a chairperson or member of the board of governors established under section 54 of the Act is revoked and all contracts or agreements relating to allowances, fees, expenses, compensation or remuneration to be paid to the chairperson or member of the board shall be considered to be cancelled.

(5) Upon the dissolution of the foundation, and after the payment of debts and liabilities of the foundation, its remaining funds and property shall be distributed or disposed of to an organization in the province the undertaking of which is charitable or beneficial to the community.

(6) The funds and property of the foundation shall not be available to the chairperson, member of the board of the foundation or to an agent upon dissolution of the foundation.

(7) The chairperson of the board shall submit a report of the dissolution of the foundation, including a financial statement, to the superintendent no later than July 31, 2007.

Protection from liability

4. An action, application or other proceeding does not lie and shall not be instituted against the Crown as a result of the repeal of Part II of the Act.