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Newfoundland and Labrador
Regulation 2016


NEWFOUNDLAND AND LABRADOR REGULATION 26/16

NEWFOUNDLAND AND LABRADOR
REGULATION 26/16

Public Trustee Compensation Regulations (Amendment)
under the
Public Trustee Act, 2009
(O.C. 2016-074)

(Filed June 1, 2016)

Under the authority of section 23 of the Public Trustee Act, 2009, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, May 31, 2016.

Julia Mullaley
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   Sch. Amdt.

        2.   Commencement


NLR 86/13

        1. The Schedule to the Public Trustee Compensation Regulations is repealed and the following substituted:


Schedule

Column A

Column B

Column C

Column D

Duty or Service

Payable by

When Payable

Fee

Life Insurance Act

receipt of money paid into court on behalf of a minor under section 52

estate

on receipt of funds by the public trustee

$250

Plus

estate

semi-annually and on payout

8% of interest or income received

Trustee Act

receipt of money paid into court under section 48

estate

on receipt of funds by the public trustee

$250

Plus

estate

semi-annually and on payout

8% of interest or income earned

Public Trustee Act, 2009

i) continuing trusts

trust

semi-annually and on payout

0.4% of

average market value of assets under administration

ii) administration or probate of the estate of a deceased person

estate

on receipt of funds by the public trustee

8% of capital assets received

Plus

estate

on receipt of funds by the public trustee

8% commission on sale proceeds of real property

Plus

estate

on receipt of funds by the public trustee

10% commission on sale proceeds of chattels

Plus

estate

semi-annually and on payout

8% of interest or income received

 

person requesting deed

prior to release of deed

$250 minimum fee where it is requested and proper to execute a deed with no other duties

iii) guardianship of the estate of a minor, mentally incompetent person or missing person

estate

on receipt of funds by the public trustee

5% of capital assets received

Plus

estate

on receipt of funds by the public trustee

5% commission on sale proceeds of real property

Plus

estate

on receipt of funds by the public trustee

10% commission on sale proceeds of chattels

Plus

estate

semi-annually and on payout

5% of interest or income received

iv) acting under power of attorney

estate

on receipt of funds by the public trustee

8% of capital assets received

Plus

estate

on receipt of funds by the public trustee

8% commission on sale proceeds of real property

Plus

estate

on receipt of funds by the public trustee

10% commission on sale proceeds of chattels

Plus

estate

semi-annually and on payout

8% of interest or income received

Commencement

        2. These regulations come into force on June 1, 2016.