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Consolidated Newfoundland Regulation 1996


CONSOLIDATED NEWFOUNDLAND REGULATION 972/96

CONSOLIDATED NEWFOUNDLAND REGULATION 972/96

Registrar's Compensation Rule
under the
Trustee Act
(O.C. 96‑266)

Under the authority of section 52 of the Trustee Act and the Subordinate Legislation Revision and Consolidation Act, the Lieutenant‑Governor in Council makes the following rule.

RULE

Analysis


        1.   Short title

        2.   Definition

        3.   Compensation

        4.   Employment of other persons

        5.   Commission to other agents

        6.   Timing of compensation

        7.   Compensation of court officers

        8.   Repeal

Schedule


Short title

        1. This rule may be cited as the Registrar's Compensation Rule.

705/78 s1

Definition

        2. In this rule "registrar" means the Registrar of the Supreme Court when acting as a trustee.

705/78 s2

Compensation

        3. (1) Subject to sections 5 and 6 and to the provision of an Act of the province and to special orders made in relation to estates described in this rule, the registrar shall be entitled to the following compensation in respect of estates of which he or she is trustee:

             (a)  upon all estates not exceeding in capital value $1,000, a commission of 5% upon the capital assets received to cover all charges of collection, investment, payment, management and final distribution;

             (b)  upon all estates exceeding in capital value $1,000 but not exceeding $10,000, a commission of 2 1/2% upon the capital assets received and a commission of 1 1/2% upon the capital assets paid or distributed;

             (c)  upon all estates exceeding in capital value $10,000 but not exceeding $20,000, a commission of 2% upon the capital assets received and a commission of 1 1/2% upon the capital assets paid or distributed;

             (d)  upon all estates exceeding in capital value $20,000, but not exceeding $50,000, a commission of 2% upon capital assets received and a commission of 1% upon capital assets paid or distributed;

             (e)  upon all estates exceeding in capital value $50,000, a commission of 1 1/2% on capital assets received and a commission of 1% upon capital assets paid or distributed;

              (f)  upon rents, interest, dividends and other income in estates of any amount, a commission of 5% upon the amount collected to cover all charges for collection and payment out;

             (g)  upon sales of land, including buildings or other improvements on land, a commission of 5% upon the sale price; and

             (h)  upon the sale of chattels, a commission of 10% upon the sale price.

             (2)  In no case shall the commission allowed be lower than the commission due in respect of a smaller estate.

705/78 s3

Employment of other persons

        4. In addition to the compensation provided for in section 3, the registrar shall be compensated for the cost of engaging other persons to carry out any of his or her duties where

             (a)  in the discretion of the registrar, it has been necessary to employ those other persons for those purposes due to difficulties including

                      (i)  distance to travel,

                     (ii)  lack of facilities,

                    (iii)  shortness of time, or

                    (iv)  other reasonable cause; or

             (b)  where the registrar has been required to engage those persons for those purposes because of legislation that requires that those duties be carried out by a member of a profession, trade or organization.

705/78 s4

Commission to other agents

        5. (1) Where a sale of land or a sale of chattels has been negotiated by a real estate agent, auctioneer or other authorized person who has been paid or is entitled to be paid a commission for negotiating that sale, the compensation provided for in paragraphs 3(1)(g) and (h) shall be recoverable by the registrar only to the extent that it exceeds the commission that was paid to the real estate agent, auctioneer or other person.

             (2)  Notwithstanding subsection (1), the registrar shall be entitled to recover the amount of the commission as if that person had been retained under section 4.

705/78 s5

Timing of compensation

        6. (1) The registrar shall be entitled to receive his or her compensation at the following times:

             (a)  upon capital assets received, when the assets have been collected in, secured or possessed;

             (b)  upon capital assets paid or distributed, when the assets are paid or distributed;

             (c)  upon rents, interest, dividends and other income, at any time after their collection;

             (d)  upon sales of land, including buildings or other improvements on land, and upon chattels, at any time after the realization of the proceeds of those sales.

             (2)  For the purpose of this section, assets not actually paid or distributed shall be considered to have been paid or distributed when they are ready to be so paid or distributed but the registrar is unable to do so for reasons other than

             (a)  a provision in the instrument establishing or regulating the trust; or

             (b)  his or her own act or default.

705/78 s6

Compensation of court officers

        7. Officers of the court who administer the estates of deceased parties, or manage the estates of infants, wards of the court or of mentally incompetent persons, shall receive those allowances that are described in the Schedule.

705/78 Sch A

Repeal

        8. The Registrar's Compensation Rule, 1979, Newfoundland Regulation 705/78, is repealed.


Schedule

The following allowances are made to officers of the court under section 7 of the regulations:

             (a)  upon all estates not exceeding in value $1,000, a commission of 5% upon the principal received to cover all charges or collection, investment, payment, management and final distribution;

             (b)  upon all estates exceeding in value $1,000 but not exceeding $10,000, a commission of 2 1/2% upon the principal received, a commission of 1 1/2% upon the principal paid or distributed and a commission of 1% of assets held in trust;

             (c)  on all estates exceeding $10,000 but not exceeding $20,000, a commission of 2% upon the principal received, a commission of 1 1/2% upon the payment out of it and a commission of 1% on assets held in trust;

             (d)  on all estates exceeding $20,000 but not exceeding $50,000, a commission of 2% on principal received, a commission of 1% on disbursements or distribution of principal and a commission of one‑half of 1% on capital held in trust;

             (e)  on all estates exceeding $50,000, a commission of 1 1/2% on principal received, a commission of 1% on disbursements and distribution of principal and a commission of one‑half of 1% on principal held in trust;

              (f)  in no case shall the commission allowed to be lower than the commission due in respect of a smaller estate;

             (g)  upon rents and annual interest in estates of any amount, a commission of 5% upon the amount collected to cover all charges for collection and payment out;

             (h)  upon sales of land, a commission of 5% upon the proceeds and upon the sale of chattels a commission of 10%;

              (i)  when due to difficulties, such as distance to travel, lack of facilities, shortness of time or other causes, or where services which because of any law, rule or regulation must be performed by members of another profession, trade or organization, officers may employ assistance and pay for it out of the funds of the estate;

              (j)  officers shall be entitled to receive their initial commissions on the collecting in of assets when the principal or capital assets have been collected in, secured or possessed, and their final commissions when so far as possible the estates are distributed.

705/78 Sch A