Law Society Act
R.R.O. 1990, REGULATION 709
LAW FOUNDATION
Historical version for the period March 25, 2008 to December 31, 2008.
Last amendment: O. Reg. 59/08.
This is the English version of a bilingual regulation.
1. In this Regulation,
Note: On January 1, 2009, section 1 is amended by adding the following definition:
“account holder” means a licensee or a professional corporation to whom section 57 of the Act applies; (“titulaire d’un compte”)
See: O. Reg. 59/08, ss. 1 (1), 6.
“banker” means a bank listed in Schedule I or II to the Bank Act (Canada), a provincial savings office or a trust corporation registered under the Loan and Trust Corporations Act; (“banque”)
Note: On January 1, 2009, the definition of “banker” is amended by striking out “a provincial savings office” and substituting “a credit union or league to which the Credit Union and Caisses Populaires Act, 1994 applies”. See: O. Reg. 59/08, ss. 1 (2), 6.
“mixed trust account” means an account to which section 57 of the Act applies. (“compte mixte en fiducie”) R.R.O. 1990, Reg. 709, s. 1.
Note: On January 1, 2009, section 1 is amended by adding the following subsection:
(2) In this Regulation, when a form is referred to by number, the reference is to the form with that number that is described in the Table of Forms at the end of this Regulation and is available from the Foundation and, in the case of Form 1, is also available from the Society. O. Reg. 59/08, s. 1 (3).
See: O. Reg. 59/08, ss. 1 (3), 6.
2. The report required under section 57 of the Act shall be in Form 1 and shall be filed annually with the Society at the time of filing the report required by section 16 of Regulation 708 of the Revised Regulations of Ontario, 1990 by each member to whom section 57 of the Act applies and the Society shall receive such reports on behalf of the Foundation and deliver them to the Foundation. R.R.O. 1990, Reg. 709, s. 2.
Note: On January 1, 2009, section 2 is revoked and the following substituted:
2. (1) Every account holder shall file the following reports:
1. With respect to every mixed trust account held by the account holder in a given year, an annual report in Form 1 filed on or before March 31 of the following year.
2. With respect to each mixed trust account opened by the account holder, a report in Form 2 filed no later than 30 days after the day on which the account holder opens the account.
3. With respect to each mixed trust account closed by the account holder, a report in Form 3 filed no later than 30 days after the day on which the account holder closes the account. O. Reg. 59/08, s. 2.
(2) The Foundation may request that an account holder file a supplementary report in order to confirm or clarify information provided under this Regulation and an account holder who receives such a request shall file the supplementary report, in Form 4, no later than 30 days after receiving the request. O. Reg. 59/08, s. 2.
(3) The report referred to in paragraph 1 of subsection (1) may be filed by,
(a) providing the signed report to the Foundation; or
(b) submitting an electronic copy of the report to the Foundation through the Society’s website. O. Reg. 59/08, s. 2.
(4) The Society shall ensure that reports submitted through its website under clause (3) (b) are delivered to the Foundation. O. Reg. 59/08, s. 2.
(5) A report referred to in paragraph 2 or 3 of subsection (1) or in subsection (2) may be filed by,
(a) providing the signed report to the Foundation; or
(b) submitting a copy of the signed report to the Foundation by fax or email. O. Reg. 59/08, s. 2.
See: O. Reg. 59/08, ss. 2, 6.
3. Every member to whom section 57 of the Act applies shall direct his or her banker,
Note: On January 1, 2009, section 3 is amended by striking out the portion before clause (a) and substituting the following:
3. Every account holder shall direct his or her banker,
See: O. Reg. 59/08, ss. 3 (1), 6.
(a) to pay into an account held in the name of the Foundation, quarterly or monthly, as approved by the board of trustees of the Foundation, the interest referred to in subsection 57 (2) of the Act; and
(b) to give written notice to the member and to the Foundation when each payment is made setting out the amount of the payment and the balance or balances and rate or rates of interest used in computing the payment. R.R.O. 1990, Reg. 709, s. 3.
Note: On January 1, 2009, clause (b) is amended by striking out “to give written notice to the member and to the Foundation” at the beginning and substituting “to give notice to the Foundation”. See: O. Reg. 59/08, ss. 3 (2), 6.
Note: On January 1, 2009, the Regulation is amended by adding the following Table:
TABLE OF FORMS
Form Number |
Form Title |
Date of Form |
1 |
Annual Report to The Law Foundation of Ontario |
February 1, 2008 |
2 |
Report on Opening a Mixed Trust Account |
February 1, 2008 |
3 |
Report on Closing a Mixed Trust Account |
February 1, 2008 |
4 |
Supplementary Report on a Mixed Trust Account |
February 1, 2008 |
O. Reg. 59/08, s. 4.
See: O. Reg. 59/08, ss. 4, 6.
FORM 1
REPORT TO THE LAW FOUNDATION OF ONTARIO
Law Society Act
R.R.O. 1990, Reg. 709, Form 1.
Note: On January 1, 2009, Form 1 is revoked. See: O. Reg. 59/08, ss. 5, 6.