O. Reg. 191/95: GENERAL

Public Guardian and Trustee Act

ONTARIO REGULATION 191/95

GENERAL

Historical version for the period April 3, 1995 to May 31, 2012.

No amendments.

This is the English version of a bilingual regulation.

1. (1) The Public Guardian and Trustee shall maintain,

(a) an Escheats account;

(b) a Public Guardian and Trustee Administration account; and

(c) an assurance fund. O. Reg. 191/95, s. 1 (1).

(2) The Public Guardian and Trustee may maintain,

(a) common trust accounts;

(b) an Unadministered Estates Account; and

(c) such other accounts as the Public Guardian and Trustee may require. O. Reg. 191/95, s. 1 (2).

(3) The Public Guardian and Trustee shall transfer to the Escheats account money received under the Escheats Act. O. Reg. 191/95, s. 1 (3).

(4) The Public Guardian and Trustee shall pay all fees, charges, remuneration, refunds of expenses and all income of the office of every description, including surplus income from investments, into the Public Guardian and Trustee Administration account. O. Reg. 191/95, s. 1 (4).

(5) All interest payable by the Public Guardian and Trustee shall be paid out of the Public Guardian and Trustee Administration account. O. Reg. 191/95, s. 1 (5).

(6) The assurance fund shall be established from money that the Public Guardian and Trustee transfers to it from the Public Guardian and Trustee Administration account, in those amounts determined by him or her. O. Reg. 191/95, s. 1 (6).

(7) The Public Guardian and Trustee shall convert the assets of any trust or the assets of the estate of a person for whom he or she has acted as guardian to cash and transfer the money to the Unadministered Estates account if the persons entitled to apply for and receive the assets from the Public Guardian and Trustee have not assumed lawful administration of the estate within two years after the date of the person’s death or the termination of the trust. O. Reg. 191/95, s. 1 (7).

(8) In subsection (2),

“common trust accounts” means accounts maintained by the Public Guardian and Trustee in which money belonging to various estates and trusts in his or her care is combined for the purpose of facilitating investment. O. Reg. 191/95, s. 1 (8).

2. The Public Guardian and Trustee may make a payment,

(a) by cheque signed by the Attorney General, the Public Guardian and Trustee or an employee in his or her office designated by written direction delivered to the Public Guardian and Trustee’s bankers, and countersigned by the Chief Financial Officer, the Assistant to the Chief Financial Officer or another employee in the Public Guardian and Trustee’s office designated in the same manner; or

(b) in any manner the Public Guardian and Trustee considers appropriate, including the transfer of bonds or other securities, where the payment is made into the Consolidated Revenue Fund at the direction of the Lieutenant Governor in Council under subsection 9 (5) of the Act. O. Reg. 191/95, s. 2.

3. (1) The fee chargeable by the Public Guardian and Trustee for reviewing an application for incorporation, for a corporate revival or amalgamation or for an amendment to incorporating documents pursuant to his or her duties under any Act is $120. O. Reg. 191/95, s. 3 (1).

(2) With the approval of the Lieutenant Governor in Council, the Public Guardian and Trustee may deduct from property or estates coming into his or her hands under the Escheats Act the disbursements made with respect to them and a fee not exceeding 10 per cent of the total value of the property or estates. O. Reg. 191/95, s. 3 (2).

4. (1) An advisory committee is hereby constituted for the purposes of section 13.1 of the Act and to advise the Public Guardian and Trustee generally on investments and other property management issues. O. Reg. 191/95, s. 4 (1).

(2) The advisory committee shall be appointed by the Lieutenant Governor in Council. O. Reg. 191/95, s. 4 (2).

5. Omitted (revokes other Regulations). O. Reg. 191/95, s. 5.

6. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 191/95, s. 6.