O. Reg. 59/08: Law Foundation

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ontario regulation 59/08

made under the

Law Society Act

Made: February 19, 2008
Approved: March 19, 2008
Filed: March 25, 2008
Published on e-Laws: March 26, 2008
Printed in The Ontario Gazette: April 12, 2008

Amending Reg. 709 of R.R.O. 1990

(Law Foundation)

1. (1) Section 1 of Regulation 709 of the Revised Regulations of Ontario, 1990 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”)

(2) The definition of “banker” in section 1 of the Regulation 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”.

(3) Section 1 of the Regulation 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.

2. Section 2 of the Regulation 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.

(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.

(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.

(4) The Society shall ensure that reports submitted through its website under clause (3) (b) are delivered to the Foundation.

(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.

3. (1) Section 3 of the Regulation is amended by striking out the portion before clause (a) and substituting the following:

3. Every account holder shall direct his or her banker,

. . . . .

(2) Clause 3 (b) of the Regulation 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”.

4. 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

5. Form 1 of the Regulation is revoked.

6. This Regulation comes into force on January 1, 2009.

Made by:
Pris par :

The board of trustees of The Law Foundation of Ontario:
Le conseil d’administration de la Fondation du droit de l’Ontario :

Larry  Banack

Chair

Mark Sandler

Trustee

Date made: February 19, 2008.
Pris le : 19 février 2008.

 

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