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S.M. 1985-86, c. 55

An Act to amend An Act to incorporate "The Winnipeg Real Estate Board"

(Assented to July 11, 1985)

WHEREAS The Winnipeg Real Estate Board was incorporated by an Act to incorporate "The Winnipeg Real Estate Board", being chapter 71 of the Statutes of Manitoba, 1903, which Act has subsequently been amended from time to time;

AND WHEREAS The Winnipeg Real Estate Board has, by its petition, prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the petition;

THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Sec. 1 am.

1

Section 1 of An Act to incorporate "The Winnipeg Real Estate Board", being chapter 71 of the Statutes of Manitoba, 1903, as amended by chapter 89 of the Statutes of Manitoba, 1904, chapter 111 of the Statutes of Manitoba, 1929, and chapter 89 of the Statutes of Manitoba, 1974, is further amended by striking out the words and figures "but the aggregate amount borrowed shall not exceed in the whole the sum of $750,000.00 and the clear value of the real estate held by the corporation at any one time shall not exceed $1,000,000.00" therein.

Cl. 2(b) am.

2

Clause 2(b) of the Act is amended by striking out the words and figures "not exceeding in amount the aforesaid sum of two hundred and fifty thousand dollars ($250,000)" in the 22nd and 23rd lines thereof.

Cl. 2.1(1)(c) am.

3

Clause 2.1(1) (c) of the Act is amended by adding thereto, immediately after the word "chairman" in the 2nd line thereof, the words "and vice-chairman".

Sec. 4 am.

4

Section 4 of the Act is amended by striking out the words "for amounts not to exceed in aggregate the sum of one thousand dollars".

Sec. 8 am.

5

Section 8 of the Act is amended

(a) by adding thereto, immediately after the word "Corporation" in the 3rd line thereof, the words "to comprise the arbitration committee"; and

(b) by striking out the words "may be voluntarily" in the 7th and 8th lines thereof and substituting therefor the words "shall be".

Sec. 8.1 added.

6

The Act is further amended by adding thereto, immediately after section 8 thereof, the following section:

Arbitration declined.

8.1

Where a dispute submitted to arbitration involves the determination of a point of law, or is of an extremely complex nature, or concerns substantial amounts of money, the arbitration committee may, upon application of either or both of the parties, or upon its own motion, direct that, notwithstanding section 8, the matter be not arbitrated but be adjudicated in accordance with the law of Manitoba in a court of competent jurisdiction, and upon the arbitration committee making such a direction, the arbitration committee is no longer seized of the matter in dispute.

Sec. 13 rep.

7

Section 13 of the Act is repealed.

Sch. A rep. and sub.

8

Schedule A to the Act is repealed and the following Schedule is substituted therefor:

SCHEDULE A

TERMS OF SUBMISSION

TAKE NOTICE THAT WE,______________________________________________________ and_______________________________________________________________________, both being members of THE WINNIPEG REAL ESTATE BOARD, and having a difference as to our rights in a case touching and being bound under An Act to incorporate "The Winnipeg Real Estate Board" to submit that difference to arbitration and to abide by the award to be made thereunder, do hereby agree to submit our said differences and all matters connected thereto to________________________ ____________________________________________, the arbitrators appointed under the authority of the said Act or to, named by the said parties as arbitrators, with power to the said arbitrators to name a third arbitrator.

AND, we acknowledge that the award of the said arbitrators or of a majority of them shall be final and conclusive with respect to all matters of dispute between us submitted to the said arbitrators and we agree to comply with and observe the award of the arbitrators and to pay such costs, fees and expenses as may be directed by such award.

IN WITNESS WHEREOF we have hereunto set our hands at Winnipeg, in Manitoba, this day of , 19

SIGNED in the presence of :

___________________________________ ) ____________________________________________

Commencement of Act.

9

This Act comes into force on the day it receives the royal assent.