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S.M. 1994, c. 12
The Real Estate Brokers Amendment Act
(Assented to July 5, 1994)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
Section 1 is amended
(a) in the definition "official",
(i) in clause (c), by striking out "any office or branch" and substituting "an office", and
(ii) by adding the following after clause (d):
(d.1) in the case of an individual registered as a broker, the individual, or
(b) by adding the following definition in alphabetical order:
"branch office" means an office, other than the principal place of business of a broker, that is used on a regular basis by the broker, or by an authorized official or salesperson employed by the broker, as an office for the purpose of engaging in trades or transactions; (« succursale »)
Subsection 3(4) is repealed and the following is substituted:
Subject to subsection (5), a person that is registered or applying for registration as a broker may appoint any of the person's officials to be recorded in the register and named in the certificate of registration as an authorized official, and any individual so recorded and named may engage in trades and transactions on behalf of the person without being separately registered under this Act, but any other individual who engages in trades or transactions on behalf of the person shall be registered as a salesperson.
Subsection 3(5) is amended
(a) by striking out "No person" and substituting "No individual"; and
Clause 3(6)(b) is repealed and the following is substituted:
The following is added after subsection 3(6):
No broker shall operate a branch office unless the office is registered under this Act.
A broker may register a branch office by providing the registrar with the address of the office and the name of the authorized official in charge of the office, and paying any fee prescribed by regulation.
A broker shall not appoint an authorized official to be in charge of more than one office.
Where a broker appoints more than one authorized official under subsection (4), the broker shall ensure that at all times one of them is designated by the broker as the broker's Manitoba representative for the purpose of this Act and shall, immediately after making or changing the designation, give the registrar written notice of the name of the designated individual.
Subsection 26(1) is repealed and the following is substituted:
Every broker shall maintain in a bank an account designated as a trust account and shall deposit in the account any trust money received in connection with a trade or transaction, and shall at all times keep trust money separate and apart from other money and shall disburse trust money only in accordance with the terms upon which it is received.
Clause 26(7)(b) is amended
(a) by striking out "either";
(b) by striking out "and" at the end of subclause (ii) and substituting "or"; and
(c) by adding the following after subclause (ii):
The following is added after subsection 26(8):
Where a broker holds trust money in a trust account for a period of at least two years and
(a) where two or more persons have an interest in the money and have failed to agree as to its disposition and no action has been commenced in court to resolve the matter;
(b) the person or persons having an interest in the money have failed to submit a claim or give instructions to the broker for payment of the trust money;
(c) the person or persons having an interest in the money cannot be located by the broker; or
(d) the person or persons entitled to the money have not cashed the broker's cheque in payment of the money for a period of at least one year since the day the cheque was issued by the broker;
and the person or persons entitled to the money have not given written authorization for the broker to continue holding the money in trust, the broker may apply to the commission for permission to pay the money to the commission and the commission may direct that the money remain in the broker's trust account or be paid to the commission.
Where an application is made by a broker under subsection (9), the commission may require the broker to furnish such information and documents as it requires to make a determination.
Where the commission has given a direction to a bank under subsection (6), the commission may order the bank to pay all or part of the money in the trust account to the commission if the commission has reasonable grounds to believe that
(a) the broker cannot be located;
(b) in the case of a broker who is not an individual, the broker is bankrupt or no longer exists; or
(c) in the case of a broker who is an individual, the broker is deceased.
Money received by the commission under subsection (9) or (11) shall be held in an interest-bearing account in the name of the commission.
On March 31 of each year, any money in the account established by the commission under subsection (12), less any amount that the commission considers could be required within one year for the purpose of a payment under subsection (14), shall be paid into the Consolidated Fund.
Where a person establishes to the satisfaction of the commission that the person is entitled to money paid into the account referred to in subsection (12) or into the Consolidated Fund under subsection (13), the commission or the Minister of Finance shall pay the money to the person out of the account into which the money was last paid, without interest.
Subsection 27(1) is amended
(a) in the English version, by striking out "anyone" and substituting "any one";
(b) by striking out "he shall have" and substituting "shall have"; and
Section 45 is repealed and the following is substituted:
No registrant shall print or advertise in a pamphlet, advertisement, letter, business card or telegram, or on stationery or in any other way, the fact that the registrant is registered under this Act.
Section 49 is amended by adding the following after clause (j):
(k) respecting fees payable under this Act.
This Act comes into force on a day fixed by proclamation.