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THE LAW SOCIETY OF UPPER CANADA
BY-LAW 19
HANDLING OF MONEY AND OTHER PROPERTY
MOTION TO BE MOVED AT THE MEETING OF CONVOCATION ON FEBRUARY 19,
1999
I MOVE that By-Law 19 be amended by adding the following:
AUTOMATIC WITHDRAWALS FROM TRUST ACCOUNTS
Interpretation: “Teranet”
8.1
(1)
In sections 8.2 and 8.3, “Teranet” means Teranet Land Information Services, Inc.,
a corporation incorporated under the Business Corporations Act, acting as agent for the Ministry
of Consumer and Commercial Relations.
Interpretation: time for doing an act expires on a holiday
(2)
Except where a contrary intention appears, if the time for doing an act under
sections 8.2 and 8.3 expires on a holiday, the act may be done on the next day that is not a
holiday.
Interpretation: counting days
(3)
In subsection 8.3 (4), holidays shall not be counted in determining if money has
been kept in a trust account described in subsection 8.3 (1) for more than five days.
Interpretation: “holiday”
(4)
In this section, “holiday” means,
(a)
any Saturday or Sunday;
(b)
New Year’s Day;
(c)
Good Friday;
(d)
Easter Monday;
(e)
Victoria Day;
(f)
Canada Day;
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(g)
Civic Holiday;
(h)
Labour Day;
(i)
Thanksgiving Day;
(j)
Remembrance Day;
(k)
Christmas Day;
(l)
Boxing Day; and
(m)
any special holiday proclaimed by the Governor General or the Lieutenant
Governor.
Same
(5)
Where New Year’s Day, Canada Day or Remembrance Day falls on a Saturday or
Sunday, the following Monday is a holiday.
Same
(6)
Where Christmas Day falls on a Saturday or Sunday, the following Monday and
Tuesday are holidays.
Same
(7)
Where Christmas Day falls on a Friday, the following Monday is a holiday.
Authorizing Teranet to withdraw money from trust account
8.2
(1)
Subject to subsection (2), a member may authorize Teranet to withdraw from a
trust account described in subsection 8.3 (1) money required to pay the document registration
fees and the land transfer tax, if any, related to a client’s real estate transaction.
Conditions
(2)
A member shall not authorize Teranet to withdraw from a tru