Section 1

Interpretation

1. (1) In this By-Law, “arm’s length” has the same meaning given it in the Income Tax Act (Canada); “cash” means current coin within the meaning of the Currency Act (Canada), notes intended for circulation in Canada issued by the Bank of Canada pursuant to the Bank of Canada Act and current coin or banks notes of countries other than Canada; “charge” has the same meaning given it in the Land Registration Reform Act; “client” means a person or group of persons from whom or on whose behalf a licensee receives money or other property; “firm of licensees” means, (a) a partnership of licensees and all licensees employed by the partnership, (b) a professional corporation established for the purpose of practising law in Ontario and all licensees employed by the professional corporation, (c) a professional corporation established for the purpose of providing legal services in Ontario and all licensees employed by the professional corporation, or (d) a professional corporation established for the purpose of practising law and providing legal services in Ontario and all licensees employed by the professional corporation; “holiday” means, (a) any Saturday or Sunday, (b) New Year’s Day, and where New Year’s Day falls on a Saturday or Sunday, the following Monday, (c) Family Day, (d) Good Friday, (e) Easter Monday, (f) Victoria Day, (g) Canada Day, and where Canada Day falls on a Saturday or Sunday, the following Monday, (h) Civic Holiday, (i) Labour Day, (j) Thanksgiving Day, (k) Remembrance Day, and where Remembrance Day falls on a Saturday or Sunday, the following Monday, (l) Christmas Day, and where Christmas Day falls on a Saturday or Sunday, the following Monday and Tuesday, and where Christmas Day falls on a Friday, the following Monday, (m) Boxing Day, and (n) any special holiday proclaimed by the Governor General or the Lieutenant Governor; “lender” means a person who is making a loan that is secured or to be secured by a charge, including a charge to be held in trust directly or indirectly through a related person or corporation; “licensee” includes a firm of licensees; “money” includes cash, cheques, drafts, credit card sales slips, post office orders and express and bank money orders; “related” has the same meaning given it in the Income Tax Act (Canada); “Teranet” means Teranet Inc., a corporation incorporated under the Business Corporations Act, acting as agent for the Ministry of Consumer and Business Services.

Time for doing an act expires on a holiday

(2) Except where a contrary intention appears, if the time for doing an act expires on a holiday, the act may be done on the next day that is not a holiday.

When deemed in trust

(3) For the purposes of subsections 9 (1), (2) and (3) and section 14, cash, cheques negotiable by the licensee, cheques drawn by the licensee on the licensee’s trust account and credit card sales slips in the possession and control of the licensee shall be deemed from the time the licensee receives such possession and control to be money held in a trust account if the cash, cheques or credit card sales slips, as the case may be, are deposited in the trust account not later than the following banking day.