Section 2.3

Trust account

2.3. (1) A suspended licensee shall, within 30 days of the beginning of the suspension, (a) withdraw from every trust account kept in the name of the suspended licensee, or in the name of the firm of licensees of which the suspended licensee is a partner or by which the suspended licensee is employed, and, as required, pay to the appropriate person, (i) money properly required for payment to a person on behalf of a client, (ii) money required to reimburse the suspended licensee for money properly expended, or for expenses properly incurred, on behalf of a client, (iii) money required for or toward payment of fees for services performed by the suspended licensee, and (iv) all other money that belongs to the suspended licensee or to a person other than a client; (b) after complying with clause (a), withdraw from every trust account kept in the name of the suspended licensee, or in the name of the firm of licensees of which the suspended licensee is a partner or by which the suspended licensee is employed, all money belonging to a client and pay the money to, (i) the client, (ii) another licensee to whom the client has directed the suspended licensee to make payment, or (iii) another licensee who has agreed with the suspended licensee to accept payment in the event that the suspended licensee is unable to comply with subclause (i) or (ii); and (c) after complying with clauses (a) and (b), (i) close every trust account that was kept in the name of the suspended licensee, and (ii) cancel or cause to be cancelled the suspended licensee’s signing authority on every trust account that was kept in the name of the firm of licensees of which the suspended licensee is a partner or by which the suspended licensee is employed.

Compliance with clause (1) (b) not required

(2) A suspended licensee is not required to comply with clause (1) (b) if the client’s file is transferred, in accordance with Part IV of By-Law 7.1, to another licensee in the firm of licensees of which the suspended licensee is a partner or by which the suspended licensee is employed.

Application of sections of Part IV

(3) Subsection 9 (3) and sections 10, 11 and 12 apply to the withdrawal of money from a trust account under this section.

Report to Society on compliance

(4) A suspended licensee shall, not later than thirty days after the suspension begins, complete and file with the Society, in a form provided by the Society, a report confirming and providing details of the suspended licensee’s compliance with this section.