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Legal Profession Act Excerpt
Trust accounts
126(1) Subject to the rules, every active member shall maintain an interest-bearing trust account in an approved depository that is a branch in Alberta of a bank,
credit union, trust corporation or treasury branch into which the member shall deposit money entrusted to or received or held by the member for or on account of the member's
clients or other persons in the member's capacity as a barrister and solicitor, and the member shall instruct the bank, credit union, trust corporation, loan corporation or treasury
branch to remit the interest earned on the account to the Foundation semi-annually in each year, and that interest becomes the property of the Foundation.
(2) A member is not liable by virtue of the relation between the member and the member's client to account to any client for interest
earned on money deposited in a bank, credit union, loan corporation or treasury branch pursuant to subsection (1).
(3) Nothing in this Part affects any arrangement made between a member and the member's client to deposit money received from or on behalf of the client or to which the client is entitled in a separate interest-
bearing account in an approved depository for the client, or to purchase a Province of Alberta or Government of Canada Treasury Bill for the client, the interest on which is to be the property of the client.
(4) Subsections (1) to (3) apply to professional corporations and to law firms.
- 1990 cL-9.1 s122;1991 cL-26.5 s335(28);2000 c15s5(29)
118 and 119 Objects | 120 Board of directors | 121 Bylaws | 122 and 123 Application of funds
| 124 Annual Report | 125 Borrowing | 126 Trust accounts
| 127 Dissolution of Foundation | 128 Protection from liability
To obtain a copy of the complete Act in print or electronic
format, please contact the Queen's
Printer Bookstore.
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