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Volume 58, No. 15

138/2015

The British Columbia Gazette,

Part II

July 28, 2015

B.C. Reg. 138/2015 , deposited July 15, 2015, under the REAL ESTATE DEVELOPMENT MARKETING ACT [sections 18 (2) (

i) and 46 (2) (h)]. Order in Council 393/2015, approved and ordered July 14, 2015.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Real Estate Development Marketing Regulation, B.C. Reg. 505/2004, is amended as set out in the attached Appendix.

— M. DE JONG, Minister of Finance ; S. CADIEUX, Presiding Member of the Executive Council .

Appendix

Section 1 of the Real Estate Development Marketing Regulation, B.C. Reg. 505/2004, is amended

(

a) by renumbering the

section as

section 1 (1), and

(

b) by adding the following subsection:

(2) In this regulation and in sections 18 (2) to (6) [handling deposits] and 19 [developer use of deposit] of the Act, “trustee” means a brokerage, lawyer or notary public

(

a) with whom a developer places a deposit under

section 18 (1) [placing deposits] of the Act, or

(

b) to whom a deposit is transferred under

section 9.01 [transferring deposits to a new trustee] of this regulation.

2 The following

section is added:

Transferring deposits to a new trustee

9.01

(1) A developer may, in writing, instruct a trustee to transfer a deposit held under

section 18 (2) [handling deposits] of the Act to a brokerage, lawyer or notary public.

(2) A trustee who receives an instruction under subsection (1) may transfer the deposit to the brokerage, lawyer or notary public named in the instruction.

(3) A trustee who transfers a deposit under subsection (2) is discharged from liability for the deposit in the amount transferred.

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