89. The Bureau of an order whose members are called upon to hold sums of money or other securities for the account of their clients, must determine, by regulation, the terms, conditions and standards for receipt, custody and disposition of the sums of money and securities so held, and the terms, conditions and standards relating to the keeping and auditing of trust accounts, books and registers of such members. The regulation shall establish an indemnity fund to be used to repay the amounts of money or other securities used by a professional for purposes other than those for which they had been delivered to him in the practice of his profession and it shall fix the rules of administration and of investment of the sums of money making up the fund.
The regulation shall determine the terms and conditions applicable to the filing of claims addressed to the fund and to the payments made by the latter.
The regulation may, in addition,
(1) fix the maximum amount that the fund may pay to a claimant in respect of the same professional;
(2) fix the maximum amount that the fund may pay to all the claimants in respect of the same professional.
Where a maximum amount is fixed by regulation pursuant to subparagraph 2 of the preceding paragraph and, after application of the limit prescribed pursuant to subparagraph 1 of the same paragraph, if any, the total of the claims against the same professional exceeds the maximum amount thus fixed, the indemnity shall be distributed in proportion to the amount of each claim.
1973, c. 43, s. 87; 1974, c. 65, s. 19; 1988, c. 29, s. 23; 1990, c. 52, s. 2; 1994, c. 40, s. 77.