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C-73.1, r. 1 - Regulation respecting the application of the Real Estate Brokerage Act
Section 30
Disposition versions
30. Where the working capital of the fund cannot be maintained at the minimum provided for in section 40 because of payments of compensation made or to be made, a special contribution shall immediately become exigible from every holder of a real estate broker’s or agent’s certificate, in accordance with the following terms and conditions:
(1) the amount of the special contribution shall equal the result obtained by dividing the amount required to bring the working capital back up to the minimum provided for in section 40 by the number of holders of real estate broker’s or agent’s certificates; and
(2) as soon as the fund becomes aware that its working capital cannot be maintained at the minimum provided for in section 40, it shall send to each holder of a real estate broker’s or agent’s certificate a notice stating that a special contribution is payable within 30 days following the date on which the notice is mailed.
A special contribution shall be paid in cash, by certified cheque or by money order payable to the Association for deposit in the account of the fund and cashable within the period provided for in the first paragraph.
