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N-3, r. 5 - Regulation respecting trust accounting by notaries
Section 10
Disposition versions
10. Special trust accounts are accounts that are opened as such in the name of a notary, and contain deposits insured by deposit insurance under the Canada Deposit Insurance Corporation Act (R.S.C. 1985, c. C-3) or guaranteed under the Deposit Insurance Act (chapter A-26), or investments presumed sound within the meaning of paragraphs 2 and 3 of article 1339 of the Civil Code registered in the name of the notary in trust on behalf of a client.
The account must be opened in Québec in a financial institution contemplated in the second paragraph of section 8. In the case of an investment presumed sound, the account may also be opened with a securities broker who is acting as principal and is a member of the Investment Dealers Association of Canada.
In the case of an investment presumed sound, the notary must obtain the prior written authorization of the client specifying the nature, date of maturity, and terms and conditions of the investment.
