541. (1) The amount of $50 in legal currency or a certified cheque for that amount payable to the school board drawn upon any chartered bank doing business in Canada or upon any savings and credit union governed by the Savings and Credit Unions Act (chapter C-4) shall be deposited in the hands of the returning officer at the time the nomination paper is filed with him.
(2) The receipt of the returning officer shall, in every case, be sufficient evidence of the filing of the nomination paper, of the consent of the candidate and of the deposit hereinabove mentioned.
(3) The amount so deposited by any candidate is not subject to seizure and shall be returned to him in the event of his being elected or of his obtaining a number of votes at least equal to 10% of the votes cast; otherwise it shall belong to the school board and be applied towards the payment of the election expenses, unless section 114 applies, in which case the deposit of the candidate who dies is returned to his legal heirs and that of each other candidate is returned to him.