BILL NO. 56

(2) The Commission shall designate a member of the Commission as Chair of the Complaints Review Committee.

(3) The Complaints Review Committee shall perform such duties and have such powers as are conferred on it by this Act, the regulations and the by-laws.

(a) enter the business premises of any licensed person and inspect and copy any records located there pertaining to a licensed person or formerly licensed person or any transaction in which the licensed person or formerly licensed person is or was involved;

(b) require any licensed person or formerly licensed person to answer questions relating to the investigation or meet with the investigator about the investigation;

(c) require any licensed person or formerly licensed person to produce for examination by the investigator any information, records or other things in the possession or control of the licensed person or formerly licensed person.

(a) the time to complete the investigation and decision of the Discipline Committee will exceed the ninety-day period referred to in subsection (2); and

(b) the licensed person should be suspended pending the outcome of the investigation or decision of the Discipline Committee.

(4) Upon written notice, the Registrar may suspend the licence of a licensed person who refuses to co-operate with an investigation until such time as the licensed person has co-operated with the investigation.

(2) Remuneration may be calculated by any method specified in the by-laws.

(5) Where a seller has met the terms of the agreement and the buyer has not, and the seller has requested the forfeiture of the deposit and the buyer has refused to release the deposit, the brokerage shall follow the procedures set out in the by-laws.

(6) Where a dispute between a buyer and a seller over trust money is not resolved at the closing or upon termination, the brokerage shall continue to hold the money in trust until the parties agree to its disposition or there is an order by a court of competent jurisdiction.

(6A) Where unclaimed money remains in a brokerage trust account for a period of two or more years after the closing or the termination of the agreement and the broker is unable to locate the parties or settle the matter pursuant to subsection (4) or (5), the Commission may order the brokerage to transfer the unclaimed money to the Commission which shall hold the money in trust pursuant to subsection (6B).

(6B) The Commission shall use the funds transferred to the Commission for such public or charitable purpose, including the education of licensed persons, as the Commission specifies.

(a) the Registrar is conducting or has concluded an investigation pursuant to Section 17;

(b) criminal proceedings or proceedings in respect of non-compliance with this Act, the regulations or the by-laws are about to be or have been instituted against any licensed person and, in the opinion of the Registrar, are connected with or arise out of a transaction in the business of the licensed person; or

(c) the Registrar has reason to believe that the trust funds in a licensed person's trust account are less than the amount for which the licensed person is accountable,

the Registrar may on written notice

(d) direct any person having on deposit or under that person's control or for safekeeping any funds or securities of the licensed person to

(2) Where funds are subject to a direction under subclause (d)(i) or clause (e),

(a) the funds may not be released until the Registrar in writing revokes the direction or consents to release any particular fund or security from the direction; and

(b) the Registrar may send a notice to those persons whom the Registrar is readily able to identify as having an interest in those funds or securities stating that the funds or securities are being held.

(3) Where funds are subject to a direction under subclause (d)(ii), the Registrar shall send to those persons whom the Registrar is readily able to identify as having an interest in those funds or securities a notice stating that

(a) the funds or securities have been paid into or deposited with a prothonotary of the Supreme Court of Nova Scotia; and

(b) a person may apply to the Supreme Court of Nova Scotia for an order directing payment or distribution of all or part of the funds or securities to one or more persons.

(4) An application under clause (3)(b) must be served on the licensed person in accordance with the Nova Scotia Civil Procedure Rules.

(5) The Registrar may publish in a form and manner that the Registrar considers appropriate information about the subject-matter of an investigation under clause (1)(a).

(2) A majority of the voting shares of a corporation engaged in the trading of real estate must be beneficially owned by one or more licensed individuals.

(3) The majority of directors and officers of a corporation engaged in the trading of real estate must be licensed individuals.

37B (1) The relationship of a licensed individual to a corporation that is engaged in the trading of real estate, whether as a shareholder, director, officer or employee, does not affect, modify or diminish the application to the licensed individual of the provisions of this Act, the regulations and the by-laws.

(2) The liability of an individual arising from that individual or any other individual engaging in the trading of real estate is not affected by reason only that the services are provided by a corporation.