AI-assisted research summary: Landlords or trustees must place certain post-commencement payments and related earnings only in specified investments, keep pre-existing funds separately, and the minister must review and recommend action by December 31, 2002.
Investment Restrictions Regulation, M.R. 129/99 The Life Leases Act , C.C.S.M. c. L130 Regulation 129/99 Registered August 9, 1999 bilingual version (HTML) Definition 1 In this regulation, "Act" means The Life Leases Act . Investment restrictions 2 All pre-lease payments and entrance fees received by a landlord or trustee after the coming into force of the Act, all amounts contributed after that time to a reserve fund under subsection 16(1) of the Act or to a refund fund, and all interest earned on such payments, fees or amounts, shall be deposited or invested by the landlord or trustee, as the case may be, in one or more of the following: (a) an account with a bank, trust company or loan company that is a member institution under the Canada Deposit Insurance Corporation Act (Canada) or with a credit union or caisse populaire to which The Credit Unions and Caisses Populaires Act applies; (b) bonds, debentures or indebtedness of, or guaranteed by, the government of Canada or of a province of Canada; (c) securities the payment of which is a charge on the consolidated revenue fund of the government of Canada or of a province of Canada; (d) investments that are fully insured by the Canada Deposit Insurance Corporation or fully guaranteed by a guarantee corporation under The Credit Unions and Caisses Populaires Act ; (e) mortgage-backed securities that are fully guaranteed by the government of Canada or a crown corporation. Separate accounting 3 Where, on the coming into force of the Act, a landlord or trustee holds funds that would, if they had been received or contributed after the coming into force of the Act, be required to be invested in accordance with section 2, the landlord or trustee must account for those funds separately from the funds deposited or invested in accordance with that section. Review and recommendation 4 Not later than December 31, 2002, the minister shall (a) review the effectiveness of the operation of this regulation including consulting with such persons affected by it as the minister considers appropriate; and (b) recommend to the Lieutenant Governor in Council that the regulation be amended, continued or repealed. Coming into force 5 This regulation comes into force on the day The Life Leases and Consequential Amendments Act , S.M. 1998, c. 42, comes into force.