Law Foundation of Saskatchewan
|
About the Law Foundation of Saskatchewan |
History | Current Members |
Past Members | Legal Profession Act |  Law Society
Rules
|
The Law Society Rules
900. In this Part,
“cash” means coins referred to in section 7 of the Currency Act, notes issued by the Bank of Canada pursuant to the Bank of Canada Act that are intended for circulation in Canada and coins or bank notes of countries other than Canada;
"client" includes a person or unincorporated body on whose behalf a member receives funds in connection with the member's practice of law;
“currency” includes current coins, government or bank notes of Canada or any other country;
“firm” means a partnership of members carrying on the practice of law where one set of the books, records and accounts described in this Part is maintained;
“funds” means cash, currency, securities and negotiable instruments or other financial instruments or other financial instruments that indicate the person’s title or interest in them;
“general account” means an account in a savings institution maintained by a member into which is deposited funds received by the member in connection with the member’s practice of law, which are not trust funds;
“member” includes a member of the Law Society as defined in The Legal Profession Act;
“mixed trust account” means an account referred to in section 78(1) of the Act, into which is deposited money received or held in trust for or on account of clients generally;
“money” includes cash, cheques, drafts, credit card sales slips, post office orders and express and bank money orders;
“public body” means:
(a) a department or agent of Her Majesty in right of Canada or of a province;
(b) an incorporated city, town, village, metropolitan authority, township, district, county, rural municipality or other incorporated municipal body or an agent of any of them, or
(c) an organization that operates a public hospital and that is designated by the Minister of National Revenue as a hospital under the Excise Tax Act or an agent of the organization,
"savings institution" means:
(a) the Bank of Canada,
(b) a bank included in Schedule I or II to the Bank Act (Canada) which is insured by the Canada Deposit Insurance Corporation,
(c) a credit union incorporated, continued or registered under the Credit Union Act, 1985, or
(d) a trust company which:
(i) is incorporated under the Trust Companies Act (Canada), or
(ii) has net assets in excess of $10,000,000;
"separate trust account" means an interest-bearing trust account or a savings, deposit, investment or similar form of account in a savings institution in Saskatchewan;
"trust funds" means any monies received by a lawyer, in his/her capacity as a lawyer, which are not intended to immediately become property of the lawyer and include:
(a) funds from a client for services to be performed or for disbursements to be made on behalf of the client; or
(b) funds which belong in part to a client and in part to the member, and it is not practicable to split the funds;
(c) funds received from or held on behalf of a third party which relate to a transaction in which a client is involved, but does not include funds which are to be remitted to any government by way of taxes or employee payroll deductions
[Rule 900 amended September 16, 1994, May 2002, October
2002, February 2005, June 2005]
[Rule 900(d) added June 6 & 7,
1996]
[Rule 900(d) in Trust Funds deleted October 2001]
910. (1) Subject to subrule (2), a member who receives trust funds shall forthwith deposit the funds in trust either into:
(a) a mixed trust account described in Rule 911, or
(b) a separate trust account described in Rule 912.
(2) (a) A member who receives trust funds with written instructions as to where they are to be placed shall place the funds in accordance with appropriate instructions, but a member may not hold or invest monies on behalf of a client outside the Province of Saskatchewan unless the member's primary practice is outside of Saskatchewan, and the trust funds are handled in accordance with the Rules of the Law Society of the member's primary practice, and the monies are received pursuant to that practice.
(b) Subsection (a) does not prevent a member from forwarding monies pursuant to a client's written instructions or obligations in furtherance of a specific transaction, where such monies are thereafter no longer held in trust on behalf of the client.
(3) A member may receive funds in trust by credit card for retainers only provided:
(a) trust funds are deposited forthwith to a mixed trust account described in Rule 911;
(b) associated services charges, fees and discounts are withdrawn from the member’s general account;
(c) charge card sales slips are signed by the payor at the time of the transaction or, if this is not possible, a copy of the completed charge card sales slip containing the client’s faxed signature is obtained prior to depositing and is retained on file;
(d) the client name and file number are recorded on the charge card sales slip;
(e) the word “trust” appears on the charge card sales slip; and
(f) the receipt is recorded in the trust deposit book and the charge card sales slip is attached to the deposit slip therein.
(4) A member who receives trust funds which belong in part to a client and in part to a member shall:
(a) deposit them into a separate trust account; and
(b) as soon as it is practicable to split the funds, withdraw the member’s funds from the trust account.
(5) Active members whose primary practice is outside Saskatchewan are not required to hold trust monies in Saskatchewan, however, must comply with the trust account rules in the jurisdiction in which they practice.
(6) In this Rule:
(a) the cities of Lloydminster, Alberta, and Flin Flon, Manitoba, are deemed to be in Saskatchewan and the deposit of trust monies in a savings institution located in those two cities is deemed compliance with Rule 911 and Rule 912;
(b) Alberta or Manitoba credit unions located in Lloydminster, Alberta or Flin Flon, Manitoba, which are incorporated, continued or registered under the Alberta or Manitoba equivalent to The Credit Union Act (1985) are deemed to be savings institutions.
[Rule 910 amended June 8, 1994]
[Rule 910(3) added June 2004]
911. (1) A mixed trust account referred to in Rule 910 shall be in a savings institution in Saskatchewan, and shall be:
(a) an account which is readily available to be drawn upon by the member, and in respect of which the member receives cancelled cheques and bank statements each month,
(b) an account in respect of which the savings institution has agreed with the member to pay interest to the Law Foundation in accordance with subrule (2),
(c) kept in the name of:
(i) the individual member,
(ii) the firm of which the individual member is a partner, or
(iii) the member or firm by which the individual member is employed, and
(d) designated as a "trust" or "client" account on the records of the savings institution and of the member,
(e) insured by the Canada Deposit Insurance Corporation or the Credit Union Deposit Guarantee Corporation.
(2) A member who opens or maintains a mixed trust account shall:
(a) instruct the savings institution in writing to remit to the Law Foundation at least quarterly the interest earned on the account, and
(b) if the account is opened or maintained at a bank or trust company, notify the institution in writing that the account is a trust account which will contain the funds of more than one client.
(3) Subject to subrule (4) and to Rule 971(1), a member shall not deposit into a mixed trust account any funds which are not trust funds.
(4) A member shall pay out of his or her own funds any service fees or charges levied by the savings institution arising out of the operation of a mixed trust account, and for that purpose may maintain in a mixed trust account a sufficient amount of the member's own funds to meet reasonably anticipated service fees or charges.
[Rule 911(e) added February 6, 1997]
Source of Funds | Grant Application
| Annual Report | Contact Us |
Links |
Site Index | Home
© Law Foundation of Saskatchewan
