CPA · Condominium Property Regulation
Part 1 — .4
20.3 Payments Held in Trust Trustee
partnership that meets the following requirements is prescribed as
a trustee:
(a) the person, the professional corporation with which the
person is associated or the partnership
(i) is an active member of the Law Society of Alberta,
(ii) is a holder of a permit issued under Part 8 of the
Legal Profession Act, or
(iii) is comprised of partner s who are active members of
the Law Society of Alberta,
as the case may be;
(b) no suspension is in eff ect under section 63 of the Legal
Profession Act in respect of
( i ) t h e p e r s o n ,
(ii) the voting shareholder of the professional
corporation, or
Section 20.31 AR 168/2000
(iii) the partners of the partn ership, with the result that no
partner is permitted to operate a trust account,
as the case may be;
(c) the person or partnership i s approved to operate a trust
account, under the rules established by the Law Society of
Alberta under the Legal Profession Act;
(d) the person or each partner o f the partnership, as the case
may be, is in good standing in respect of Assurance Fund
requirements under section 89(4) of the Legal Profession
Act.
AR 181/2017 s6