115 (1) A person who receives money on behalf of or for the benefit of the corporation, including money received from owners as contributions to the common expenses or the reserve fund, shall hold the money, together with interest and other proceeds earned from investing it, in trust for the performance by the corporation of its duties and obligations. 1998, c. 19, s. 115 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 115 (1) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 101 (1)) Corporation’s money (1) A person who receives money on behalf of or for the benefit of the corporation, including money received from owners as contributions to the common expenses or the reserve fund, shall, in accordance with the regulations, hold the money, together with interest and other proceeds earned from investing it, in trust for the performance by the corporation of its duties and obligations. 2015, c. 28, Sched. 1, s. 101 (1). Corporation’s accounts (2) A corporation shall maintain one or more accounts in its name designated as general accounts and one or more accounts in its name designated as reserve fund accounts. 1998, c. 19, s. 115 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 115 (2) of the Act is amended by adding “In accordance with the requirements, if any, that are prescribed” at the beginning. (See: 2015, c. 28, Sched. 1, s. 101 (2)) Location of accounts (3) Each of the accounts shall be located in Ontario at a bank listed under Schedule I or II to the Bank Act (Canada), a trust corporation, a loan corporation or a credit union authorized by law to receive money on deposit. 1998, c. 19, s. 115 (3); 2002, c. 8, Sched. I, s. 7 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 115 (3) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 101 (3)) Location of accounts (3) Each of the accounts shall be located in Ontario or such other location that is prescribed in, (a)  a bank within the meaning of section 2 of the Bank Act (Canada); (b)  a corporation registered under the Loan and Trust Corporations Act; or (c)  a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 1994. 2015, c. 28, Sched. 1, s. 101 (3). Note: On the later of the day section 291 of Schedule 7 (Credit Unions and Caisses Populaires Act, 2020) to the Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 comes into force and the day subsection 101 (3) of Schedule 1 to the Protecting Condominium Owners Act, 2015 comes into force, clause 115 (3) (c) of the Act is amended by striking out “Credit Unions and Caisses Populaires Act, 1994” at the end and substituting “Credit Unions and Caisses Populaires Act, 2020”. (See: 2020, c. 36, Sched. 7, s. 301 (2)) Deposit of money (4) Subject to subsections (6) and (7), the person who receives money on behalf of or for the benefit of the corporation shall pay the money, together with interest and other proceeds earned from investing it, into, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 115 (4) of the Act is amended by adding “in accordance with the requirements, if any, that are prescribed” after “shall” in the portion before clause (a). (See: 2015, c. 28, Sched. 1, s. 101 (4)) (a)  a general account of the corporation, if the money was not received as contributions from owners to the reserve fund; or (b)  a reserve fund account of the corporation, if the money was received as contributions from owners to the reserve fund. 1998, c. 19, s. 115 (4). Definition (5) In subsections (6) and (7), “eligible security” means a bond, debenture, guaranteed investment certificate, deposit receipt, deposit note, certificate of deposit, term deposit or other similar instrument that, (a)  is issued or guaranteed by the government of Canada or the government of any province of Canada, (b)  is issued by an institution located in Ontario insured by the Canada Deposit Insurance Corporation or the Financial Services Regulatory Authority of Ontario, or (c)  is a security of a prescribed class. 1998, c. 19, s. 115 (5); 2009, c. 34, Sched. E, s. 1; 2019, c. 7, Sched. 13, s. 1. Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “eligible security” in subsection 115 (5) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 101 (5)) “eligible security” means a bond, debenture, guaranteed investment certificate, deposit receipt, deposit note, certificate of deposit, term deposit or other instrument that is prescribed that, (a)  is issued or guaranteed by the Government of Canada or the government of any province or territory of Canada, (b)  is issued by an institution located in Ontario and is insured in accordance with the regulations by the Canada Deposit Insurance Corporation or the Financial Services Regulatory Authority of Ontario, or (c)  is a security of a prescribed class. Investment (6) The board may invest all or any part of the money in the corporation’s general accounts in eligible securities if, (a)  they are convertible to cash within 90 days following a request by the board; and (b)  they are, (i)  registered in the name of the corporation, or (ii)  held in a segregated account under the name of the corporation by a member of the Investment Dealers Association of Canada and insured by the Canadian Investor Protection Fund. 1998, c. 19, s. 115 (6). Note: On a day to be named by proclamation of the Lieutenant Governor, subclause 115 (6) (b) (ii) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 101 (6)) (ii)  held in a segregated account under the name of the corporation by a member of the Investment Industry Regulatory Organization of Canada and covered by the Canadian Investor Protection Fund in accordance with the regulations, if any. Same, reserve fund accounts (7) Subject to subsection (8), the board may invest all or any part of the money in the corporation’s reserve fund accounts in eligible securities if they are, (a)  registered in the name of the corporation; or (b)  held in a segregated account under the name of the corporation by a member of the Canadian Investment Dealers Association and insured by the Canadian Investor Protection Fund. 1998, c. 19, s. 115 (7). Note: On a day to be named by proclamation of the Lieutenant Governor, clause 115 (7) (b) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 101 (7)) (b)  held in a segregated account under the name of the corporation by a member of the Investment Industry Regulatory Organization of Canada and covered by the Canadian Investor Protection Fund in accordance with the regulations, if any. Investment plan (8) Before investing any part of the money in the corporation’s reserve fund accounts, the board shall develop an investment plan based on the anticipated cash requirements of the reserve fund as set out in the most recent reserve fund study. 1998, c. 19, s. 115 (8). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 115 (8) of the Act is amended by adding “in accordance with the regulations” after “plan”. (See: 2015, c. 28, Sched. 1, s. 101 (8)) Records (9) A person who receives money under subsection (1) shall keep records relating to the receipt and disposition of all money under this section and shall, upon reasonable notice and at all reasonable times, make the records available for examination by the corporation, an owner or a mortgagee. 1998, c. 19, s. 115 (9). Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. I, s. 7 (2) - 5/01/2005 2009, c. 34, Sched. E, s. 1 - 15/12/2009 2015, c. 28, Sched. 1, s. 101 - not in force 2019, c. 7, Sched. 13, s. 1 (1, 2) - 08/06/2019 2020, c. 36, Sched. 7, s. 301 (2) - not in force