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B.C. Reg. 457/99
O.C. 1752/99
Deposited December 17, 1999
effective February 28, 2000
This consolidation is current to July 16, 2024.
Link to Point in Time

Public Guardian and Trustee Act

Public Guardian and Trustee Regulation

[includes amendments up to B.C. Reg. 10/2015, January 19, 2015]

Contents
1Definitions
2Criteria for appointment as Public Guardian and Trustee
3Authorized investments
4Expenses of operating common fund and making separate investments
5Allocating the investment earnings of the common fund
6Loans
7Maximum amount that may be paid into court without Treasury Board approval
7.1Period after which unclaimed money is transferred to Minister of Finance
8Review of complaints

Definitions

1   In this regulation:

"Act" means the Public Guardian and Trustee Act;

"invest" includes to reinvest trust funds, whether or not called in under section 22 (1) (a) of the Trustee Act.

Criteria for appointment as Public Guardian and Trustee

2   To be eligible for appointment as Public Guardian and Trustee, a person must

(a) have demonstrated executive ability, and

(b) be committed to the principles underlying the legislation governing the functions of the Public Guardian and Trustee.

Authorized investments

3   (1) In addition to investments authorized under the Trustee Act, the Public Guardian and Trustee may, subject to subsection (2) and any terms or directions in a trust or court order affecting the investment of funds held in trust by the Public Guardian and Trustee, invest in investments that are not authorized under that Act, including, but not limited to, any form of property or security.

(2) In investing, the Public Guardian and Trustee must exercise the care, skill, diligence and judgment that a prudent investor would exercise in making investments.

(3) For the purpose of making investments authorized by this section, the Public Guardian and Trustee may obtain and rely on advice if a prudent investor would do so under comparable circumstances.

Expenses of operating common fund and making separate investments

4   For the purposes of sections 12 (11) and 13 (2) of the Act, the prescribed expenses are for the following:

(a) brokerage services;

(b) custodial services;

(c) actuarial services;

(d) performance measurement services;

(e) investment management services;

(f) accounting, legal and audit services;

(g) financial planning services;

(h) tax services.

Allocating the investment earnings of the common fund

5   For the purpose of section 12 (12) of the Act, the Public Guardian and Trustee must

(a) allocate the net earnings of each common fund to those persons and estates entitled to a share or interest in that common fund, and

(b) credit those earnings on a prorated basis to those persons and estates based on their proportionate ownership of the common fund.

Loans

6   If a loan is made under section 16 (1) of the Act,

(a) interest is payable by the estate of the person to whom the loan is made and is calculated from the day the money becomes available for the benefit of that person,

(b) interest stops accruing when full payment of principal and interest is received,

(c) the rate of interest payable during each three month period beginning January 1, April 1, July 1 and October 1 is 1% above the prime lending rate of the principal banker to the government on the 15th day of the month immediately preceding that 3 month period,

(d) interest is compounded monthly, and

(e) interest is calculated monthly based on the daily outstanding balance since last compounded.

Maximum amount that may be paid into court without Treasury Board approval

7   For the purposes of section 21 (5) of the Act, the prescribed amount is $500 000.

[am. B.C. Reg. 10/2015.]

Period after which unclaimed money is transferred to Minister of Finance

7.1   For the purposes of section 27.1 (1) of the Act and section 147 (3) of the Wills, Estates and Succession Act, the prescribed period

(a) commences on the date on which a person who has a legal or equitable interest in money referred to in that section becomes entitled to receive the money, and

(b) terminates on the date specified by the Public Guardian and Trustee as the date on which the file relating to the money becomes inactive.

[en. B.C. Reg. 44/2001, s. (b); am. B.C. Reg. 148/2013, Sch. A, s. 2.]

Review of complaints

8   The Public Guardian and Trustee must establish and implement policies and procedures for the resolution of complaints made by or on behalf of a person or estate regarding services delivered to, or a decision made on behalf of, the person or estate by the Public Guardian and Trustee.

[Provisions relevant to the enactment of this regulation: Public Guardian and Trustee Act, R.S.B.C. 1996, c. 383, section 28]