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Fees and Interest Rates Regulations made under Sections 30, 31 and 42 of the
Public Trustee Act
R.S.N.S. 1989, c. 379
O.I.C. 91-1270 (November 5, 1991), N.S. Reg. 231/91
Order in Council 91-1270
The Governor in Council on the report and recommendation of the Attorney General dated the 26th day of September, 1991, pursuant to Sections 30, 31 and 42 of Chapter 379 of the Revised Statutes of Nova Scotia, 1989, the Public Trustee Act, is pleased:
(a) to order the prescribed rate of interest payable in respect of estates on the money which forms the common fund shall be a floating rate ascertained by the Public Trustee half-yearly and be one percent less than the rate arrived at by averaging the lowest rates offered during the period on savings - non-chequing accounts by the Canadian Imperial Bank of Commerce and the Royal Bank of Canada at their respective main Halifax branches;
(b) to order that notwithstanding clause (a), no rate of interest is prescribed:
(i) in respect of a minimum quarterly balance of less than one thousand dollars ($1,000.00), or
(ii) in respect of a sum of any amount received on behalf of an estate and distributed within three (3) months following the date upon which the same was recovered;
(c) to order and prescribe that the Public Trustee may collect, as fees of the Public Trustee for administering an estate in the common fund and charge against the fund and against the persons entitled to the fund, but subject to any order to the contrary from a court of competent jurisdiction, a commission on an annual basis of five percent (5%) of the gross interest credited to the estate as aforesaid together with two-fifths of one percent (2/5 of 1%) of capital under administration for the estate, with a minimum fee of one hundred dollars ($100.00) per annum, and that any excess of fees over the gross interest credited may be charged in the discretion of the Public Trustee, subject to a contrary order of the court, in whole or in part against capital or income, provided that the fees hereby prescribed shall not be charged in respect of estates under one thousand dollars ($1,000.00) and provided further that nothing herein contained shall prevent the Public Trustee from applying to the court pursuant to Section 62 of the Trustee Act for such further or other remuneration as the court may be pleased to allow;
(d) to order and prescribe that, unless or until a court of competent jurisdiction otherwise orders or directs, the Public Trustee shall be entitled to charge and collect from an estate as remuneration of the Public Trustee for managing or acting as custodian or trustee of the estate, a fee or commission on an annual basis of five percent (5%) of the gross income from time to time coming into the hands of the Public Trustee from the estate together with two-fifths of one percent (2/5 of 1%) per annum of capital under administration for the estate, with a minimum remuneration of one hundred dollars ($100.00) per annum, and that any excess of remuneration over the percentage of gross income may be charged in the discretion of the Public Trustee, subject to any contrary order of the Court, in whole or in part against capital or income, provided that:
(i) the Public Trustee may waive collection of remuneration where, in the opinion of the Public Trustee, it is fair and equitable to do so in order to mitigate financial hardship to the estate;
(ii) the remuneration hereby prescribed shall not be charged in respect of estates under one thousand dollars ($1,000.00) and;
(iii) the rate or remuneration is not otherwise fixed by the instrument creating the trust.