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24. The Alberta Motor
Vehicle Industry Council, a body corporate
under the Societies Act, is established as a
regulatory board to exercise the powers, duties
and functions delegated to it under section
136(5) of the Act.
25. Every automotive sales
licensee, automotive leasing licensee and
automotive consignment licensee must appoint
their salespersons as designated agents.
26. The Council may invest
the first $1 500 000 of the compensation fund
only in securities or classes of securities in
which trustees are permitted to invest trust
funds under the Trustee Act.
27.1. The Council may, in
a manner and on terms and conditions it
considers advisable, enter into contracts with
insurers by which the compensation fund may be
protected in whole or in part against any claim
or loss to the fund.
27.2. The Council has an insurable interest in
the compensation fund and in the payment of
claims from the fund.
28. When the compensation
fund exceeds $1 500 000, the portion of the
fund exceeding $1 500 000 may, with the prior
permission of the Director, be used by the
Council for the purpose of:
(a) providing information relating to the
automotive business to consumers and persons
engaged in the automotive business, and
(b) paying the costs of investigations for
which the Council is responsible.
29.1. The Council may make
by-laws respecting the payment of claims from
the compensation fund, including:
(a) identifying the claims that may be paid
from the compensation fund and who is eligible
to make those claims;
(b) setting out the conditions to be met
before a claim is paid from the compensation
fund;
(c) respecting the maximum amount that may be
paid from the compensation fund to a claimant
or group of claimants.
29.2. Section 136(3) and (4) of the Act apply
to a by-law made under subsection 29.1.
30. If the Council pays an
amount to a claimant from the compensation fund
in respect of an automotive business, the
business operator of that business is liable to
the Council for the amount of the payment and
the Council may collect the amount by civil
action for debt in a court of competent
jurisdiction.
31.1. The Council must
ensure that an audited financial statement on
the compensation fund containing the
information required by the Minister is
prepared for each fiscal year of the Council.
31.2. The Council must submit an audited
financial statement prepared in accordance with
subsection (1) to the Minister within 60 days
after the end of the fiscal year for which it
is prepared.
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