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2023, c.14
- An Act Respecting Holdback Trust Accounts
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2023, c.14
An Act Respecting
Holdback Trust Accounts
Assented to June 16, 2023
His Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
Construction Remedies Act
1
(1)
The heading “Holdback trust account” preceding section 37 of the Construction Remedies Act, chapter 29 of the Acts of New Brunswick, 2020, is repealed.
1
(2)
Section 37 of the Act is repealed.
1
(3)
The heading “Interest on holdback trust accounts” preceding section 38 of the Act is repealed.
1
(4)
Section 38 of the Act is repealed.
1
(5)
The heading “Additional methods of retaining holdbacks” preceding section 39 of the Act is amended by striking out “Additional methods” and substituting
“Methods”
.
1
(6)
Paragraph 87(1)(a) of the Act is amended
(
a
)
in subparagraph (iv) of the English version by adding
“and”
at the end of the subparagraph;
(
b
)
by repealing subparagraph (v);
(
c
)
by repealing subparagraph (vi).
1
(7)
Subsection 103(1) of the Act is amended
(
a
)
by repealing paragraph (i);
(
b
)
by repealing paragraph (j).
Regulation under the
Construction Remedies Act
2
New Brunswick Regulation 2021-81 under the Construction Remedies Act is amended
(
a
)
by repealing the heading “Holdback trust accounts – exclusions” preceding section 4;
(
b
)
by repealing section 4.
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