Thank you, Mr. Chairman. Mr. Chairman, Bill 7 amends the Legal Profession Act to enable law firms to deal with trust monies that lie unclaimed in lawyers' trust accounts. This bill was developed at the request of, and in close consultation with, the Law Society of the Northwest Territories.

The legal professional is subject to very stringent accounting rules and obligations relating to trust funds. Literally every penny must be accounted for. Occasionally money is left unclaimed in a trust account, having been forgotten by a client or left unclaimed for other reasons. Examples include retainer money left over in a trust account after services are complete, or a reimbursement of monies that had previously been paid into court. Law firms try to track down the rightful owners of the funds, but sometimes it is not possible to find an owner because he or she has moved, has had a name change, or has died.

As the Legal Profession Act does not make provision for unclaimed trust monies, law firms must retain them indefinitely. This is expensive and complicates accounting. It also poses difficulties when a law firm dissolves or when a sole practitioner ceases the private practice of law, the firm or sole practitioner must indefinitely maintain a trust account holding the unclaimed funds. At present, law firms in the Northwest Territories hold approximately $23,000 in unclaimed funds. The largest amount is close to $2,000, but most amounts are very small, ranging from a few cents up to $10.

This bill will allow law firms to pay over to the Law Society of the Northwest Territories trust money that they have been unable to pay out for at least two years because those entitled to the funds cannot be located. The Law Society will then hold the transferred money for five years. During that period, anyone entitled to claim the funds from the law firm may claim them from the Law Society. After the five-year period, the money held by the Law Society under this program will be transferred to the Northwest Territories Law Foundation and may be used to further the objects of the foundation.

In addition, this bill makes a number of minor amendments of a miscellaneous nature to the Legal Profession Act.

I will be pleased to answer any questions the committee may have. Thank you.