Law Foundation strikes new agreement with the Bank of Nova Scotia
The Bank of Nova Scotia has addressed Law Foundation concerns over its interest rate agreement, and the severe overall impact of low interest rates on Foundation revenues, and has come forward with a very competitive rate of return on lawyers' pooled trust accounts.
As of April 1, 2002, interest paid to the Foundation on lawyers' pooled trust accounts will be at a rate of prime less 3%, with no service charges. Law Foundation Chair Don Silversides, QC thanks Mike Pugh, Director, and MaryAnne Galey, Manager, of Scotiabank Enterprise Solutions for the leadership shown in making this new agreement possible.
Increased revenues enable the Law Foundation to fund programs that make the justice system accessible to British Columbians, particularly those people who have the greatest access problems. Funded programs include professional legal education, public legal education, law reform, legal research, legal aid and law libraries.
The Law Society, Law Foundation and Canadian Bar Association (B.C. Branch) encourage lawyers to consider which financial institutions provide the best support to the Law Foundation when deciding where to place their trust accounts.