LEGAL PROFESSION ACT 2006 - SECT 353 Defaults involving interstate elements if committed by 1 associate only

LEGAL PROFESSION ACT 2006 - SECT 353

    (1)     This section applies to a default of a law practice arising from or constituted by an act or omission that was committed by only 1 associate of the practice, if the default involves more than 1 of the cases mentioned in section 327 (2) to (4) (Meaning of relevant jurisdiction for pt 3.4).

    (2)     The law society council may treat the default as if the default consisted of 2 or more separate defaults—

        (a)     1 of which is a default to which this part applies, if the ACT is the relevant jurisdiction; and

        (b)     the other or others of which are defaults to which this part does not apply, if another jurisdiction or jurisdictions are the relevant jurisdictions.

    (3)     The law society council may treat a claim about the default as if the claim consisted of—

        (a)     1 or more claims made under this part; and

        (b)     1 or more claims made under a corresponding law or laws.

    (4)     A claim about a default to which this section applies must be assessed on the basis that the fidelity funds of the relevant jurisdictions involved are to contribute—

        (a)     in equal shares in relation to the default, and disregarding the capping and sufficiency provisions of those jurisdictions; or

        (b)     in other shares as agreed by the law society council and the corresponding authority or authorities involved.

    (5)     Subsection (4) does not affect the application of the capping and sufficiency requirements of the ACT in relation to the amount payable from the fidelity fund after the claim has been assessed.