LEGAL PROFESSION ACT 1987 - SECT 40 Solicitors' Mutual Indemnity Fund

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 40

40 Solicitors' Mutual Indemnity Fund

(1) The Solicitors' Mutual Indemnity Fund managed by the company consists of:

(a) the Solicitors' Mutual Indemnity Fund established by the Legal Practitioners Act 1898 ,

(b) the money paid on account of the Indemnity Fund by insurable solicitors either as annual contributions or as levies under this Division,

(c) the interest or other income accruing from investment of the money in the Indemnity Fund,

(d) any other money lawfully paid into the Indemnity Fund,

(e) investments made under section 43, and

(f) such other assets as are acquired as part of the Indemnity Fund.

(2) The company may arrange with an insurer for insurance of the Indemnity Fund or any part of it.

(3) The Indemnity Fund is the property of the Law Society and may be used only for the purposes of this Division.