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LEGAL PROFESSION ACT 1987 - SECT 45 Contributions

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 45

Contributions

45 Contributions

(1) An insurable solicitor is liable to pay to the Indemnity Fund an annual contribution of an amount determined by the company and approved by the Law Society Council. An insurable solicitor is also liable to pay to the Indemnity Fund such further amounts in respect of the annual contribution as may be determined by the company and approved by the Law Society Council.
(2) The company may make a different determination under subsection (1) for a particular solicitor or class of solicitors.
(3) If a solicitor applies for a practising certificate that will be in force for part only of a year commencing on the relevant date, the contribution is such proportion of the total amount determined for the solicitor under subsection (1) as is borne to 1 year by the number of days for which the practising certificate will be in force.
(4) A contribution required to be paid under this section must be paid to the company on account of the Indemnity Fund.
(5) The company may permit a contribution to be paid by instalments under an arrangement approved by the Law Society Council.
(6) In this section, "the relevant date" means 1 July or another relevant date specified by the regulations under section 36.