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LEGAL PROFESSION ACT 1987 - SECT 47M Application of Part 7 (Solicitors' Fidelity Fund)

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 47M

Application of Part 7 (Solicitors' Fidelity Fund)

47M Application of Part 7 (Solicitors' Fidelity Fund)

(1) Part 7 applies (subject to this section) to incorporated legal practices in the same way it applies to solicitors.
(2) Accordingly, an incorporated legal practice is required to make payments to or on account of the Solicitors' Fidelity Fund under Part 7 as if it were a solicitor applying for or holding a practising certificate. The Law Society Council may suspend the practising certificate of a solicitor director of the practice if any such payment is not made by the due date.
(3) The amounts payable to that Fund by an incorporated legal practice may be determined by reference to the total number of solicitors employed by the practice and other relevant matters.
(4) For the purposes of the application of Part 7 to incorporated legal practices:
(a) a failure to account by a solicitor extends to a failure to account by an incorporated legal practice, but only if it occurs in connection with the provision of legal services, and
(b) a dishonest default by a solicitor extends to a dishonest default by an incorporated legal practice, but only if it occurs in connection with the provision of legal services, and
(c) a reference to a firm of solicitors includes a reference to an incorporated legal practice.
Note: See for example section 89 with respect to the ceiling on payments from the Fund for failures to account by the same firm.
(5) The regulations may make any other modifications to the application of Part 7 for the purposes of this section.