LEGAL PROFESSION ACT 1987 - SECT 73 Payments from Fidelity Fund

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 73

73 Payments from Fidelity Fund

(1) There shall be paid from the Fidelity Fund in such order as the Law Society Council decides:

(a) premiums for insurance of the Fidelity Fund,

(b) legal expenses incurred in investigating or defending claims made against the Fidelity Fund, or against the Law Society in relation to the Fidelity Fund, or otherwise incurred in relation to the Fidelity Fund,

(c) the amount of a claim (including interest and costs) allowed or established against the Law Society in respect of the Fidelity Fund,

(d) the expenses of administering the Fidelity Fund, including allowances and travelling expenses for members of the Law Society Council and the Fidelity Fund Management Committee in connection with the exercise of their functions in relation to the Fidelity Fund,

(e) the costs of the Law Society Council in exercising its function under section 54 (1AA), and

(f) any other money payable from the Fidelity Fund under this Part or in respect of amounts paid or payable for the purposes of Part 8A or under rules or regulations made under this Act.

(2) If there is insufficient money in the Fidelity Fund to meet any money payable under subsection (1), the Law Society, with the approval of the Attorney General:

(a) may borrow money to meet the money payable, and

(b) may enter into an agreement or arrangement with the trustees of the Public Purpose Fund to secure the repayment of the money borrowed by creating a charge over money in the Public Purpose Fund.

(3) The trustees of the Public Purpose Fund may create a charge over the money in the Public Purpose Fund pursuant to an agreement or arrangement with the Law Society under this section.