LEGAL PROFESSION ACT 1987 - SECT 89 Ceiling on payments from the Fidelity Fund--failure to account

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 89

89 Ceiling on payments from the Fidelity Fund--failure to account

(1) If a failure to account by a solicitor, or by a firm of solicitors, that occurred before the commencement of this Act was the first such failure by the solicitor or firm in respect of which:

(a) a claim was made against the Fidelity Fund maintained under the Legal Practitioners Act 1898 , or

(b) judgment to be satisfied from the Fidelity Fund so maintained was entered against the Law Society,

the maximum aggregate amount that may be paid from the Fidelity Fund under this Act in respect of all such failures by the solicitor or firm is the maximum amount fixed by section 57 of the Legal Practitioners Act 1898 at the time of the failure.

(2) Except as provided by subsection (1), the maximum aggregate amount that may be paid from the Fidelity Fund in respect of all failures to account by the same solicitor or firm of solicitors is such amount as the Law Society Council determines.

(3) The Law Society Council may make a payment from the Fidelity Fund that, but for this subsection, could not be made because of the limit otherwise imposed by this section, but may do so only if satisfied that it would be reasonable to do so after taking into account all ascertained and contingent liabilities of the Fidelity Fund.