LEGAL PROFESSION ACT 2007 - SECT 364
Expenditure from fund
LEGAL PROFESSION ACT 2007 - SECT 364
Expenditure from fund
364 Expenditure from fund
(1) Subject to this Act, the following may be paid out of the fund as
required— (a) the amount of all claims, including costs and interest allowed
or established against the fund under a relevant law;
(b) all legal expenses
and costs incurred in defending claims made against the fund or otherwise
incurred in relation to the fund;
(c) all premiums payable in relation to
contracts of insurance entered into by the law society under section 360 ;
(d) the expenses incurred in the administration of the fund;
(e) the amount
of repayments for amounts given or advanced to the fund by the law society
under section 370 ;
(f) all unpaid charges on the fund, and liabilities of
the fund, as mentioned in section 397 ;
(g) an amount for— (i) a program or
tool to assist the law society or law practices in identifying defaults; or
Example— a program of regular auditing for new law practices
(ii) an
educational program for law practices aimed at improving compliance with part
3.3 ; Example— an educational program delivered to law practices about
trust accounting obligations
(h) all other moneys payable out of the fund
under this Act.
(2) A regulation may prescribe the maximum amount that may be
paid out of the fund under subsection (1) (g) for a financial year.
