(1) The law society must give the Minister a report about the fidelity fund on
or before 30 September of each year.
(2) The report must—
(a) relate to the
most recent financial year to end before the report is given; and
(b) include
the following—
(i) details of each amount paid out of the fund under
section 364(1) (a) ;
(ii) details of each amount paid out of the fund under
section 364(1) (g) , including details about how the amount was spent;
(iii)
the balance of the fund at the end of the financial year;
(iv) a matter
prescribed by regulation for this subsection.
(3) Subsection (4) applies if,
at any time, the Minister believes the fidelity fund is not sufficient to
satisfy the liabilities of the fund at or about that time.
(4) The Minister
may, by written notice to the council, require the law society to give the
Minister a written report about the fund on the matters stated in the notice.
(5) The law society must comply with the requirement within 14 days after
receiving the notice or within the further time allowed by the Minister.
