Australian Capital Territory Current Acts

LEGAL PROFESSION ACT 2006 - SECT 341

    (1)     In deciding the amount of pecuniary loss resulting from a default, the law society council must add interest on the amount payable (excluding interest), unless the council considers that special circumstances exist justifying a reduction in the amount of interest or justifying a decision that no amount of interest should be paid.

    (2)     The interest must be worked out from the day when the claim was made to the day the law society council tells the claimant that the claim has been allowed.

    (3)     The interest must be worked out—

        (a)     at the rate prescribed by regulation; or

        (b)     if no rate is prescribed—at the rate of 5%.

    (4)     The interest is payable from the fidelity fund.