Australian Capital Territory Current Acts

LEGAL PROFESSION ACT 2006 - SECT 352

    (1)     The law society council may treat a concerted interstate default as if the default consisted of 2 or more separate defaults—

        (a)     1 of which is a default to which this part applies, if the ACT is the relevant jurisdiction of 1 or more of the associates involved; and

        (b)     the other or others of which are defaults to which this part does not apply, if another jurisdiction or jurisdictions are the relevant jurisdictions of 1 or more of the associates involved.

    (2)     The law society council may treat a claim about a concerted interstate default as if the claim consisted of—

        (a)     1 or more claims made under this part; and

        (b)     1 or more claims made under a corresponding law or laws.

    (3)     A claim about a concerted interstate default must be assessed on the basis that the fidelity funds of the relevant jurisdictions involved are to contribute—

        (a)     in equal shares in relation to the default, irrespective of the number of associates involved in each of those jurisdictions, and disregarding the capping and sufficiency provisions of those jurisdictions; or

        (b)     in other shares as agreed by the law society council and the corresponding authority or authorities involved.

    (4)     Subsection (3) does not affect the application of the capping and sufficiency requirements of the ACT in relation to the amount payable from the fidelity fund after the claim has been assessed.