South Australian Current Acts South Australian Current Acts (1) The Society must
continue to maintain the statutory interest account.
(2) The Society must
pay into the statutory interest account all interest earned from deposits in
the combined trust account.
(3) The Society may
invest any money contained in the statutory interest account in any manner in
which trustees are authorised by statute to invest trust funds and must pay
the income derived from any such investment into the
statutory interest account.
(4) The amount held in
the statutory interest account may be applied to defraying any management fee
or other expenditure relating to the management or administration of the
combined trust account and the statutory interest account.
(5) After making such
provision for defraying expenditure under subsection (4) as the Society
thinks fit, the Society must pay the balance of the money comprised in
the statutory interest account (excepting money advanced to
the statutory interest account for the purpose of investment), as to
five-eighths to the Legal Services Commission, and, subject to
subsection (6), as to three-eighths, to the Fidelity Fund.
(6) If at any time the
amount of the Fidelity Fund (including the value of any investments in which
any of its money has been invested) exceeds an amount calculated by
multiplying $7 500 by the number of legal practitioners who held
practising certificates on the last preceding 30 June, the Society must hold
the excess in the statutory interest account, to be paid or applied by
the Society to the Legal Services Commission, or for any purpose approved by
the Attorney-General and the Society.