South Australian Current Acts South Australian Current Acts (1) The Society must
satisfy any valid claim under this Part, to the extent determined by
the Society or the Supreme Court, out of the Fidelity Fund.
(2) Where the Society
has published a notice under this Part in respect of a specified fiduciary or
professional default, or a specified series of fiduciary or professional
defaults, the maximum amount that may be applied towards satisfaction of all
claims to which the notice relates is a percentage (which must not be less
than 20%) prescribed by regulation for the purposes of this subsection of the
balance of the Fidelity Fund (calculated to the nearest $1 000) as
disclosed in the accounts of the Fidelity Fund last audited before the
proposed application of money towards satisfaction of the claims.
(3) Where the maximum
amount that may be applied to satisfy claims made in respect of a
fiduciary or professional default, or a series of fiduciary or
professional defaults, does not permit the full satisfaction of the claims,
the Society must apportion that amount between the various claims in such
manner as it thinks just.
(4) The Society, in
apportioning payments under this section, must take into account the relative
degrees of hardship suffered or likely to be suffered by the various claimants
as a result of non-payment of the full amount of the claim for compensation.
(5) Where the Society
apportions payments under this section, the claims in respect of which the
payments are made are discharged notwithstanding that they may not have been
satisfied in full.
(6) The Society may,
with the approval of the Attorney-General, make further payments to any
person—
(a)
whose claim has not been satisfied in full by reason of the operation of
subsection (2), or for any other reason; or
(b)
whose claim is barred,
but any payment so made does not revive or reinstate a claim.