AustLII Tasmanian Consolidated Acts

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LEGAL PROFESSION ACT 2007 - SECT 358

Solicitors' Guarantee Fund

(1)  The Solicitors' Guarantee Fund created and maintained under the Legal Practitioners Act 1959 and continued under the Legal Profession Act 1993 is continued.
(2)  Subject to this Part, the Guarantee Fund is to be applied by the Trust –
(a) for the purpose of compensating claimants in respect of claims allowed under this Part in respect of defaults to which this Part applies; and
(b) for the purpose of paying the costs of the Board and Tribunal in relation to the performance or exercise of the Board's and Tribunal's functions or powers as approved by the Minister under section 359 ; and
(c) for legal or other expenses incurred in dealing with claims against the fund; and
(d) for expenses incurred in the administration of the fund; and
(e) for any other purpose approved by the Minister under section 361 (Application to Minister for payment from Guarantee Fund).
(3)  The Guarantee Fund is to be built up to and be maintained at –
(a) the amount of $3.5 million; or
(b) such greater amount as the Minister and the Trust determine.
(4)  The funds of the Guarantee Fund consist of –
(a) any money applied to the Guarantee Fund by the Trust under section 637(2)(b) (Application of funds in trust deposit accounts); and
(b) any costs awarded to the Board or Trust in respect of an application or appeal made under this Part; and
(c) any other money made available to the Guarantee Fund.



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