Imposition of levy
394 Imposition of levy
(1) If the Funds Management Committee considers the Fidelity Fund is not sufficient to satisfy ascertained and contingent liabilities, the Committee may impose a levy for payment into the Fund by a date decided by it.
(2) The amount of the levy must not exceed the amount prescribed by the regulations.
(3) The levy must be paid to the Committee by each local legal practitioner who at that date mentioned in subsection (1) is a member of a class of practitioner prescribed by the regulations.
(4) As soon as practicable after making the decision, the Committee must give notice of the amount of the levy and the date on which it must be paid:
by Gazette notice; and
written notice to the Law Society.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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