Statutory interest account
56 Statutory interest account
The Society must continue to maintain the statutory interest account.
The Society must pay into the statutory interest account all interest earned from deposits in the combined trust account.
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.
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.
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.
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 $11 500 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.
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