Purpose of account; making claims against account
116 Purpose of account; making claims against account
The Fidelity Account is to be held and applied to reimburse a person for the person’s pecuniary or property loss to the extent of the defalcation of —
a licensee during any period when the licensee was the holder of a current triennial certificate; or
a person who ceased to be licensed or to hold a triennial certificate, if —
the defalcation occurred during the period of 6 months immediately following the day on which the person ceased to be licensed or the holder of the triennial certificate; and
the chief executive officer considers that it is just and reasonable in the circumstances of the claim.
[(2A) deleted]
The chief executive officer is to disallow a claim against the Fidelity Account unless —
notice of the claim is given in writing to the chief executive officer within 3 years after the day on which the claimant became aware of the defalcation; or
the chief executive officer —
has been given notice in writing of the claim within 6 years after the day on which the claimant became aware of the defalcation; and
considers that it is just and reasonable in the circumstances to deal with the claim even though notice was not given within the time referred to in paragraph (a).
[Section 116 amended: No. 29 of 1982 s. 12; No. 3 of 2000 s. 4(1); No. 77 of 2006 Sch. 1 cl. 147(2); No. 58 of 2010 s. 108; No. 23 of 2014 s. 76; No. 25 of 2019 s. 57.]
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