Solicitors (Amendment) Act, 1960

THIRD SCHEDULE

Provisions in Relation to the Compensation Fund

Section 21.

1. In this Schedule “the Fund” means the Compensation Fund.

2. The Society may invest moneys of the Fund in securities in which trustees are authorised by law to invest trust funds.

3. The Society may borrow for the Fund and, for the purpose of giving security with respect to such borrowing, may charge investments of the Fund.

4. The Society may insure against any risk relating to the Fund.

5. The following shall be paid into the Fund—

(a) all annual contributions and additional contributions paid to the Society under section 22 of this Act,

(b) all interest, dividends and other income and accretions of capital arising from the investment of the Fund or any part thereof,

(c) the proceeds of any realisation of any investments of the Fund,

(d) all moneys borrowed for the purposes of the Fund,

(e) all moneys received by the Society under any insurance effected by the Society under paragraph 4 of this Schedule,

(f) all penalties recovered by the Society under subsection (3) of section 8 of this Act,

(g) all moneys received by the Society under subsection (8) of section 21 of this Act,

(h) any other moneys which may belong to or accrue to the Fund or be received by the Society in respect thereof.

6. The following shall be paid out of the Fund—

(a) costs, charges and expenses incurred in maintaining, protecting, administering and applying the Fund,

(b) premiums on any insurance effected by the Society under paragraph 4 of this Schedule,

(c) repayments of moneys borrowed by the Society for the Fund and payments of interest on such moneys,

(d) payments of any grants which the Society may make under section 21 of this Act,

(e) costs, charges and expenses incurred by the Society under Part III of this Act or under this Schedule,

(f) costs, charges and expenses incurred by the Society in enforcing compliance with the Solicitors' Accounts Regulations and ascertaining whether those Regulations have been complied with,

(g) other sums properly payable out of the Fund.