Solicitors (Amendment) Act, 1960
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THIRD SCHEDULE Provisions in Relation to the Compensation Fund | ||
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. |