Attorneys Act, 1979 (Act No. 53 of 1979)Chapter II : Fidelity Fund51. Claims may be charged against future revenue of fund |
| (1) | If the fund at any time has insufficient assets to settle all claims and judgments, such claims and judgments shall, to the extent to which they are not settled, be charged against future revenue of the fund. |
| (2) | The board of control may in its discretion determine the order in which claims and judgments in terms of subsection (1) shall be settled, and may, if the revenue of the fund is not sufficient to settle all claims in full, settle any claim or judgment in whole or in part. |
| (3) | Without limiting the discretion of the board of control it shall, in applying the fund towards such settlement of claims and judgments, consider the following, namely— |
| (a) | the relative degrees of hardship suffered or likely to be suffered by the various claimants should their claims against the fund not be settled in whole or in part; |
| (b) | subject to paragraph (a), the full settlement of claims not exceeding R1 000, except in special circumstances, before claims for amounts exceeding R1 000 are settled to a greater extent than R1 000; |
| (c) | in equal circumstances, the priority of claimants according to the dates of the judgments or the dates when the claims were admitted by the board of control, as the case may be. |