Legal Practice Act, 2014 (Act No. 28 of 2014)Chapter 6 : Legal Practitioners' Fidelity FundPart 2 : Operation of Fund74. Contributions to Fund by legal practitioners |
(1)
| (a) | Subject to the provisions of this section, every attorney, practising on his or her own account or in partnership, and every advocate referred to in section 34(2)(b), must, annually when he or she applies for a Fidelity Fund certificate, pay to the Council— |
| (i) | the amount as may be fixed by the Board from time to time in respect of the cost of group professional indemnity insurance arranged by the Board pursuant to the provisions of section 77(2); and |
| (ii) | any other non-refundable amount as may be fixed by the Board from time to time. |
| (b) | Any legal practitioner referred to in paragraph (a) who commences to practise on or after 1 July in any year must, in respect of that year, pay half of the contribution which is payable in terms of that paragraph for that year. |
| (2) | A legal practitioner referred to in subsection (1) (a) who applies under section 85(1) for the first time for a Fidelity Fund certificate must pay to the Fund, in addition to any contributions payable in terms of subsection (1), any single non-refundable contribution as the Board may determine. |
| (3) | The Board may require a legal practitioner referred to in subsection (1)(a) in respect of whom the Fund has been applied as a result of any of the circumstances referred to in section 57, to pay an additional annual contribution to the Fund of such amount and for any period as the Board may determine. |
| (4) |
| (a) | A legal practitioner referred to in subsection (1)(a) who is not in possession of a Fidelity Fund certificate and who intends to commence to practise on his or her own account, in partnership or in a juristic entity, must, before commencing to practise, give notice of his or her intention to the Council and thereafter becomes liable to pay to the Fund the amount of the contribution referred to in subsections (1) and (2). |
| (b) | A legal practitioner referred to in subsection (1)(a) who is in possession of a Fidelity Fund certificate but who intends to commence to practise for his or her own account, in partnership or in a juristic entity in the area of jurisdiction of a Division of the High Court other than that in which he or she usually practises for his or her own account or in partnership, must give notice of his or her intention to the Council. |
| (5) | All contributions payable under this section must be paid to the Council, and the Council must remit the contributions to the Board within seven days of receipt thereof. |