Solicitors (Amendment) Act, 1994
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Contributions to the Compensation Fund by solicitors (section 22 of Act of 1960). |
30.—The Act of 1960 is hereby amended by the substitution of the following section for section 22: | |
“Contributions to the Compensation Fund by solicitors. | ||
22.—(1) Before a practising certificate is issued to a solicitor in respect of the practice year following the coming into operation of this section or any subsequent practice year, he shall pay to the Society an annual contribution to the Fund of such amount as may be prescribed from time to time, and the registrar may withhold the issue of such practising certificate to that solicitor until the payment is made. | ||
(2) In exercising the powers conferred on them under this section, the Society shall have regard to the principle that the total amount standing to the credit of the Fund (including the value of all investments forming part of the Fund) should be not less than £1,000,000, or such greater sum as may be prescribed from time to time, on the date that is three months after the commencement date of each practice year. | ||
(3) No annual contribution to the Fund shall be payable by a solicitor in the full-time service of the State within the meaning of section 54(3) (as substituted by the Solicitors (Amendment) Act, 1994) of the Principal Act. | ||
(4) The Society may, by regulations, provide that no contribution to the Fund shall be payable by a solicitor who resides outside the State and is engaged in the provision of legal services outside the State. | ||
(5) Notwithstanding the provisions of section 21 of this Act (as substituted by the Solicitors (Amendment) Act, 1994), no grant shall be made out of the Fund in consequence of dishonesty on the part of a solicitor in the full-time service of the State or any clerk or servant of that solicitor.”. |