Solicitors Act 1974

F1 F1 SCHEDULE 2 E+W

Textual Amendments

F1 Sch. 2 repealed (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 210, 211, Sch. 16 para. 79, Sch. 23 (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(i)(f)(ii)(cc)

Modifications etc. (not altering text)

C1 Sch. 2 extended (1.1.1992) by Administration of Justice Act 1985 (c. 61, SIF 34), s. 9, Sch. 2 para. 6(1); S.I. 1991/2683, art.2

C2 Sch. 2 applied by Administration of Justice Act 1985 (c. 61, SIF 76:1), s. 9, Sch. 2 para. 6(1D) (as substituted by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), s. 90)

1 The fund shall be maintained and administered by the Society and shall be held by the Society on trust for the purposes provided for in section 36 and this Schedule.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 The Society may insure with authorised insurers for such purposes and on such terms as the Council may deem expedient in relation to the fund.

6 There shall be carried to the credit of the fund—

(a) all annual contributions and special levies paid to the Society in pursuance of paragraph 2;

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

(c) the proceeds of any realisation of any investments of the fund;

(d) all money borrowed for the purposes of the fund;

(e) all sums received by the Society under any insurance effected by the society under paragraph 5;

(f) all sums received by the Society under section 36(4); and

(g) any other money which may belong or accrue to the fund or be received by the Society in respect of the fund.

7 All money from time to time forming part of the fund and all investments of the fund shall be applicable—

(a) for payment of any costs, charges and expenses of establishing, maintaining, administering and applying the fund;

(b) for payment of any premiums on insurances affected by the Society under paragraph 5;

(c) for repayment of any money borrowed by the Society for the purposes of the fund and for payment of interest on any money so borrowed;

(d) for payment of any grants which the Society may make under section 36;

(e) for payment of all costs, charges and expenses incurred by the Society by virtue of paragraph 1(1)(a) of Schedule 1 and of any costs or damages incurred by the Society or its employees or agents as a result of proceedings against the Society or its employees or agents for any act or omission done or made by it or them in good faith and in the execution or purported execution of the powers conferred by Part II of Schedule 1;

(f) for payment of any other sums properly payable out of the fund by virtue of section 36 or this Schedule.