Where the Council, on an application being made to the Society, are satisfied that a solicitor has suffered or is likely to suffer loss or hardship by reason of his liability to any of his or his firm's clients in consequence of some act or default of anyF1 of his partners or employees of that solicitor, in circumstances where but for the liability of that solicitor a grant might have been made out of the Compensation Fund to some other person, then, subject to the provisions of Article 60, the Society may, if the Council think fit, make to such solicitor a grant (in this Part referred to as a “subvention grant”) out of the Compensation Fund for the purpose of relieving that loss or hardship.