Solicitors (Scotland) Act 1980

2 (1) Monies not immediately required to meet sums payable out of the Guarantee Fund may be invested by the Society in any investments in which trustees in Scotland are by law authorised to invest. S

(2) The Society may borrow money for the purposes of the Guarantee Fund in such manner and on such security as they may determine but the total sum due at any time in respect of any such loans shall not exceed [F1 £1,250,000].

(3) The accounts of the Guarantee Fund shall be made up annually for the year ending 31 October or on such other day as may be fixed by the Council and shall be audited by an auditor appointed by the Society.

(4) As soon as the audit is completed the audited accounts and the auditor’s report on the accounts shall be submitted to the Council and a copy of the audited accounts and the auditor’s report shall be sent to the Lord Advocate and to every solicitor who is contributing to the Fund.

(5) All investments and other monies forming part of the Guarantee Fund and the books and accounts relating to that Fund shall be kept separate from the other investments and monies, books and accounts of the Society, and the investments and other monies forming part of the Guarantee Fund shall not be liable for any obligations, debts or liabilities incurred by the Society or the Council in relation to any business of the Society other than the business of the Guarantee Fund, nor shall the investments and other monies of the Society held for the purposes other than those relating to the Guarantee Fund be liable for any obligations, debts or liabilities incurred by the Society or the Council in relation to the Guarantee Fund.

Textual Amendments

F1 Sum in Sch. 3 para. 2(2) substituted (23.11.2007) by Legal Profession and Legal Aid (Scotland) Act 2007 (asp 5), ss. 59, 82 (with s. 77); S.S.I. 2007/497, art. 2

Modifications etc. (not altering text)

C1 Sch. 3 para. 2: transfer of functions (19.5.1999) by S.I. 1999/678, art. 2(1),Sch.