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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 230
Caps on payments for claims
230 Caps on payments for claims
(1) The local regulations may fix either or both of the following-- (a) the
maximum amounts, or the method of calculating maximum amounts, that may be
paid from the fidelity fund in respect of individual claims or classes of
individual claims;
(b) the maximum aggregate amount, or the method of
calculating the maximum aggregate amount, that may be paid from the
fidelity fund in respect of all claims made in relation to individual law
practices or classes of law practices.
(2) Amounts must not be paid from the
fidelity fund that exceed the amounts fixed, or calculated by a method fixed,
under subsection (1).
(3) Payments from the fidelity fund in accordance with
the requirements of subsection (2) are made in full and final settlement of
the claims concerned.
(4) Despite subsection (2), the fidelity authority may
authorise payment of a larger amount if satisfied that it would be reasonable
to do so after taking into account the position of the fidelity fund and the
circumstances of the particular case.
(5) No proceedings can be brought, by
way of appeal or otherwise, to require the payment of a larger amount or to
require the fidelity authority to consider payment of a larger amount.
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