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LEGAL PROFESSION ACT 2007 - SECT 400
Concerted interstate defaults
400 Concerted interstate defaults
(1) The law society may treat a concerted interstate default as if the default
consisted of 2 or more separate defaults— (a) 1 of which is a default to
which this part applies, if this jurisdiction is the relevant jurisdiction for
1 or more of the associates involved; and
(b) the other or others of which
are defaults to which this part does not apply, if another jurisdiction or
jurisdictions are the relevant jurisdictions for 1 or more of the associates
involved.
(2) The law society may treat a claim about a concerted interstate
default as if the claim consisted of— (a) 1 or more claims made under this
part; and
(b) 1 or more claims made under a corresponding law or laws.
(3) A
claim about a concerted interstate default is to be assessed on the basis that
the fidelity funds of the relevant jurisdictions involved are to contribute—
(a) in equal shares in relation to the default, regardless of the number of
associates involved in each of those jurisdictions, and disregarding the
capping and sufficiency provisions of those jurisdictions; or
(b) in other
shares as agreed by the law society and the corresponding authority or
authorities involved.
(4) Subsection (3) does not affect the application of
the capping and sufficiency requirements of this jurisdiction in relation to
the amount payable from the fidelity fund after the claim has been assessed.
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