(1) Subject to section 377, a claim does not lie against the fidelity fund unless the prospective claimant notifies the law society of the default concerned--
(a) within 6 months after the prospective claimant becomes aware of the default; or
(b) within a further period allowed by the law society; or
(c) if, on appeal to the Supreme Court against the refusal of the law society to allow a further period for the claim, the court allows a further period for making the claim--within the period allowed by the court.
(2) The Supreme Court or law society may allow a further period mentioned in subsection (1) only if satisfied that--
(a) it would be reasonable to do so after taking into account all ascertained and contingent liabilities of the fidelity fund; and
(b) it would be appropriate to do so in the particular case having regard to matters the Supreme Court or law society considers relevant.