(1) An incorporated
legal practice must comply with the obligations of an incorporated legal
practice under this Act relating to professional indemnity insurance.
(2)
Subsection (1) does not affect an obligation of an Australian legal
practitioner who is a legal practitioner director or an officer or employee of
an incorporated legal practice to comply with the obligations of an Australian
legal practitioner under this Act relating to professional indemnity
insurance, and the Australian legal practitioner must comply with those
requirements accordingly.
(3) If
subsection (1) or (2) is not complied with the Board
may —
(a) for
a legal practitioner director who holds a local practising
certificate — suspend the director’s practising certificate
while the failure continues; or
(b) for
a legal practitioner director who is an interstate legal
practitioner —
(i)
suspend the director’s entitlement under
Part 5 to practise in this jurisdiction while the failure to comply
continues; and
(ii)
ask the corresponding authority in the
practitioner’s home jurisdiction to suspend the director’s
interstate practising certificate until the Board tells the corresponding
authority that this section has been complied with.