Western Australian Numbered Acts Western Australian Numbered Acts (1) The
Solicitors’ Guarantee Fund is established.
(2) The following
money must be paid into the Guarantee Fund —
(a)
money paid out of the Trust Interest Account to the Guarantee Fund under
section 388;
(b)
money resulting from the investment of the Guarantee Fund under
section 342;
(c)
money paid to, or recovered by or on behalf of, the Trust in respect of fees,
costs and expenses, whether under the right of action conferred on the Trust
by this Part or otherwise;
(d) the
money, other than interest mentioned in section 387, paid to the Trust
under this Act;
(e) such
other money as may lawfully be paid to the Guarantee Fund.
(3) The Trust may pay
out of the Guarantee Fund —
(a) the
amount of any claim, including costs, expenses and interest allowed or
established against the Trust, or allowed by the Trust, in respect of the
Guarantee Fund; and
(b) the
legal and other expenses incurred in investigating or defending claims against
the Trust in respect of, or otherwise incurred in relation to, the Guarantee
Fund or in the exercise by the Trust of functions conferred upon it by this or
any other Act; and
(c)
costs payable by the Trust under section 234(3); and
(d) the
premiums, other than those mentioned in section 388, in respect of any
contract of indemnity or insurance entered into by the Trust under the
provisions of this Part; and
(e) the
costs and expenses of the administration of the Guarantee Fund; and
(f) any
other money that is payable out of the Guarantee Fund under this Part.
(4) Pending their
investment under section 342, money in the Guarantee Fund must be
deposited in an ADI account or ADI accounts in the State.