304Purpose

1. The purpose of this Part is—

2. to require the New Zealand Law Society to establish and maintain, by practice rules, a fidelity fund to provide for the compensation, in whole or in part, of persons who suffer pecuniary loss as a result of a claim event arising from the action of a person who is—
   1. a lawyer to whom, or an incorporated law firm to which, this Part applies; or
   2. the agent of a lawyer to whom, or an incorporated law firm to which, this Part applies; and
3. to require the New Zealand Society of Conveyancers to establish and maintain, by practice rules, a fidelity fund to provide for the compensation, in whole or in part, of persons who suffer pecuniary loss as a result of a claim event arising from the action of a person who is—
   1. a conveyancing practitioner to whom, or an incorporated conveyancing firm to which, this Part applies; or
   2. the agent of a conveyancing practitioner to whom, or an incorporated conveyancing firm to which, this Part applies.