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Lawyers and Conveyancers Act 2006

Fidelity Funds

309: Lawyers' Fidelity Fund

You could also call this:

"A fund to protect people's money, managed by the New Zealand Law Society"

Illustration for Lawyers and Conveyancers Act 2006

The New Zealand Law Society must make rules for the Lawyers' Fidelity Fund. You need to know the rules are for the fund's establishment and management. The fund's accounts must be audited by a qualified auditor, as defined in section 35 of the Financial Reporting Act 2013, who is appointed by the New Zealand Law Society's Council. The Lawyers' Fidelity Fund is owned by the New Zealand Law Society and is held in trust. The rules for the fund are secondary legislation, which has its own publication requirements, as outlined in Part 3 of the Legislation Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM367385.

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Money and consumer rights > Consumer protectionBusiness > Industry rules
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308: Conveyancing practitioners to whom, and incorporated conveyancing firms to which, this Part applies, or

"Who this part of the law applies to: conveyancers and firms helping the public"

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310: Conveyancing Practitioners' Fidelity Fund, or

"A special savings account to protect people's money when buying or selling a house"

Part 10Fidelity Funds

309Lawyers' Fidelity Fund

  1. Subject to this Part, the New Zealand Law Society must make practice rules for the establishment, maintenance, and management of a fidelity fund to be known as the Lawyers' Fidelity Fund.

  2. The rules must provide for the accounts of the Lawyers' Fidelity Fund to be audited annually by a qualified auditor (within the meaning of section 35 of the Financial Reporting Act 2013) appointed for the purpose by the Council of the New Zealand Law Society.

  3. The Lawyers' Fidelity Fund is to be the property of the New Zealand Law Society and is to be held in trust for the purposes specified in this Part.

  4. Practice rules under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

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Notes
  • Section 309(2): amended, on , by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).
  • Section 309(4): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).