311Rules

1. Practice rules made by a regulatory society for the establishment, maintenance, and management of a fund may be made for all or any of the following purposes:

2. establishing, maintaining, and managing the fund:
3. establishing a committee to manage the fund on behalf of the regulatory society:
4. appointing, or providing for the appointment of, an independent body to manage the fund on behalf of the regulatory society:
5. prescribing the functions and powers of any committee or body that is required under the rules to manage the fund on behalf of the regulatory society:
6. providing for the payment out of the fund of the costs of establishing, maintaining, managing, and administering that fund:
7. providing for the making of insurance arrangements in relation to the fund:
8. providing for the minimum size at which the fund is to be maintained if it is to be held out as a protection to clients of lawyers or conveyancing practitioners:
9. providing for the investment of money held in the fund:
10. subject to sections 320 and 321, prescribing the terms and conditions on which compensation to any claimant against the fund will be payable:
11. fixing the maximum amount that may be paid out of the fund to an individual claimant by way of compensation, which amount may be an amount prescribed by the rules or an amount determined in accordance with a formula prescribed by the rules:
12. fixing the maximum amount of compensation that may, over a period of time specified in the rules, be paid out of the fund to all claimants, which amount may be an amount prescribed by the rules or an amount determined in accordance with a formula prescribed by the rules:
13. fixing both a maximum amount for the purposes of paragraph (j) and a maximum amount for the purposes of paragraph (k):
14. prescribing circumstances in which a claimant's right to compensation from the fund may be excluded or modified:
15. if the New Zealand Law Society is the regulatory society, exempting lawyers who practise in a class of organisation specified in the rules, or in an organisation named in the rules, from liability to pay contributions or levies to the Lawyers' Fidelity Fund:
16. if the New Zealand Society of Conveyancers is the regulatory society, exempting conveyancing practitioners who practise in a class of organisation specified in the rules, or in an organisation named in the rules, from liability to pay contributions or levies to the Conveyancing Practitioners' Fidelity Fund:
17. providing, if the New Zealand Law Society is the regulatory society, that no action of a lawyer exempted by rules made under paragraph (n) is to give rise to a claim to compensation from the Lawyers' Fidelity Fund:
18. providing, if the New Zealand Society of Conveyancers is the regulatory society, that no action of a conveyancing practitioner exempted by rules made under paragraph (o) is to give rise to a claim to compensation from the Conveyancing Practitioners' Fidelity Fund:
19. providing for any matter incidental to the matters specified in paragraphs (a) to (q) for which it is expedient to make rules to facilitate, assist, or further the purposes of this Part.

20. In this section, fund means,—

21. in relation to a regulatory society that is the New Zealand Law Society, the Lawyers' Fidelity Fund; and
22. in relation to a regulatory society that is the New Zealand Society of Conveyancers, the Conveyancing Practitioners' Fidelity Fund.

23. Nothing in subsection (1) limits the generality of sections 309(1) and 310(1).