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Lawyers and Conveyancers Act 2006

Fidelity Funds

313: Contributions to Conveyancing Practitioners' Fidelity Fund

You could also call this:

"Conveyancers must pay money into a special fund to protect people's money"

Illustration for Lawyers and Conveyancers Act 2006

You must pay money into the Conveyancing Practitioners' Fidelity Fund if you are a conveyancing practitioner. The New Zealand Society of Conveyancers decides how much you pay. You pay the money on the date they choose. You can find more information about this in sections 315 and 317. The New Zealand Society of Conveyancers can get the money from you if you do not pay. They do this on behalf of the Conveyancing Practitioners' Fidelity Fund. The Minister must approve the amounts before the New Zealand Society of Conveyancers can decide. A resolution under subsection (1) is secondary legislation, see Part 3 of the Legislation Act 2019 for publication requirements.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM367390.

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312: Contributions to Lawyers' Fidelity Fund, or

"Lawyers must pay money into a special fund to help keep people's money safe"

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Part 10Fidelity Funds

313Contributions to Conveyancing Practitioners' Fidelity Fund

  1. Every conveyancing practitioner to whom, and every incorporated conveyancing firm to which, this Part applies must pay into the Conveyancing Practitioners' Fidelity Fund contributions of such amounts as are from time to time prescribed by a resolution made by the Council of the New Zealand Society of Conveyancers (see subsections (6) and (7)).

  2. A resolution under subsection (1) may provide for the amounts of the contributions to differ in all or any of the following ways:

  3. as between conveyancing practitioners and incorporated conveyancing firms:
    1. as between different classes of conveyancing practitioners:
      1. as between different classes of incorporated conveyancing firms.

        1. The amount of every contribution payable under a resolution made under subsection (1)—

        2. is payable on such date or dates and in such manner as is fixed by the resolution; and
          1. is recoverable, on behalf of the Conveyancing Practitioners' Fidelity Fund, by the New Zealand Society of Conveyancers as a debt due to that Society.

            1. This section is subject to sections 315 and 317.

            2. Nothing in this section limits sections 311(1)(o) and 316.

            3. The Council may not prescribe amounts under subsection (1) unless the Minister has approved the proposed amounts.

            4. A resolution under subsection (1) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

            Notes
            • Section 313(1): amended, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
            • Section 313(6): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
            • Section 313(7): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).