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Lawyers and Conveyancers Act 2006

Fidelity Funds

315: Power of New Zealand Society of Conveyancers to impose extraordinary levy

You could also call this:

"The New Zealand Society of Conveyancers can charge extra fees to conveyancers if a special fund runs low."

Illustration for Lawyers and Conveyancers Act 2006

The New Zealand Society of Conveyancers can impose an extraordinary levy on conveyancing practitioners. You will have to pay this levy if the Conveyancing Practitioners' Fidelity Fund does not have enough money. The Minister must approve the levy and its amount. The levy can be different for different types of conveyancing practitioners and firms. You will have to pay the levy on a date fixed by the New Zealand Society of Conveyancers. The Society can recover the levy as a debt if you do not pay. This section is subject to section 317. Nothing in this section limits sections 311(1)(o) and 316. A resolution under this section 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=DLM367392.

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314: Power of New Zealand Law Society to impose extraordinary levy, or

"The New Zealand Law Society can charge lawyers an extra fee if the Lawyers' Fidelity Fund runs low."

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Part 10Fidelity Funds

315Power of New Zealand Society of Conveyancers to impose extraordinary levy

  1. The Council of the New Zealand Society of Conveyancers may, by resolution, impose on conveyancing practitioners to whom, or incorporated conveyancing firms to which, this Part applies an extraordinary levy, for payment into the Conveyancing Practitioners' Fidelity Fund, if, at any time,—

  2. the Conveyancing Practitioners' Fidelity Fund is not sufficient, or, in the opinion of the Council of the New Zealand Society of Conveyancers, having regard to any prospective claims or liabilities likely to be received or incurred, may not be sufficient, to satisfy the liabilities of the New Zealand Society of Conveyancers in relation to the fund or to meet the costs of establishing, maintaining, managing, and administering the fund; and
    1. the Minister approves both the imposition of an extraordinary levy by the resolution and the amount of that levy.

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

      2. 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 extraordinary levy imposed by a resolution made under subsection (1)—

            2. is payable on a date or dates and in a manner to be 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 section 317.

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

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

                Notes
                • Section 315(6): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).