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Lawyers and Conveyancers Act 2006

Fidelity Funds

318: Making, expiration, and revocation of election under section 317

You could also call this:

"How to make, cancel, or end a special choice under section 317 of the law"

Illustration for Lawyers and Conveyancers Act 2006

You make an election under section 317 by writing it down. You must give the election to the society that issued your practising certificate as soon as possible. You can find more information about this in section 317(1). If you are an incorporated firm, all your directors and shareholders must sign the election. The election stops being in force if your practising certificate expires or you revoke it. You can revoke the election by signing a written revocation and giving it to the society. If you are an incorporated firm, the election stops being in force if all the people who signed it no longer have practising certificates. You can also revoke the election by giving a written revocation signed by all your directors and shareholders to the society. This written revocation is how you cancel your election made under section 317(1).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM367395.

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317: Election not to receive money or other valuable property in trust, or

"Choosing not to handle trust money or valuable property when providing legal services"

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Part 10Fidelity Funds

318Making, expiration, and revocation of election under section 317

  1. A practitioner who, or an incorporated firm which, makes an election under section 317(1)—

  2. must make that election in writing; and
    1. must, as soon as practicable after making the election, deliver the election to the society by which his or her practising certificate is issued.

      1. An election made under section 317(1) by an incorporated firm must be signed by all the directors and shareholders of the incorporated firm.

      2. An election made under section 317(1) by a practitioner ceases to be in force if—

      3. his or her practising certificate expires or otherwise ceases to be in force; or
        1. the election is revoked by the practitioner.

          1. A practitioner who makes an election under section 317(1) may revoke the election by signing a written revocation of the election and delivering that written revocation to the society to which the election was delivered.

          2. An election made under section 317(1) by an incorporated firm ceases to be in force if—

          3. all of the persons who signed the election cease to hold practising certificates; or
            1. the election is revoked.

              1. A revocation of an election made under section 317(1) by an incorporated firm is effected by the delivery to the society to which the election was delivered of a written revocation signed by all the directors and shareholders of the incorporated firm.